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.
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“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)
