Babatunde Fashola, the minister of works and housing, has acknowledged that the government is unable to meet all of Nigerians’ housing demands, necessitating the creation of favourable conditions for the private sector.
At the National Housing Strategy Blueprint’s introduction on Friday at the ministry’s offices, the departing minister made the disclosure.
The paper, according to reports, is a 10-year strategic blueprint intended to integrate all current housing projects being undertaken by different stakeholders into a unified National Housing Strategy.
He claimed that the current administration’s multiple housing schemes for affordable housing still didn’t produce more dwellings than private businesses.
He added that the document will release the force of private capital in the sector, saying that the private sector still serves as the primary driver of housing solutions in the nation.
Nothing the government does in the housing industry competes with and offers more than what the private sector can, the speaker declared. At the end of the day, whether it is a state government facility or a federal government building, the fundamental drivers are the ability of private capital to provide additional homes.
“When you look at the size of land ownership, aside from the state governments, which own the majority of land, the federal government doesn’t have as much land as the total amount of land held by the private sector.”
The former governor of Lagos said the paper was essential to pave the ground for housing provision over the coming ten years.
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>Fashola, who emphasised the need for statistics, gave the assurance that the planned population census would show how serious the country’s housing issues actually are.
He declared, “I am launching this document with mixed feelings, and I say that because the paper represents a private sector initiative and a very welcome option to the housing crisis.
Therefore, the purpose of this text is to encourage and unleash the potential of private enterprise and the housing market.
“Recently, the National Population Commission chairman and his staff came to brief me and showed me some of the excellent work they had done.
Who lives in a rented home, who owns their home, who has additional homes, and what kind of home individuals reside in are just a few of the data that will be gathered.
Holding our breath while waiting for the figure, let’s. It will be a highly trustworthy basis from which we can gauge the true scope of the issue.
The provision of quality housing for all Nigerians is based on five key pillars: affordability, standard, accessibility, fit for population, and sustainability, according to Senior Vice President of the Financial Market Dealers Quotation Group Emmanuel Etaderhi earlier in his presentation.
He emphasised that revamping land administration and titling procedures may potentially unleash dead capital estimated to be around US$300.00 billion, saying that the housing value chain has the ability to enable sustainable economic growth and development through a strong multiplier effect.