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Experts seek political will to solve housing problem

By Mathew Ogune, Abuja
29 October 2018   |   3:51 am
Housing experts have appealed to the Federal Government to show commitment and exercise strong political will in ensuring speedy growth in the housing sector. They also noted that a paradigm shift in the current housing deficiency could only be witnessed if effective housing development and mortgage financing was put in place. Speaking at the maiden…

[FILES] Housing.<br />PHOTO: TheNerveAfrica

Housing experts have appealed to the Federal Government to show commitment and exercise strong political will in ensuring speedy growth in the housing sector.

They also noted that a paradigm shift in the current housing deficiency could only be witnessed if effective housing development and mortgage financing was put in place.

Speaking at the maiden Bstan Home economic summit on real estate in Abuja, the Chief Executive Officer of Bstan Homes, Becky Damilola -Oke, regretted that the Federal government has kept creating more agencies and giving them all manner of names with billions of the nations commonwealth to expend without result.

Damilola-Oke who argued that Nigeria’s problem has never been shortage of policies, programs or agencies, noted that the problem is simply insincerity of purpose and lack of political will of government.

She cautioned that, if the government fails to change its perception about the situation, Nigeria will continue to have the christening of more agencies with fantastical names and yet an increasing housing deficit situation.

According to her, providing affordable housing opportunities to Nigeria and Africa at large became imperative for the group because of the Africa’s rapidly urbanizing population.

She said: “Recent estimates by the World Bank suggest that more than 1 billion people will live in African cities by 2040, more than double the current urban population on the continent.

The capacity of Africa’s cities to respond to this challenge, and to turn the demand for affordable housing into an opportunity for stimulating local economic growth and development, is critically dependent on an efficient flow of finance and a new technology that can provide affordable homes for low income earners.”

Also speaking, the President of Bstan Group, Otunba Damilola Oke lamented that, over the years the potentials of real estate sector in the economy has not been harnessed and utilized effectively for the populace, adding that the important area as the real estate sector which determines the outcome of activities in the value chain has so long been overlooked.

According to the President, for more than a decade, the government has sought for a perennial deficit that has plagued the country by providing hitherto elusive affordable housing.

He explained that the main agenda of the 2nd Edition of the House Fair 2018, in line with Bstan commitment as a real estate development firm is to contribute significantly in reducing Nigeria’s housing deficit, which has been its core agenda in the last 11 years.