The housing sector in Nigeria is set for major growth in 2024, according to predictions by Festus Adebayo, executive director of the Housing Development Advocacy Network (HDAN).
Speaking at a press conference on Sunday, Adebayo highlighted the importance of partnerships between the housing sector and capital markets in unlocking funding for housing development.
“A major ingredient that has been lacking in recent times is solid government support in the area of mortgage development, raising funds from capital markets, access to land, among others,” Adebayo stated.
He commended the new partnership that has been forged between the Ministry of Housing and Urban Development and the Nigerian Exchange Limited, describing it as a “collaboration that will unlock the potentials of the stock market.”
Through this partnership, Adebayo expects that housing developers will be able to access long-term funding by issuing bonds and stocks on the capital market.
“This will provide the financing needed for large-scale housing projects across Nigeria.
He predicted that based on the current blueprint being laid by the current administration, the industry was set to witness tremendous development.
He said “ The new minister of housing has started on a good note. He has constantly assured us of government support towards the development of the Sector and I can predict that we will witness improvements in the performance of the sector.
The minister will in the first month of January begin work on the various policies initiated to move the sector forward. I am aware that four committees will be inaugurated and they will address various areas that will contribute to real estate development in Nigeria.
He also called on state governments to invest in the Housing Sector in their respective states so as to contribute in repositioning the sector.
Adebayo also charged the leadership of the FCT minister, Nyesom Wike, to invest in the infrastructure of the city, and also end so many cases of land grabbing .
“This no doubt will create an enabling environment for the private sector to thrive.With our requests, we can predict an improved real estate sector in 2024,” he added .
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