The Goal

Blockstack is a standard for building dreams. A building & construction innovation that simplifies real estate development using technology.

The Market

Nigeria, one of the most prominent countries in Africa, not only has the largest economy, but is also the most populous country on the continent. Owing to the foregoing, there is a continuous increasing demand for real estate and infrastructure products and services. Furthermore, the World Bank, in its 2016 World Bank Open Data pegged Nigeria’s annual urban growth rate at 4.3%, indicated that there was an increase in housing demand in Lagos, Kano and Ibadan by 20%, and estimated that by 2037, the urban population will have doubled. As widely reported, Nigeria is estimated to have a housing deficit of about 20 million housing units as at October 2021. While players in the real estate sector in Nigeria are making active efforts to bridge the housing gap, it is clear that there is room for more investment as the real estate sector has played, and continues to play, a vital role in the economy of Nigeria, in spite of the negative impact of the COVID-19 pandemic. According to the GDP Report for Q1 2021 published by the National Bureau of Statistics, Nigeria’s real estate sector grew by 1.77%, contributing a total of 5.28% to the real GDP of the country for the period under review (around USD5.3 billion). However one looks at it, there continues to be an ever-increasing demand for residential and commercial real estate, and, by implication, the funding requirements and potential returns for investors continue to expand.

The Problem

Oriented professionals beginning new careers find it appealing to own their dream investment in real estate in the nearest future but they often fail to see the financial constraints potentially ahead of uncertain career paths. Real estate development is capital intensive with several challenges including job site risks, design defect loses, and cost overruns among others. Overall repayment on mortgage plans can be too high considering the interests involved. Job losses can lead to dept and risk of losing your home. Resources & personnel management needs professional handling. Untrained & ill-mannered professionals exploit and inflate material and project costs as well as subscribe to substandard products that incur pre & post investment losses. Personal financial goals for real estate could be easily coveted by other life contingencies. Projects abandoned over time due to financial constraints may lose support from initial team of developers and could present new challenges to transitioning team if design documentation is not properly understood.

The Team

SAmobi

Samuel Amobi

Project Manager, Cofounder

Ninilola Kadara

Corporate Communications, Cofounder

The Market

Nigeria, one of the most prominent countries in Africa, not only has the largest economy, but is also the most populous country on the continent. Owing to the foregoing, there is a continuous increasing demand for real estate and infrastructure products and services. Furthermore, the World Bank, in its 2016 World Bank Open Data pegged Nigeria’s annual urban growth rate at 4.3%, indicated that there was an increase in housing demand in Lagos, Kano and Ibadan by 20%, and estimated that by 2037, the urban population will have doubled. As widely reported, Nigeria is estimated to have a housing deficit of about 20 million housing units as at October 2021. While players in the real estate sector in Nigeria are making active efforts to bridge the housing gap, it is clear that there is room for more investment as the real estate sector has played, and continues to play, a vital role in the economy of Nigeria, in spite of the negative impact of the COVID-19 pandemic. According to the GDP Report for Q1 2021 published by the National Bureau of Statistics, Nigeria’s real estate sector grew by 1.77%, contributing a total of 5.28% to the real GDP of the country for the period under review (around USD5.3 billion). However one looks at it, there continues to be an ever-increasing demand for residential and commercial real estate, and, by implication, the funding requirements and potential returns for investors continue to expand.