Experts advocate new strategies to finance affordable housing

Experts have advocated new strategies that will focus on financing construction and ensuring rapid delivery of decent and cost-effective houses in the country.

They spoke at the 7th Nigeria Affordable Housing Finance and Innovation Summit (NAHFIS) in Abuja which was aimed at proffering solutions to the housing needs of low- and medium-income earners through the innovative development of decent homes.

Chairman of the Summit, Prof Ibrahim Gambari, observed that the yearly gathering has grown to become an international event seven years after its maiden edition, and wants the forum to impact positively on housing finance.

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Gambari also stated that the summit was timely and apt given the global economic realignment and innovations in the industry, “Apart from being one of the basic items in Maslow’s Hierarchy of Needs, housing has a multiplier effect on the economy.

“We need to leverage technology to improve the accessibility, affordability, and sustainability of housing and explore the applicability of digital solutions like online platforms, digital payment systems, proptech, artificial intelligence, and the Internet of Things to ensure affordable housing.”

Also speaking, the Founder of NISH Affordable Housing Ltd/ Convener, Dr Saheed Adelakun, said sustainable housing finance and alternatives, development innovations, end-user finance, and cooperative housing finance models are possible in Nigeria.

Adelakan said the summit will promote innovative building technologies, digital transformation, and the self-help culture of the cooperative model, capacity building among professionals and artisans, as well as collaboration among stakeholders in the industry.

“We hope to find solutions to scarce, costly and inaccessible housing finance. Access to housing finance is crucial for the inclusiveness of prospective homeowners in the informal sector. This will proffer actionable solutions to developers and off-takers,” he added.

Speaking on the theme, the Managing Director, Eximia Realty Company Limited, Mr Hakeem Ogunniran, stressed that if Nigeria wants to rapidly deliver affordable housing to Nigerians at large scale, there is a need to disrupt, complement and optimise the traditional mortgage housing finance model.
Oguniran called for the establishment of a sustainable, affordable and revolving housing finance mechanism that will drive innovative housing finance models.

The Secretary-General of the International Union of Housing Finance (IUHF), Mark Wenrich, recommended innovative and actionable solutions for delivering decent and sustainable homes to Nigerians.