Jonathan pledges to address Nigeria’s housing deficit Reviewed by Momizat on . President Goodluck Jonathan has reaffirmed the determination of his administration to address over 17 million housing deficit in the country through equitable a President Goodluck Jonathan has reaffirmed the determination of his administration to address over 17 million housing deficit in the country through equitable a Rating:
You Are Here: Home » Business » Jonathan pledges to address Nigeria’s housing deficit

Jonathan pledges to address Nigeria’s housing deficit

President Goodluck Jonathan has reaffirmed the determination of his administration to address over 17 million housing deficit in the country through equitable access to land and housing revolution.

The president made the pledge at a one day retreat on the nation’s housing sector at the Presidential villa.

He commended efforts made by the Minister of Housing in the formulation of the new housing policy and called on the ministry to translate the policies into a road map that will revolutionise housing in the country.

The president noted that the National Housing Policy and National Urban Development Policy that were launched in June are appropriate for a coordinated and reinvigorated response to the nation’s housing sector.

These policies, he stated “will be translated into a road map to achieve a housing revolution.”

The new housing policy seeks to construct one million houses every year across the country

This is coming just as the Nigerian Institute of Estate Surveyors and Valuers (NIESV), last week urged the federal government to build on the new housing policy by creating an enabling environment for the private sector to develop housing units that will help bridge the housing deficit.

Executives of the NIESV, also advocated easy access to land and mortgage finance for mass housing in Nigeria.

Despite the dictates of the Nigerian constitution that demands suitable and adequate shelter for all citizens, over the years the delivery of adequate and affordable housing in Nigeria has not met the expectations and this President Jonathan noted is a major concern for his administration.

63 million not properly housed

According to the Minister of Finance Nigeria, Dr Ngozi Okonjo-Iweala, the county is experiencing huge urbanisation that is not matched with adequate housing.

She expressed her astonishment asking the question “why the deficit in housing in a country of over 167 million people.”

She further lamented the state of the nation’s mortgage system, revealing that “the country has issued just about 20,000 mortgages as at today,” adding that “and we do not have a sustainable mortgage system that can reach a wide number of Nigerians.”

The Deputy Governor, Financial System Stability, of the Central Bank of Nigeria, Mr Kingsley Moghalu, recently claimed that about 63 million Nigerians are not living in proper houses due to under-development in the housing sector.

“Paradoxically, with a huge population of 150 million people, 63 million of which are not properly housed and a rising demand for housing finance, the Nigerian housing mortgage sector remains grossly underdeveloped,” the CBN executive said at a stakeholders’ roundtable on Housing and Mortgage Finance in Abuja.

“Housing demand is estimated at 14 million housing units resulting in a funding deficit of N49 trillion” he added.

Some of the challenges the retreat will tackle include poor incentives for the provision of affordable housing, inadequate budgetary allocation, prevalence of unskilled local personnel and artisans in the building industry, poor land administration, non-availability and high cost of building materials.

These issues, according to the Minister of Lands, Housing and urban development, Mrs Amal Pepple, are of great concern, hence the need for a housing policy recently launched.

The retreat also featured talks and papers from experts in housing and urban development in the private sector.


About The Author

Number of Entries : 18432
  • HonestyDB12

    nice one

  • onuigbo

    There is only one action the various levels of government can take to reduce housing shortage. That government at levels never assist or subsidize any Nigerian who wants to build or buy a house. MAKE it easy for any Nigerian to obtain mortgage from banks. This is the only poor country where you have to be a government worker to qualify for government social services. As long as these groups are managing the affairs of any nation,there will be no development in our society.No government employee in Germany, Senegal, China, USA, is given a kobo to by house or car. Everybody should go to the market after collecting salary or what-have-you. Then, the banks will run after the customers, then there will be a housing boom. Government workers are not the only visible Nigerians, they are not colonial servants representing the Crown or suffering hardship in HOT Africa. There is no sane justifications to maintain these colonial vestiges same goes to Police Barracks. The government must look at the whole thing realistically or forget these have measures.

  • same same

     Another story!

Contact us  |  +23412131214

© 2013 Channels Incorporated Limited - Powered by IDS Africa Limited

Scroll to top