Stakeholders in the built industry have called for a new framework on housing development that would deliver affordable homes to Nigerians.
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They said the government must find innovative ways to unlock finance and encourage private investment in the sector as budgetary financing for the delivery is still grossly inadequate to meet the volume of deficit.

Key speaker at the Real Estate Developers Association of Nigeria (REDAN) Capacity Building Forum in Abuja, Prof. Timothy Nubi, noted, “In developing economies housing construction in low-income neighbourhoods is a stimulus to creation of small businesses and personal value.”

Nubi stressed the need to provide homes for Nigerians and use housing as a strong motivator for savings and investment, saying, “All levels of government need to review their schemes and ensure infrastructure development.”

Regretting that there are 80 per cent of cases in courts bordering on land acquisition in the Southern part of the country due to the Land Use Act, as some state governments are using it to stall the process of getting buildable land.

He, therefore, appealed to relevant stakeholders to work with the states and federal government to resolve land administration challenges, stressing, “Let’s review the Act and equally focus on developing slums into smart cities. Stakeholders should collaborate with governments to provide houses as we desire to reduce the deficit.”

The Minister of State Housing and Urban Development, Abdullahi Gwarzo, said the most significant challenge in affordable housing is the cost of finance, saying, interest rates are in double digits, and raising international funding remains a challenge.

He said: “Currently, the most accessible sources of single-digit finance for housing construction are the Federal Mortgage Bank of Nigeria, through the National Housing Fund Scheme and the housing windows of Family Homes Funds Limited.”

Contributing, REDAN President, Aliyu Wamakko said the forum is meant to further build the knowledge base of its members and professionals to be able to manage the multidisciplinary challenges involved in real estate businesses.

Wamakko declared: “We are keen on how our professionals can secure long tenured and single digit debt financing and without it, home ownership will remain elusive as estate development is capital intensive and requires a lot of financial outlay.”
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