Looking at the recent report by the housing experts in Nigeria, the country requires US$1.27trn to boost the Nigeria mortgage market to make it affordable along with local building materials in response to insufficient housing stock.
Generally, Nigeria requires around 17million housing units. However insufficient long-term policy in the Nigeria mortgage market has really been a huge obstacle in delivering housing units to the country.
According to Prof. Timothy Nubi the Estate Surveying and Management Lecturer at the University of Lagos speaking at the national workshop, an event organized by the Association of Housing Corporation of Nigeria (AHCN) said that there is need for a four-year strategy towards providing a mechanism on delivering high quality and affordable accommodation to the citizens of Nigeria who vary in class and income earnings. In his opinion the development plan should first focus on the slum redevelopment and the stock release schemes.
The housing experts are calling for the federal government to urgently issue suitable provisions that will enable the Primary Mortgage Institutions (PMIs) access the housing sub sector funds. The country has 36 State Housing Corporations with 774 Local Government which could really boost the nation forward toward overcoming the housing delivery scheme challenge through the stress free acquisition of funds process.