It is no longer news that Nigeria has over 22 million housing deficit. To reduce it, experts have called on the government to start a cooperative housing financing system to deliver affordable houses for high, medium and low-income earners in the country.
Dr. Roland Igbinoba of a real estate professional, while speaking at third Nigeria Affordable Housing Finance and Innovation Summit and Expo (NAHFIS) organised by NISH Affordable Housing Limited explained that the Federal Housing Authority, FHA has not built houses less than N10 million, and most citizens cannot afford such amount for houses.
He stated that financial institutions created to help citizens in this direction have failed to address financing and the gap still exists.
The key speaker, Prof. Charles Inyangette, maintains that with about 22 million housing deficit, the country would need to build 730,000 units annually.
Adding to his contribution Mr. Femi Adewole, who is the managing director of Family Homes Fund, opined that the federal government was running a small budget for the housing sector, which means the capital market is a shadow.
Managing Director, NISH Affordable Housing Limited, Dr. Yemi Adelakun, also contributed the discussion by enumerating the benefits of cooperative housing to include social capital formation, collective bargaining.
The Minister of Works and Housing, Mr. Babatunde Fashola represented by Mrs. Eucharia Alozie argued that housing is a reality of human existence and no nation can excel without first addressing the challenge.
Speaking on behalf of the minister she said the summit would provide an opportunity to review strategies, galvanize support and articulate road maps for implementation for affordable housing.
Prof. Ibrahim Gambari who is the chairman of the occasion earlier stated that for Nigeria to achieve the desired housing objectives, then it must relax some regulations and increase funding adoption of modern technology.
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