Housing Ministry plans improved funding to increase stock
To reduce the prevailing deficits and inequality gaps in Nigeria housing sector, the Minister of Work, Power and Housing, Babatunde Fashola said the Ministry plans to increase budgetary allocation to housing, to between N100 and N150b in the next fiscal year.
According to him, this would increase the stock in the country, which would be handed over to Federal Government Banks, whose business is to give out mortgages to off-takers.
He stated this during his address at 5th edition of the Real Estate Unite Conference 2016, tagged:” Filling the G.A.P.S”(Government Gaps; Access Gaps, Private Sector Gaps and Strategy Gaps) organised by 3Invest a key player in Nigerian Real Estate Sector at the Eko Convention Centre, Lagos.
The Minister revealed that the Ministry was working hard to make the housing sector attractive to stimulate growth and reflate the economy through planned increased lending to approved housing developers which would entails government providing guarantees and other palliatives enhancement.