Nigeria On Verge Of Housing Revolution
2017 seems to bring hope for Nigerians especially those in the real estate industry as the Minister of Power, Works and Housing, Babatunde Raji Fashola has disclosed that Nigeria is on the verge of attaining its planned housing revolution with the federal government’s commitment and stakeholders support in the sector.
He stated this in Abuja at the just-concluded African Union for Housing Finance (AUHF) conference in collaboration with Nigerian Mortgage Refinance Company (NMRC) with the theme, “Housing and Africa’s Growth Agenda”.
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He noted that stakeholders especially the Private sector and AUHF have a major role to play in creating innovative housing finance in Nigeria.
“With a greater participation of the private sector in housing and embracing the new initiatives of this administration, the journey to sustainable housing delivery is on the course,” Fashola said.
The Minister affirmed that the President Muhammadu Buhari-led administration recognised the housing sector as an important area requiring priority attention for reinvigoration and revitalization, which was noticed at the current budgetary allocation for the sector in the annual estimate.
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The minister emphasised that Nigerians sees home ownership as a mark of economic success and security adding that the provision of housing is a major tool to reduce corruption.
“Housing is also believed to be a long-term investment that protects that investment against high inflation and unpredictable economic downturn.
Fashola blamed the lack of Housing Finance in the public and corporate institutions, double-digit housing loans, difficulties in accessing lands, population explosion, the high cost of building materials, inflation that brings about unemployment and decreased purchasing power of the low and medium income earners as the major challenge.
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Source: Leadership Newspaper