Following significant growth in urban migration, the Federal Government has pledged to invest in financing affordable houses and sustain urban development in the country.
Currently, over one billion people live in crowded urban settlements with inadequate housing and this number is increasing on a daily basis as the cities keep attracting migration from rural areas because of opportunities.
Minister of Housing and Urban Development, Ahmed Dangiwa, who spoke at this year’s World Cities Day in Abuja, said that the issue of financing for low- income houses and urban infrastructure remains the cardinal focus of the government.
“We are aware this has become one of the most transformative forces shaping the world. It is a phenomenon that can be harnessed to enhance economic productivity, inclusive growth, and environmental sustainability,” Dangiwa said.
He stated that the Federal Government has new arrangements aimed at building houses in both urban and rural areas, adding that discussions are on to deliver decent housing units for all citizens.
The minister, therefore, called on international partners, private sector to leverage on the ministry’s Public Private Partnership arrangements already in place to mobilise financing for affordable housing and urban development.
The Managing Director, Federal Mortgage Bank of Nigeria (FMBN), Madu Hamman, noted this years’ theme: Financing Sustainable Urban Future for All, was timely as it widened the door of opportunity to cover over 85 per cent of the Nigerian population that is currently neglected or ignored.
He said: “We will leverage on the experience to build up capacity to a minimum of 5,000-unit projects as a strategy to bridging the housing gap in line with the government’s target of 30 million new homes in the next 10 years.”
FMBN boss declared: “It may appear overwhelming in the light of the huge housing gap that needs to be bridged. However, we have a housing financing gap that would run into trillions of Naira; we will remain steadfast in meeting our corporate mandate.”
In a goodwill message, United Nations Secretary General, Anthonio Gutterres, said the World Cities Day is a time to consider the pivotal role cities play in sustainable development, urging governments to place a premium on finance for resilient and sustainable cities.
Gutterres said: Cities are engines of economic growth and innovation that hold the key to achieving the 2030 Agenda. They are also on the frontlines of today’s complex challenges, from the climate change crisis to growing inequalities and political polarization.
Also, UN- Habitat, Executive Director, Maimunah Moh’d Sharif, observed that hundreds of millions of people are anxious about their present and future security, dignity and livelihoods, “So, we need a new financing framework to unleash the potential of our cities,” she added.
