Sequel to the non performance of the National Housing Fund (NHF), and unsuccessful housing programmes in the country, the Nigerian Institute of Quantity Surveyors (NIQS) has called on the federal government to develop a robust roadmap for the development of housing sector in Nigeria.
Making this call in a paper, presented at a symposium organised by Real Estate Developers Association of Nigeria (REDAN) recently in Abuja titled “Creating Wealth and Employment through affordable housing” and made available to The Tide, the president of NIQS, Mr. Agele Alufohai said that such roadmap will assist in addressing housing problems presently noticed in the country.
He stated that one of the major challenged of meeting Nigeria’s housing need is the lack of long term mortgages, and not poverty, as is being speculated.
According to him, the policy of giving out subsidised mortgages at six percent based on the National Housing Fund policy only resulted in the supply of N8 – N10 million houses, which the few rich end up buying.
He said “To my mind, the challenge of housing in Nigeria is not that people are too poor to build houses, but the absence of long term mortgages, the dominant instrument for procuring new houses in all developed and well-managed economics is a major problem”.