Housing Deficit: Developer Promises 1,000 Homes For Nigerians In 10 years

In celebration of the 2023 World Habitat Day, a real estate agency, Roomeo Construction Company, has said it has set an audacious goal of providing 1,000 homes for Nigerians within 10 years, starting in 2024, in order to eliminate barriers to attaining gainful and sustainable returns on real estate. Speaking Monday in Abuja, during the launch of a debut 12-unit, 2-bedroom serviced apartment building in Kaura District of Abuja, known as Sequence 1, the founder/CEO of Roomeo Construct Limited, Mr. Doyin Adewola, said the intervention of the company is to encourage affordable and sustainable urban housing in Abuja. He said: “Our world is facing unprecedented challenges regarding sustainability and it’s up to every one of us to take action to make a difference. Let’s consider what we can do to ensure our habitats remain vibrant and healthy for generations. The Theme to mark World Habitat Day this year is Resilient Urban Economies, and we will look at how cities can drive growth and recovery. “Our cities in Nigeria can be a powerful driver of growth and recovery by investing in infrastructure, promoting innovation, and fostering a supportive business environment. Cities can also attract new businesses and talent by offering a high quality of life, access to education and healthcare, and a diverse and inclusive community. “We at Roomeo have set an audacious 10-year goal to provide 1,000 homes for Nigerians starting in 2024. We will continue to eliminate the barriers to attaining gainful and sustainable returns on real estate. We ask that you join us as we make our dream a reality.” Also speaking, Director, Department of Development Control, Abuja Metropolitan Management Council (AMMC), Town Planner Mukhtar Galadima Usman, advised real estate firms to always adhere to approved building plans, lamenting that many realtors have been in the habit of cutting corners, hence the prevalent building collapse. Similarly, a construction engineer, Engr. Dr. Otunba Victor Omo-Raydon, said the government must identify and prosecute landowners, investors, consultants, architects, structural engineers, quantity surveyors, and project managers involved in cutting corners to curb the menace of building collapse, lamenting government was not doing much in this aspect.

FG Committed To Solving Housing Deficit, Says Minister

The Federal Government is committed and passionate about solving housing deficit in the country. The Minister of Housing and Urban Development, Mr Ahmed Dangiwa, made the pledge when he received Governor Dikko Radda of Katsina State in Abuja. “Since independence, Nigeria has struggled to provide decent housing for its citizens. “In spite of numerous plans, initiatives, projects, and institutions introduced over the past 60 years, progress has been limited. “With rapid population growth, these unsuccessful or suboptimal efforts have led to the accumulation of a significant housing shortage,’’ the minister said. Dangiwa said, the housing sector remains far from where it should be in terms of meeting the needs of millions of Nigerians for decent shelter while contributing as a catalyst for economic growth, job creation, and poverty eradication. “This is the challenge that President Bola Tinubu has put on my shoulders. With the grace of Allah, I am committed to putting in the hard work necessary to break the jinx of failure and achieve historic success. “As part of our efforts to achieve this, we have outlined a series of housing reform initiatives in line with the Renewed Hope Agenda for Housing and Urban Development of President Tinubu. “We plan to embark on a Stakeholder Engagement Drive with State Governors nationwide towards achieving it. Commending the governor for his achievements within a short time, Dangiwa solicited the support of the indigenes of Katsina to ensure the Radda-led administration transforms the state. ‘His tireless efforts in improving security, education, agriculture, infrastructural development, and the welfare of our citizens is a testament to his vision for a prosperous Katsina. ‘As a fellow son of Katsina state, I am immensely proud of the momentum of achievements that he has recorded in such a short time and I pray to the Almighty to continue to grant him the wisdom, understanding, and good health to transform our state. “As the Minister of Housing and Urban Development, I approach my work with the full understanding of the huge responsibility that accompanies it,’ he said. Read also: The minister encouraged Governor Radda to deepen collaboration with key housing agencies, including the Federal Mortgage Bank of Nigeria, Federal Housing Authority, and the Family Homes Funds, to increase access to affordable housing for Katsina indigenes. Earlier, Radda said that the provision of affordable housing remains part of its priority programmes to improve the lives of its citizens. According to the governor, Katsina state is ready to collaborate with the Ministry of Housing and Urban Development to open the cities in the state. “Urban renewal is one of the major priority of our administration. “We want to expand our city, we are in the process of developing Katsina master plan which has expired in the last 30 years. “So, urban renewal is one of the major focus of our administration and affordable housing to serve the people. “So, we are thinking collaboration with the Housing and Urban Development Ministry to tap from your experiences to help us in achieving our goal of renewing our cities and towns in the state,’’ Radda said. 

Nigeria Requires N21trn To Bridge Housing Deficit – FG

The Vice President, Kashim Shettima, has said that Nigeria requires N21 trillion to effectively bridge housing deficit, despite efforts across the three tiers of governments. The vice president stated this on Sunday in Sokoto at the groundbreaking for the construction of a 500-unit housing estate by the State government. Shettima, who commended Gov. Ahmed Aliyu for his efforts to address the housing needs of his people, noted that the housing deficit in Nigeria remained a huge challenge. “Nigeria has a deficit of 28 million houses and we will need N21 trillion to meet our housing needs. This step taken by the Governor is highly commendable and worthy of emulation by other State governments. “The governor has started well by completing the roads and flyovers he inherited,” he added. Earlier, the governor explained that the housing estate would be for civil servants and would be sold to them when completed on an owner-occupier basis. Aliyu said: “This is a project that was initiated by the former Governor of the State, Aliyu Wamakko but was later abandoned by the immediate past administration. “But, we are determined to complete it for the benefit of our workers and the general public.” Aliyu disclosed that the project located at Wamakko Local Government Area of the State will cost the State government N7.3 billion to complete. The event, which was to mark the first 100 days in office by the administration was attended by Sen. Aliyu Wamakko and the Minister of Agriculture and Food Security, Sen. Abubakar Kyari. Others were the Minister of State, Water Resources and Sanitation, Alhaji Bello Goronyo and former Deputy Governors of Sokoto, Mukhtari Shagari and Chiso Abdullahi-Dattijo, among others. 

Real Estate Bill, solution to housing sector challenges – REDAN

The Real Estate Association of Nigeria (REDAN) has disclosed that the Real Estate Bill when passed into law would address the numerous challenges developers face in delivering quality and affordable housing in the country. President of the Real Estate Developers Association (REDAN), Alhaji Aliyu Wammako, who disclosed this in an interview in Abuja, said the lack of real growth of the sector is due lack of legislation that would provide the direction. He said signing the bill into law would curb fraudulent practices in the business of real estate development and ensure real estate businesses conform to the National Building Code. “To tackle all the numerous challenges facing the sector, the Real Estate Bill has to be passed into law. This will help to effectively regulate the real estate sector, giving the body the power to regulate the sector and take better charge of the activities of our members,” he said. He also called for the recapitalisation of the Federal Mortgage Bank of Nigeria (FMBN) to strengthen it further to deliver on its mandate of providing mortgages for citizens.

Landlur targets Africans in diaspora to mitigate housing deficit in Nigeria 

Pan African housing development agency, Landlur, is targeting Africans in the Diaspora to enhance the real estate market across the continent, with Nigeria being the primary focus for now.  Speaking to newsmen at a press conference on Monday in Abuja, where he shared insights on innovative solutions for addressing Africa’s housing deficit, the CEO & Founder of Landlur, Mr. Dipo Adesina, said over 170 million people of African descent that live all over the world present a formidable resource pool for the continent’s infrastructure development, including housing. Mr Adesina said that the idea of Landlur was birthed from seeing Africans in the diaspora wanting to invest back home but not having a trusted source to work with especially since many have relied on family members and have been disappointed on many occasions. “Landlur’s goal is to bridge the gap between those in Diaspora and the opportunities back home, and real estate is one of the avenues to do that. “Landlur is Africa’s 1st real estate platform that is focused on connecting Africans in the diaspora with profitable real estate opportunities in Africa as a means to boost the housing deficit of Africa while building wealth at the same time. African diaspora populations are growing, as are their savings and the scale of resources available to reinvest in their countries of origin. “The World Bank estimates Africans in the diaspora save about $53 billion per year and, in 2021, recorded remittances reached over $95.6 billion sent to and within Africa,” he said. Top 10 highest recipients of remittance inflows in Africa in 2021 include Nigeria ($19.2 billion), Ghana ($4.5 billion), Kenya ($3.7 billion), Senegal ($2.7 billion), Zimbabwe ($2.0 billion), Democratic Republic of Congo ($1.3 billion), Uganda ($1.1 billion), Mali ($1.1 billion), South Africa ($900 million), and Togo ($700 million). Africa’s top remittance recipients as a proportion of their economies are South Sudan, Lesotho, and Gambia with 35%, 21% and 15% of GDP respectively coming from remittances, according to World Bank statistics. “Part of our long-term strategy is to tap into the diaspora to enhance housing delivery across the country, while our short-term plan is to help our clients secure lands in strategic locations that can be used as a form of investment. Many of the Africans in the diaspora have dreams of doing something back at home and our goal is to help them make their dreams a reality,” Mr Adesina noted. Africa is considered the continent with one of the most rapidly growing urban populations, with over 60% of the urban population in sub-Saharan Africa (SSA) estimated to live in areas categorised as slums and informal settlements. According to the UN, it is projected that the number of Africa’s urban residents will increase to 1.5 billion by 2050, and that Africa will pass the tipping point of 50% urban population around 2035. Currently, Africa has a housing deficit which accounts for at least 56 million units. “This housing deficit is a significant indicator of Africa’s growing infrastructure gap, which can be attributed to lack of sufficient capital to finance the delivery of affordable housing projects, lack of bankable projects, and inefficient risk allocation mechanisms. This is why it’s important to incorporate the diaspora into the affordable housing financing mix. “The African Development Bank estimates that Africa’s infrastructure needs amount to $130-170 billion a year, with a financing gap in the range of $68-$108 billion.  “To date, less than half of this amount is being mobilised, leaving a financing gap in the range $68-$108 billion,” Mr. Adesina said. He explained that all Landlur’s estates are going to be strategically located in areas where schools, hospitals, airports, etc. are within reach. “Our lands are thoroughly vetted to ensure that they are free from any government acquisition.” “For more information, you can visit our website on www.Landlur.com,” he said.