The chief executive officer of Nigerian Mortgage Refinance Company (NMRC), Prof. Charles Inyangete, has disclosed that about two-third of Nigerian population will need affordable housing by 2050.
Briefing journalists on on the forthcoming African Union for Housing Finance (AUHF) conference in Abuja, he noted that Nigeria, South Africa, Egypt and Kenya needed about 25 million affordable housing for their population, saying that 235m people live in substandard housing worldwide.
Inyangete noted that the extent of inequality created by the crisis of affordable housing on the African continent is too high a price stressing that there is a need to find solutions to providing access to sustainable affordable housing finance.
He noted that the company is responding to its vision to be the dominant housing partner in Nigeria by providing liquidity and access to affordable housing finance in Nigeria.
According to him,”For housing to be affordable, we don’t need to build with imported materials but to look inward and patronise locally made building materials.
This he said would lead to generation and creation of employment opportunities in the country.
Also speaking , the executive director, Centre for Affordable Housing Finance in Africa, Ms Kecia Rust admitted that Nigeria has overwhelming housing backlog adding that the conference would address the challenges in the housing sector.
She noted that the objective of AUHF is to raise the issues faced by private sectors at the national level with their governments and to use the strength of the union to promote their interest across the continent.
For his part, the chief executive officer of Tanzania Mortgage Refinance Company, Mr Oscar Mgaya was hopeful that by engaging policy makers that provision of affordable housing would form a larger agenda in the continent.
He emphasised that the double digit interest rate charged by Primary Mortgage Institutions (PMI’s) for housing loans was not applicable to Nigeria alone adding that experts are influencing policy makers to resolve the problem.