Federal Government has says to deliver the necessary quantum of housing units that Nigerians need at prices they can afford, it must find innovative ways to unlock housing finance while encouraging private sector investment.
The Minister of Housing and Urban Development, Architect Ahmed Musa Dangiwa, while declaring the two-day conference organized by the Real Estate Developers Association of Nigeria (REDAN) open in Abuja, admitted that there were challenges in optimizing the potentials of the sector.
Dangiwa, who was represented by the Minister of State for Housing and Urban Development, Alhaji Abdullahi Tiani Gwaro, said his ministry was ready to break all institutional, legal, and bureaucratic barriers that have hindered the sector’s growth over the years.
He said: “We all recognize that the most significant challenge in affordable housing is the cost of finance. Interest rates on bonds are in the double digits, and raising international funding for housing projects remains challenging due to fluctuations in our foreign exchange rates. Moreover, budgetary financing for housing development is inadequate to meet the demand.
“However, the resources pooled together by FMBN through NHF and FHFL through government injections and partnerships are still grossly inadequate to provide the volume of housing required.
“Our objective is to break all institutional, legal, and bureaucratic barriers that have hindered sector growth over the years. This includes collaborating with key stakeholders to review and amend the Land Use Act to streamline land administration and make access to land easy and fast.”
Earlier, the President of REDAN, Alhaji Aliyu O. Wamakko, had urged his members to comply with all extant laws for improving the national economy and declared the association’s support to the FG on affordable and accessible housing.
He said: “I wish to reiterate that the Association is ready to collaborate with the Government to provide affordable housing, as our Members are willing and ready. Also, I wish to reiterate that this Council has zero tolerance for shady deals that will taint our business, for which we have labored and must protect.
“I, therefore, want to use this forum to call on the government at the Federal, State, and Local Government levels to consider real estate as a fulcrum to revitalise the economy by supporting the sector and REDAN.”
