Nigerian Minister of Works and Housing, Babatunde Raji Fashola has hinted that private sector remains the real driver of housing solutions in the country adding that there’s need to create an enabling environment for the private sector.
Fashola who has been ongoing Minister of the Ministry made this known during the launch of the National Housing Strategy Blueprint at the ministry headquarters in Abuja on Friday.
According to him, “There is nothing the government does in the housing sector that outcompetes and provides more than what the provide sector can do.
“Whether it is a state government building or the federal government. The real drivers at the end of the day are the capacity of private capital for providing more houses.
“When you look at the scope of land holding, apart from the state government that owns the bulk of lands, the Federal Government does not have as much land as collective land holding in the hands of the private sector”, the Minister said.
Fashola noted that the Government only, cannot provide the totality of housing needs for Nigerians, stated that despite the numerous housing programmes initiated by Buhari’s administration for housing, still it did not provide more homes than private enterprises.
Speaking on the National Housing Strategy Blueprint, the Minister said the document was necessary to create a pathway for the housing provision for the next decade.
Fashola, who reiterated the need for data assured that the scheduled population census will reveal the real size of housing problems in the country.
The Minister, “I am launching this document with mixed feelings and I say that because as an initiative of the private sector, the document is a very welcome and alternative solution to the housing problem.
“So, this document is to support and unleash the power of private capital and the private sector to provide houses.
“Recently, The chairman of the National Population Commission and his team were here to brief me recently and they shared some of the work done which is commendable.
“One of the data that will be collected will be who lives in a rented house, who owns his house, those who have other houses, and what type of house people live in.
“So let’s hold our breath and when the figure comes. It will be very reliable upon which we can see the real size of the problem.”
Earlier in his presentation, the Senior Vice President of the Financial Market Dealers Quotation (FMDQ) Group, Emmanuel Etaderhi said, the challenges faced in the housing sector are multifaceted.
While added that it range from land acquisition and high construction costs to inadequate home financing options, including limited access to affordable mortgages or periodic rental payments.
He stated that housing value chain has the potential to support sustainable economic growth and development via a robust multiplier effect, especially concerning land and housing construction activities.
“It has also been established that reforming land administration and titling procedures could potentially unlock dead capital estimated at US$300.00 billion for the Nigerian economy which is equivalent to c.60.00% of Nigeria’s total Gross Domestic Product”.