Funding for housing sector in Nigeria aimed at filling Nigeria’s housing deficit, which is estimated at between 17 to 18 million housing units would help to boost the country’s economy, experts have suggested.
Players in the housing industry insist that with the country’s economy falling back into recession in the second quarter, providing funding to fill the housing shortfall would help to create jobs, enhance economic development and ensure speedy economic recovery.
Brent Mortgage Bank Limited Managing Director/CEO, Kola Abdul, said housing provision needs large capital outlay, which is far beyond the capacity of the average and low income groups, hence the need for adequate funding for the sector.
He was talking during the launch of new mortgage products introduced by his company, in Lagos.
Adequate housing provision, according to him, has, over the years, remained one of the three most important basic needs of mankind–the others being food and clothing.
Besides, several families are staying under sub-optimal conditions and in order to bridge this deficit the government should establish a housing scheme that offers housing credits for households that otherwise would not have access to regular credit institutions.
Stephens Obi, another mortgage banker, said filling the housing gap scheme can help create over one million new jobs in the construction industry. He added that states and local government authorities could take part through land donations, financial resources, tax reduction, infrastructure and registration of demand.
He described housing gap as an inability by the government to house the citizens in properly fitted houses with the proper modern infrastructure for basic needs like electricity, running water and sanitary needs.
Housing sector in Nigeria continue to face a major deficit despite several plans to fill the gap.
Other stakeholders in the housing industry said Nigerian cities are also facing several challenges resulting from the unplanned and uncontrolled urbanisation process, including a housing deficit of 17 to 18 million homes. It is a point of note that of those in need of housing, most are from low-income families, a demographic that a government must never overlook.
