South Africa, Namibia templates indicate possibility of bridging Nigeria’s housing gap

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Nigeria’s population currently put at about N200 million and growing certainly puts more pressure on the available resources‎ to be shared by an ever increasing population.

To worsen the concern, inappropriate policy direction, albeit policy inconsistency, has been the bane of Nigeria’s dwindling fortunes with regard to maximising it’s economic potential as the Africa’s largest economy.

Nigeria has an ever increasing housing deficit of more than 17 million. President Muhammadu Buhari’s first tenure promised to build one million houses per annum to address the huge housing deficit and was even re-emphasised by Boss Mustapha, Secretary to the Government of the Federation just last year.

The ruling party, the All Progressive Congress (APC) said it would review the Land Use Act and provide the infrastructure to realise the plan of addressing Nigeria’s housing deficit.

In 2015, Lai Mohammed, the former Minister of Information and Culture said at an inter-party debate organised by the Centre for Democracy and Development, and Open Society Initiative for West Africa said, “We would use the Land Use Act reform in a manner that will encourage all states to computerised their lands. That is why we said we would create a mortgage market that can build one million houses per annum.”

A lot of these promises down the line have not been fulfilled within the last four years, which compounds Nigeria’s housing problem, amidst concerns of ever increasing population growth rate of almost 3 percent.

Fact check shows that not up to 5000 houses were built by the government at the first tenure of the APC led federal government which has not embarked on the needed reforms which ought to attract private capital into the housing sector.

But how can  a government with a paltry budget of about N9 trillion naira, albeit … Read More...