Housing - NEWS AGENCY OF NIGERIA

Tosin Kolade
Nov, Wed, 2024

Expert calls for affordable, revolving housing finance

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By Naomi Sharang

The Chief Executive Officer of NISH Affordable Housing Ltd., Dr Saheed Adelakun, has called for a sustainable, affordable, and revolving housing finance mechanism to address Nigeria’s housing deficit.

Speaking at the 7th Nigeria Affordable Housing Finance and Innovation Summit and Expo (NAHFIS 2024) in Abuja on Monday, Adelakun described the housing deficit as a pressing national issue.

He stressed the need to establish sustainable housing finance systems for Nigerians.

At the summit, themed ‘Disrupting Housing Finance for Inclusive Development’, Adelakun emphasised that housing is one of humanity’s basic needs.

“If you solve the housing needs of people, you would have done a lot of good, not only for the people but for the government and the economy.

“This is because the economy itself can be capitalised by housing development, so that is what moved us to start this event seven years ago,” he said.

He praised the government’s “renewed hope housing policy” and its potential to address the housing crisis, noting “We cannot leave everything to the government, and that’s the role we are trying to play”.

Adelakun explained that the strategic goal of NAHFIS is to develop solutions to meet the housing needs of low- and middle-income earners through innovative approaches.

“If Nigeria is to rapidly deliver affordable housing at scale, there is an urgent need to optimise the traditional mortgage housing finance model”.

In his remarks, the Chairman of the occasion, Prof. Ibrahim Gambari, former Chief of Staff to President Muhammadu Buhari, urged greater collaboration among housing finance institutions.

“I urge prospective homeowners to enhance their access to decent homes by imbibing the cooperative culture of self-help.

“Through membership of housing cooperatives, off-takers can aggregate savings, obtain housing loans at moderate costs, eliminate or reduce risks associated with middlemen, and secure equity payments,” Gambari said.

Glen Jordan, the CEO of Empowa, challenged the assumption that poverty is the root cause of the housing crisis.

“It is assumed that poverty creates this lack of housing, but it’s not poverty. It’s actually the financial systems that are not fit for purpose.

“We have imported structures, policies, and procedures from the developed world that are not applicable for Africa. So, it’s time for change.

“It’s time for us to introduce new mechanisms, new funding processes, and new technologies that meet the needs of Africans and Nigerians,” he said.

Mark Weinrich, Secretary General of the International Union for Housing Finance in Germany, highlighted the need to reduce housing costs for citizens.

“The reduction of the cost of capital is an issue to address. If the cost of capital remains high, we will never overcome the challenge of housing because it requires such a significant investment.

“There are international experiences in some countries which have proven to work really well that could also fit for Nigeria,” he said.

The summit focused on exploring innovative strategies to tackle Nigeria’s housing deficit while promoting inclusive development. (NAN) (www.nannews.ng)

Edited by Ifeyinwa Okonkwo and Rotimi Ijikanmi

Ismail Abdulaziz
Nov, Mon, 2024

General News

Housing: Bankers say FG’s N250bn mortgage fund game changer

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By Ismail Abdulaziz

The Mortgage Banking Association of Nigeria (MBAN) says the Federal Government’s N250 billion Mortgage and Real Estate Investment Fund (MREIF) will change the face of housing accessibility in the country.

It added that it was a strategic intervention towards addressing the huge housing deficit and revitalising the mortgage banking subsector.

The President of MBAN, Mr Ebilate Mac-Yoroki and the secretary, Dr Adedeji Ajadi, disclosed this in a statement on Monday in Abuja.

MBAN is the bona fide Self-Regulatory Organisation (SRO) and umbrella body for all the mortgage banks licensed by the Central Bank of Nigeria (CBN) and the mortgage brokerage companies registered by the association to engage in mortgage business.

They described the initiative as a demonstration of a strong political will towards providing access to long-term and sustainable mortgage banking/housing finance to Nigerians.

“The initiative aligns with the federal government’s objective to tackle the significant housing deficit in Nigeria, while stimulating economic growth and employment creation in the mortgage banking and real estate/housing construction value-chain.

“The N250 billion MREI-Fund is structured to attract private sector and capital market long-term investments from pension funds operators (PFO) and life insurance companies, which would be blended with low-cost seed funding provided by the government.

“This innovative financing model would act as catalysts in the provision of mortgages at interest rates hovering around the single digit, with repayment tenor up to 20 years, thereby offering much-needed relief to prospective home-owners, currently burdened by high interest rates and affordability issues.

“This development underscores the importance of public-private collaboration in addressing critical national challenges, such as affordable housing.

“MBAN remains committed to working closely with the federal government and other stakeholders to achieve sustainable housing solutions for Nigerians.”

The association commended President Bola Tinubu, for the life-saving initiative towards home ownership and rent-to-own finance in Nigeria.

It also lauded the Minister of Housing and Urban Development, Ahmed Dangiwa and the Managing Director, Federal Mortgage Bank of Nigeria, Shehu Osidi, for driving the Tinubu administration’s housing sector vision.

The association encouraged all Nigerians to seize the unique opportunity to have access to affordable mortgages, fulfil their dreams of home ownership and contribute to narrowing the housing gap.

“Please, be assured that the members of mortgage banks and mortgage brokerage companies of MBAN are poised to facilitate this process, ensuring that the benefits of this transformative fund drill down to each of those who need it the most.”(NAN)(www.nannews.ng)

Edited by Muhyideen Jimoh

Rabi'u Sani Ali
Nov, Fri, 2024

General News

FG pledges affordable housing for low-income Nigeriens

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By Ahmed Musa/Angela Atabo

Minister of Housing and Urban Development, Ahmed Dangiwz has stated the Federal Government’s commitment to provide affordable housing for low-income earners in Nigeria.

Dangiwa said this at an event to mark the 2024 World Habitat Day in Abuja on Thursday.

The World Habitat Day is a day set aside by the United Nations to promote a better urban future.

The theme of the day is: “Engaging Youth to create a better urban future and Youth leading climate and local action for cities”.

Dangiwa said the government focused on policies to support lower-income individuals via the National Social Housing Fund, aimed at assisting Nigerians in accessing affordable housing.

He said the policy targeting youth involvement in climate resilience and urban development, to ensure active youth participation and promote inclusive, resilient and sustainable cities.

The minister underscored the importance of addressing urbanisation challenges, raising awareness about housing needs, and providing sustainable urban shelter.

According to him, sustainable development is a shared responsibility, requiring the incorporation of youth perspectives into urban planning and development.

“The Federal Government is taking steps to address the housing deficit, investing in housing and infrastructure under President Bola Tinubu’s renewed hope cities and estate programme.

“The programme aims to build 50,000 housing units in phase one, with construction underway across 14 states.

“A workshop on green building, in collaboration with the World Bank, was also initiated to incorporate sustainable climate practices into housing projects.”

Dangiwa reitrated government’s commitment to implement policies to support urban regeneration, improve housing finance systems and enhance the National Urban Governance Framework.

Mr Shehu Osidi, Managing Director, Federal Mortgage Bank of Nigeria (FMBN), said the bank would continued to provide affordable housing loans to young Nigerians, support institutions as well as contribute to the growth and transformation of urban centres. (NAN) (www.nannews.ng)

Edited by Abiemwense Moru

Philip Daniel Yatai
Oct, Mon, 2024

Metro

Tinubu approves owner-occupier housing scheme for judges in FCT

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By Philip Yatai

President Bola Tinubu has approved owner-occupier housing scheme for judges in the Federal Capital Territory (FCT).

FCT Minister Nyesom Wike stated this at the groundbreaking of 40 housing units Judges’ Quarters project, at Katampe District, Abuja on Monday.

The 40 housing units was for judicial officers of the Court of Appeal, Federal High Court and FCT High Court.

Wike said that 70 per cent of the project’s budget, which covers furnishing has been provided, adding that the contractor was expected to hand over the completed project in 15 months.

The gesture, he said, was part of ongoing efforts to improve the welfare of judicial officers in the country in line with Tinubu’s Renewed Hope Agenda.

He said that Tinubu was working tirelessly to ensure the independence of the judiciary, through improved welfare packages and condition of service.

The minister said that another condition of service that was very critical in insulating the judiciary from interference and manipulation by the executive and legislative arms of government was housing.

Wike said the president had approved the owner-occupier housing for the judges so they could have their own home at retirement.

“With that, it will be difficult for anybody to manipulate or interfere with their duties. When you have a home, what are you afraid of?

“When you know that salaries and allowances will be paid when you are retired, when you know that your tenure of office is guaranteed, anybody would be firm, anybody would be courageous to do his work or her work,” he said.

Wike said the gesture was also part of FCT Administration’s efforts to render services to every Nigerian, who comes to FCT to carry out businesses or want to reside in Abuja.

He said that 20 additional houses would be provided in 2025 to the FCT judiciary and the Industrial Court, so they could also benefit from the Renewed Hope Agenda.

The minister explained that the land, upon which the houses would be built was revoked from Julius Berger for failing to develop it, 20 years after it was allocated to the company.

The Chief Justice of Nigeria, Justice Kudirat Kekere-Ekun, lauded the gesture, describing it as a significant milestone in the federal government and FCT Administration’s efforts to enhance the welfare of judicial officers in the territory.

According to her, the judiciary plays a critical role in safeguarding the rule of law, upholding justice and protecting the rights of citizens.

“In fulfilling this rule, judicial officers must have the right tools and environments to carry out their duties with independence, impartiality and integrity.

“Beyond the courtroom, a supportive and conducive living environment is essential to the ability of judicial officers to focus on the heavy responsibilities entrusted to them.

“Judicial officers require peace of mind, security and comfort in their residences to fully dedicate themselves to the rigorous task of interpreting and applying the law.

Kekere-Ekun said that the construction of the houses was a practical step towards ensuring that judicial officers were well supported.

She said that the houses would provide a secure and tranquil environment, enabling the judicial officers to perform their duties with greater focus, efficiency and clarity of mind.

“By making this investment, the FCT Administration has demonstrated a commendable understanding of the unique needs of the judiciary,” she said.

Also, Dr Mariya Mahmoud, the Minister of State, FCT, described Wike’s commitment towards enhancing infrastructure for the judiciary as “invaluable and inspiring”.

Mahmoud urged for stakeholders’ support to create a space that reflects the nation’s values and commitment to justice. (NAN)

Edited by Rabiu Sani-Ali