A group, Cooperative Housing Summit Africa, CHOSA,has strongly advocated the national deployment of public-private-people partnerships ,4Ps, in the built environment that would guarantee large scale and the effective delivery of affordable houses in the country.

Speaking on the Summit, the Convener, Mr. SK.Yemi Adelakun explicitly stated that they are strategically planning to promote delivery of affordable housing at scale to low and medium income earners through self help and collaborative principles of Cooperative Housing in Abuja.

Adelakun hinted that their national survey revealed useful data for planning purposes, including the low level of effective demand for housing as against housing needs or deficit, and the difference between housing wants, needs and affordability in the industry.

“We discovered that low level of mortgage eligibility was due to income levels and high interest rate not conducive for long term housing finance. There is need for self help and collaboration among end-users. We have housing type, size, location and price range in demand.”

He said impediments to affordable housing are multidimensional, especially on the supply side, costs of housing construction are ever increasing and access to titled land has been difficult. Private sector developers’ profit motives have limited their interests in the affordable housing space.

According to him,”Government should continue to encourage and inventory private sector involvement through land equity partnerships and tax breaks.
On the demand side, challenge to affordable housing include, limited access to low bargaining power of unorganized buyers and renters.”

The Convener further explained that affordable housing can only happen through deliberate national and sub national policies, land and financial incentives and public-private-people partnerships (4P). However, the sector is operating sub optimally compared with its potentials.

Adelakun argued that the summit billed for 19th May, is aimed at promoting the housing cooperative movement across the federation and digitalisation of housing finance for capital aggregation , and for improved financial inclusion of those presently excluded from the mortgage system.

“Real estate sector generally is growing and impacting the economy especially in the commercial and upmarket segment. Technology adoption should be prioritised. That’s why they invest in duplexes and terraces with ready buyers who may not even need mortgages.”

He noted that Cooperative Housing gives members to access to affordable housing finance, increases buyers bargaining power with other stakeholders, encourages group savings and creates huge social capital, presents group discounts from developers, building materials manufacturers, attracts equity and impact investors.