Stakeholders in built environment have called for the deployment of technology in the entire cooperative housing arrangements to curb fraudulent practices, which have bedeviled the system in the country.
They argued that such a system will enhance operations, grow the housing sector and eliminate business as usual in cooperative financing, as well as proffer solutions to address housing savings, loans payments, homeownership financing, and development.
Speaking at this year’s Cooperative Housing Conference in Abuja, the Minister of State for Agriculture and Food Security, Dr Sabi Abdullahi, said that they’ve developed practical systems for housing development, which can deliver decent and large-scale affordable housing units.
Abdullahi explained that decent housing, cooperative financing promote economic development and improve the lives of Nigerians. He added that the deployment of technology will attract more off-takers to the industry.
“As we strive to deliver affordable housing through cooperatives, we must recognise the importance of creating an enabling environment that supports the growth and development of cooperatives. This includes providing access to cheap finance, capacity building, and policy support,” he added.
Also, the Convener/Chief Executive Officer, NISH Affordable Housing Limited, Dr Saheed Adelakun, said the conference intends to promote self-help approach to the financing ownership of affordable houses among low and medium-income earners in both formal and informal sectors of the economy.
According to Adelakun, “we will use the meeting to create digital platforms for aggregating savings, loans, payment and finance for cooperative housing in Nigeria. “Cooperative is about self-help and collaboration. Let’s take advantage of the number of cooperatives and cooperators across Nigeria to aggregate social capital and access finance and other incentives provided by the federal and state governments.”
He said the digitally enabled Cooperative Housing Fund (CHF) for the teeming population of 5,000,000 Nigerians contributing N1,000 monthly will raise N5 billion monthly and N60 billion yearly.
“Cooperatives should consolidate their funds instead of acting in silos and leaving several billions of naira in bank accounts. Some of them have hectares of land waiting for viable developments.”
He called on policymakers, developers to develop platforms on housing across Nigeria and with the aim of promoting affordable housing to Nigerians and advised on ways they can access housing finance for their members.
Chief Executive of Millard Fuller Foundation, Sam Odia, said they have provided on a sustainable basis, affordable housing for all people in need by promoting collaborative and innovative partnerships with individuals and organisations.
He explained that the organisation has built and sold about 70 self-contained apartments for $1,500 on a zero-profit, and zero-interest basis, as well as entered partnership to construct semi-detached and self-contained (studio) apartments in GrandLuvu 1 for N1.65 million.
Chairman of the Coop Mortgage Bank, Femi Adewole, advocated tackling housing crises through cooperative societies. “If we are going to have any chance of housing the more than 200 million people, mostly young Nigerians with limited means, we need every help, and cooperatives are one of them.”
