One of the leading real estate developers, NISH Affordable Housing Limited, has emphasised that the development and promotion of innovative housing solutions for low- and middle-income earners are crucial to increasing Nigeria’s housing stock and bridging the country’s persistent deficit.
The Chief Executive Officer, Dr Yemi Adelakun, disclosed this in an interview with The Guardian, explaining that the organisation has acquired land and commenced the development of an affordable housing estate. He said the first 100 housing units are nearing completion and would be delivered to subscribers before the next housing summit.
Adelakun said the initiative is designed to empower prospective homeowners through cooperative structures that allow them to pool savings and strengthen their bargaining power in dealings with investors, developers, and other stakeholders in the housing sector.
He noted that years of experience have shown that affordable housing delivery must adopt a demand-driven approach, which considers the needs, affordability, and effective demand of home seekers. “Mortgage financing must also be affordable and accessible, especially for low-income earners in the informal sector,” he said.
On how NISH intends to shape the future of affordable housing in Nigeria, Adelakun stated, “We will intensify efforts to enlighten and empower prospective homeowners toward sustainable and adequate housing. Our focus also includes the digitalisation of finance and development to enhance transparency and efficiency.”
Speaking about this year’s Affordable Housing Summit, Adelakun explained that the initiative, which began in 2017, is a private sector-led effort to explore and implement innovative solutions that can transform Nigeria’s housing finance system. The goal, he said, is to make housing more accessible, affordable, and inclusive across all income groups.
“We are adopting creative financing mechanisms for sustainable development and to stimulate effective demand for low-cost housing,” he said. “Sustainable living must also be promoted in existing estates where water, sanitation, hygiene, power, and other basic infrastructure are available to homeowners.”
Adelakun noted that the housing sector offers vast opportunities for investors, developers, homebuyers, renters, cooperatives, financiers, sponsors, insurers, telecom firms, payment vendors, utilities, and professionals across the construction value chain.
He reaffirmed NISH Affordable Housing Limited’s commitment to bridging the country’s housing gap through strategic partnerships, innovation, and inclusive financing that empowers citizens to own decent homes.
