Stakeholders in housing and mortgage finance sectors are not leaving any stone unturned in finding solutions to the housing crisis in the country.
It is no longer news that one of the biggest challenges facing Nigeria is the housing deficit of about 17million and 20million units.
Professional have proposed that to solve the deficit, the country needed to produce one million houses every year in the next 20 years to bridge the gap.
Meanwhile, the houses currently produced in the country is less than 100,000 units per year. Factors such as high cost of accessing funds, absence of long-term fund, high cost of land and building materials, harsh business environment, amongst others have been blamed for the inability of both government and private investors to provide affordable housing units in Nigeria.
Real estate professionals at different for are already seeking alternative approaches to the issues in order to nib the housing deficit in the bud.
Operators in the mortgage sector have maintained that a totally new business model is the solution for Nigeria’s housing deficit. Members of the Association of Housing Corporations of Nigeria (AHCN) stated this position seeking ways to turn the challenges into opportunities.
Contributing to the discussion at the Mortgage Banking Sub-sector CEOs’ annual retreat organised by Mortgage Bankers Association of Nigeria (MBAN) in Lagos, the Managing Director of Family Homes Funds, Femi Adewole, called for the adoption of a different thinking in addressing the housing deficit in Africa’s largest economy.
According to him, the current business model adopted by stakeholders in the housing sector will not deliver the expected results except a change is made to it.
Adebowale tasked stakeholders in this sector to look at a total transformation and a totally new business model that will yield the desired results.
He made this task while speaking on the theme of the annual retreat organised by Mortgage Bankers Association of Nigeria (MBAN) titled: ‘’Critical Success Factors for Continuity and Viability of the Mortgage Banking Sub-Sector in Nigeria: Mortgage Digitization, Human Capacity Development and Management Succession.’’
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