• Wednesday, June 12, 2024
businessday logo


Government urged to initiate first-time buyer policy to bridge housing deficit


Stephen Akintayo, chairman of Gtext Holdings, has urged the government to initiate a first-time buyer policy in the real estate sector to bridge Nigeria’s housing deficit currently estimated to be about 20 million.

According to him, such a policy will allow both the Central Bank of Nigeria (CBN) and Federal Government to stand as guarantor for anybody that requires a house.

Under such a policy, he said, developers would provide between five to ten percent on their first housing, the government would bring in 20 percent, and then the lenders can bring in the remaining 70 percent.

“I have often said that affordability has nothing to do with private developers but everything to do with the government and the policies of the government. There is a need to start the policy that we call first-time buyers policies,” he said during the recent launch of Jasper Smart City Housing Scheme in Ibeju-Lekki, Lagos.

He however, expressed the optimism that President Bola Tinubu understands the real estate ecosystem very well and would champion initiatives that will turn the sector around. “I am not a politician and the government has to decide for themselves but I think the government would be interested because the current president has an idea of what real estate is.

“He mentioned it during his party screening at the primaries when he spoke about turning the economy of Nigeria around. So, we in the sector are happy that we have somebody who has that background in the system and we believe that will influence things as we move into the future,” Akintayo said.

According to him, Jasper Estate, which is under rapid construction, is planned as fully equipped green and smart homes that will not only be off the national grid but will be powered only by renewable energy.

The launch of the housing scheme also serves as an opportunity to celebrate Akintayo, on his recent nomination as the Forbes Best of Africa Leading Real Estate Company called Gtext Homes, a subsidiary of Gtext Holdings.

Tagged as the future of sustainable housing, he revealed that the estate will be built complete with modern amenities like clinics, parks, a sports centre, and more, and the proximity to key facilities like the Lekki Deep Sea Port, Dangote Refineries, serene golf courses, makes it prime real estate investment.

Read also: Protecting yourself- A guide to avoiding shady real estate agents in Lagos

On the Forbes nomination, Akintayo said that he believes it is in recognition of the good work the company has done so far. “I am encouraged and humbled. I believe there are greater days ahead and I also think it is important for young people.

“This is an award for the team to work hard. A company that started small and is being awarded at this level tells you nothing is impossible, if you are hardworking, have faith, and are willing to be consistent despite the challenges. We all know it’s tough to do business in Nigeria, but this is an encouragement,” he said.

Farouq Usman, CEO Gtext Homes, reaffirmed the company’s commitment to building smart and reliable housing, and revealed some additional services the company offers to its clients.

“The journey of building 25,000 green and smart homes by Gtext Homes has begun at Jasper Smart City Ibeju-Lekki. We are starting by launching our first four two-bedroom luxury terrace duplexes,” he said.