Nigeria says one million housing units are required annually to curb existing deficit.Speaking during Shelter Afrique 35th Annual General Meeting (AGM) and Symposium held in Abuja, President Muhammadu Buhari said that the housing deficit in Nigeria now stands at 17 million.
Represented by Malam Muhammad Musa Bello, the FCT Minister, Buhari said the federal government has earmarked US$202.8m in the 2016 capital budget to implement a comprehensive housing programme in the country.
“Government intends to directly supply housing stocks in urban areas across all the geo-political zones under its Comprehensive Housing Programme,” said Buhari. “We will continue to prosecute overall housing policy stand which recognizes the government as active facilitator of the private driven housing sector,” he added.
Additionally, President Buhari noted that the federal government is considering vibrant reforms towards the land administration, urban planning/renewal and mortgage housing finance under its new comprehensive housing programme to improve housing delivery in Nigeria.
Nigeria’s current realties of housing shortfall has challenged the housing developers in Nigeria and Africa such that the developers need to re-assess their strategies in order to evolve fresh methodologies to meet the exigencies of the recent times.
Participants are urged to evolve strategies that will assist the national governments across the continent to develop a robust systems that will help to deliver affordable housing to the low income earners on a sustainable basis. Shelter Afrique and other development partners have been urged to consider more investments in the Nigeria housing sector to deepen the vibrancy of the country’s housing market.
According to James Mugerwa, Shelter Afrique Managing Director/Chief Executive Officer, the company has invested US$50 in the housing sector and has created 30 million construction workers across the continent. Shelter Afrique is a pan-African finance institution that exclusively supports the development of the housing and real estate sector in Africa.
