Login Register
feel free to call 09056000005

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.
Read also: The Significance Of Effective Bookkeeping In Real Estate
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."

Related news:

VIEW REAL ESTATE AS A CENTRAL PILLAR FOR ECONOMIC REVITALIZATION, ADVOCATES DR. WAMAKKO

RIVERS GOVT COMMITS TO NEW TOWN DEVELOPMENT
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."

Similar Topics

The Real Estate Developers Association of Nigeria has announced initiatives aimed at enhancing...

2 days ago Read More

The Global Environment Facility has approved $3.28m to tackle land degradation in Kebbi State under...

5 days ago Read More

The commercial real estate market is currently grappling with several major challenges, including...

11 days ago Read More

Real estate development is a key driver of economic growth in any region, and Africa is no...

11 days ago Read More

The Federal Government has signed a Memorandum of Understanding with Shelter Afrique...

16 days ago Read More

The Federal Government has issued a 90-day deadline for subscribers of the National Housing...

17 days ago Read More

The Minister of Housing and Urban Development, Ahmed Dangiwa, has disclosed that plans are underway...

18 days ago Read More

A real estate firm, Gestpoint Nigeria Limited, has implored the Federal Government to simplify the...

18 days ago Read More

Ahmed Dangiwa, minister of Housing and Urban Development, has said that unlocking Nigeria’s...

24 days ago Read More

Experts in the built environment have emphasized that effective urban planning and infrastructure...

25 days ago Read More

The Council for the Regulation of Engineering in Nigeria (COREN) has highlighted a legislative...

25 days ago Read More

The state of the country’s economy has affected the real estate sector adversely in 2024, a...

a month ago Read More

The Council for the Regulation of Engineering in Nigeria has inaugurated a National Technical...

a month ago Read More

“This demand is particularly strong in affordable areas that offer amenities and proximity to...

a month ago Read More

The Executive Director of Projects Implementation at the Federal Housing Authority, Oluremi...

a month ago Read More

To address ongoing challenges in the housing sector, Uzo Oshogwe, the Managing Director and Chief...

a month ago Read More

  The House of Representatives has approved a significant budget increase for the Ministry of...

a month ago Read More

The Osun State Government, in partnership with foreign collaborators, has initiated a reforestation...

a month ago Read More

Dr. Seyi Olufemi, the CEO of Casafina Development Company, has counseled investors to purchase...

a month ago Read More

The Economic and Financial Crimes Commission (EFCC) is tightening regulations on estate surveying...

a month ago Read More