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Key Players Advocate for a Fresh Approach to Foster Sustainable Housing Development

Stakeholders within the construction and housing industry are advocating for a fresh framework in housing development aimed at making affordable homes accessible to the Nigerian population. They emphasize that the government must explore innovative strategies to facilitate funding and incentivize private investment in this sector, given that the current budgetary allocations fall far short of meeting the substantial housing deficit.
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Speaking as the key presenter at the Capacity Building Forum organized by the Real Estate Developers Association of Nigeria (REDAN) in Abuja, Professor Timothy Nubi highlighted the pivotal role that housing construction in low-income neighborhoods plays in stimulating the growth of small businesses and personal wealth. Nubi underscored the urgency of providing homes for Nigerians and leveraging housing as a catalyst for savings and investment. He asserted, "It is imperative for all levels of government to revisit their existing programs and prioritize infrastructure development."
 
Expressing concern over the staggering 80% of land acquisition cases tied up in the Southern part of the country's courts due to the Land Use Act, Nubi called upon relevant stakeholders to collaborate with state and federal authorities to address land administration challenges. He urged them to consider revising the Act and transforming slums into smart cities, emphasizing, "Stakeholders should join hands with the government to address the housing deficit."

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Minister of State for Housing and Urban Development, Abdullahi Gwarzo, identified the primary obstacle in affordable housing as the exorbitant cost of financing. He noted that interest rates remain in the double digits, while securing international funding remains an ongoing challenge. Gwarzo explained, "Currently, the most accessible sources of single-digit financing for housing construction include the Federal Mortgage Bank of Nigeria through the National Housing Fund Scheme and the housing windows of Family Homes Funds Limited."
 
REDAN President, Aliyu Wamakko, highlighted the forum's objective of enriching the knowledge base of its members and professionals, enabling them to adeptly manage the multifaceted challenges inherent in real estate enterprises. Wamakko asserted, "We are particularly focused on enabling our professionals to secure long-term, low-interest debt financing. Without this, the dream of homeownership will remain elusive, as real estate development demands substantial financial investment."

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