Over 70 million Nigerians have been struggling to have their own apartments because of the inability of the Federal Government to provide a favourable mortgage scheme, the Managing Director and Chief Executive Officer of BSTAN Group, Dr. Becky Olubukola, has said.
According to her, over 60 per cent of families spend their annual income on rent, while also linking high cost of building, land dispute, low income and other factors to the 20 million housing deficit in the country.
Olubukola, who stated this in Abuja while unveiling the Home Titan Network, said high interest rate on mortgages had made accommodation unaffordable to the poor and vulnerable in the country.
She further disclosed that the group had decided to introduce the Home Titan Network to solve the problem of housing in Nigeria.
Olubukola said, “Devaluation of the naira and taxation are also problem of housing in Nigeria. But today we bring the solution called the Home Titan Network and the Metro shelter scheme.
“Home Titan Network helps you to leverage on your social capital to get a dream home. HTN is the opportunity to own your home in any location of your choice in Nigeria and Africa and the world at large.
“Over 70 million Nigerians have been struggling to have their own apartments because of the government have not provided a favourable mortgage.
“Also, over 60 per cent of families have spending their annual income on rent, while high cost of building, land dispute, low income and other factors are responsible for the over 20 million housing deficits in the country.”
A few weeks ago during an event to unveil the 2021 National House Fair, 5.0, Olubukola had advised the Federal Government to find ways of reducing the exchange rate of the dollar to make shelter affordable for citizens and address the housing deficit in Nigeria.
According to her, the increase in the exchange rate has led to an increase in the cost of materials, thereby making it uncomfortable, unsustainable and unaffordable for the common man.
“The effect of our naira to dollar rate right now is hitting hard on the housing sector; it is not a good time for us, as cost of materials has gone up. And because of the passion to provide affordable homes we are still trying our best, even to Nigerians in diaspora,” she had said.
