• Monday, July 22, 2024
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FG plans affordable housing for low, middle-income earners

Frequent rent hikes unsettle tenants

The Federal Government through the ministry of housing and urban development has announced plans to develop housing projects targeted at low and middle-income earners, in an effort to address Nigeria’s housing deficit.

Read also: Housing ministry unveils new initiative to boost housing affordability

Ahmed Dangiwa, the minister of housing and urban development unveiled this during a meeting with a delegation from Nigeria Mortgage Refinance Company (NMRC) in Abuja on Wednesday. The minister directed all agencies under his ministry to collaborate with the National Population Commission (NPC) to determine the nation’s actual housing deficit.

He acknowledged that Nigeria faced a myriad of housing challenges, including slum dwellings, land acquisition costs, and high mortgage loan interest rate. Dangiwa assured that the government was determined to change the narrative and act swiftly to address the issues, recognising the urgency of the situation.

“In line with President Bola Tinubu’s Renewed Hope Agenda for housing, the meeting aims to ensure that all housing agencies work cohesively to provide decent and affordable housing for Nigerians,” he said.

“With the country’s population rapidly increasing, the demand for housing was on the rise, making it imperative for the agencies to work together effectively,” the minister further said.

The housing agencies present at the meeting covered a wide spectrum of needs and target markets. For social housing, the Family Homes Fund Limited was engaged, while the Federal Mortgage Bank of Nigeria (FMBN) was tasked with affordable housing.

The Federal Housing Authority (FHA) was designated to serve the mid to high-end market, and the Nigeria Mortgage Refinance Company (NMRC) was identified as having a pivotal role in developing the housing market and boosting housing finance through mortgage refinancing initiatives.

Read also: Private sector employees obligation to contribute to the national housing fund

Kehinde Ogundimu, chief executive officer, NMRC, in his remarks, assured collaboration and support to ensure the availability of affordable houses in the country.