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Real Estate Investors Proffer Solution To Housing Challenge

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Real estate investors in Nigeria and Africa at large have said there is the need for the provision of good, quality and affordable housing to meet the needs of the continent’s population.
At the 7th edition of Africa CEO Forum, in Kigali, Rwanda, the stakeholders noted that a fully developed African continent and a Nigerian nation might not be achieved without addressing housing deficits.
The forum, with the theme, ‘Shaping the future of Africa’, was said to have recorded over 1,800 participants from many countries within the continent.
The Group Managing Director of Palton Morgan Holdings, Adeyinka Adesope, said through its various subsidiaries, the company had been delivering on various housing initiatives across the country to battle the deficit.
Adesope said the group had been able to provide to Nigerians affordable houses that met up with their standards and in record time without some of the bottlenecks associated with acquiring properties in some parts of the country.
He explained that the success recorded so far was due to the way Palton Morgan and other companies under it approached delivering their offerings under good corporate governance ethics they have come to be known for.
He said: “Through its member companies, the group’s strategic focus and policies rest on the development and completion of major projects in Nigeria and across the globe and the synergy of management and staff has grown the group to be one of the largest real estate investment firms in the country.
“While the economy of the nation has been tough on most sectors in the last three years, it has been tougher on the real estate sector. The Federal Government should wake up to the reality of the diagonal impact the housing sector has on the nation’s economy while major players in the sector must eschew siloed model of operation.”
According to him, the Nigerian government needs to reconsider the African Continental Free Trade Agreement it is yet to sign.
“The integration of Africa is one of the ways the continent’s developments can be galvanised, and Nigeria’s role and participation in the integration will be critical for its success, which is long overdue as African nations need to work as one; for one continent, one currency and one market,” he added.
Participants noted that Africa required about $95bn every year to cater to its funding needs in energy, roads, ports, railway, and other infrastructure projects.
The Group Managing Director and Chief Executive Officer of Africa RE,  Corneille Karekezi, said since investing in infrastructure required a lot of liquidity, countries must  create vehicles that would help  accumulate these resources.

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Housing/Property

Expert Wants State Of Emergency In Housing Sector

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The Chief Executive of Fesadeb Communications Limited, Mr Festis Adebayo, has called on the Federal Government to declare a state of emergency in the housing sector to address effects of  population growth.
Adebayo, who was the convener of the just-concluded 13th Abuja International Housing Show, made the call in Abuja.
According to him,  the population of the country is growing at a geometric rate, while the government is working at arithmetic progression.
He said the Federal Government’s efforts could not match  the country’s population growth rate.
“The 18 million deficit cannot still be same,  everyday we are increasing in number  without increasing in ideas, policies and political will.
“The government should declare state of emergency in the area of housing; you cannot be selling cement for N2,500  and  then ask one to deliver a house for two million naira.
“The cost of building is very high, so government should act now before it will be late, “ said.
Adebayo said that government should not be involved in building houses, but it should come up with policies that would encourage people to invest in the sector.
He advised relevant authorities to focus more on what is called “Rental Housing Scheme’’ which he defined as “own and pay accordingly” .
Adebayo also called on the government to ban importation of building materials to encourage the use of local materials.
The Tide that the United Nations  Special Rapporteur on adequate housing, Leilani Farha, had  advised Nigeria to address its housing problem during her visit to the country. According to her,  the United Nations estimates that Nigeria’s population will double by 2050 to around 400 million people to make it the world’s third-largest nation after India and China.
She said that there was  lack of adequate housing in a country where most inhabitants lived on less than two dollars a day in spite of being Africa’s largest economy.

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Housing/Property

S’Africa APC Moves To Tackle Nigeria’s Housing Challenges

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The South African Chapter of the All Progressives Congress (APC) has promised to work with President Muhammadu Buhari to solve problems of housing, healthcare and energy in the country.
The group, in a letter addressed to the President and jointly signed by Mr Bola Babarinde and Prof. Folorunso Fasina, respectively, said these were critical issues demanding urgent attention of the President.
A copy of the letter, titled “On the National Question: Critical Issues Demanding Urgent Attention of Mr President,” was made available to The Tide last Monday.
The group, which expressed pleasure in meeting with the President during his visit to South Africa, said that the low income earners and civil servants were hardly remembered by developers of mass housing schemes in the country.
“The issues of affordability hampers ordinary citizens from access to good housing and a recent research done for Niger State shows that most civil servants die a few years after retirement from active service.
“Life after service is hard because things change sharply post-retirement, including housing. The Diaspora can assist in the provision of quality and affordable housing for the low to middle income earners, particularly civil servants.
“Using modern technologies, we can provide housing solution through mortgage financing supported by single digit interest rates. Workers will have between 15 and 25 years to repay, depending on the years of service left.
“It will be credit to this government to provide housing solution and reduce the suffering of the people,” the group said.
On the health sector, the group said that the country was not doing well taking into consideration the flight of medical personnel and the amount spent on medical tourism to countries like India, South Africa, Egypt and UK.
The group said that Nigerians in Diaspora, especially professionals in South Africa, were ready to partner the government at various levels on healthcare (primary, secondary and tertiary) to confront the health issues.
They said that this would also include mentorship of young medical personnel, exposure to the state- of-art-equipment, information exchange and sustainable, but affordable medical missions and training.
The group added that infrastructure including roads, water, school buildings, hostels accommodation and other facilities also needed attention of the government.

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Housing/Property

Niger Earmarks Land For 200 Housing Units

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The Niger State Government has provided land for the construction of 200 housing units to reduce the burden of accommodation among residents.
Managing Director, Happy Home Builders Nigeria Ltd, Mr Lukman Komolafe, disclosed this last Sunday in Abuja.
He said that the project was part of efforts by the state government to address the housing needs of residents of the state.
Komolafe said that the project, which started early in the year, would range from two bedroom bungalows to two bedroom compacts.
He said that the houses located along Madalla-Abuja road in Suleja would be completed by the end of the year.
According to him, the company was involved in building some housing units for cooperatives and groups in the state as part of effort towards addressing housing deficit.
Komolafe said that the company was known for its adequate and timely delivery of service.
“We are known for our excellence and professionlism with lot of commitment,” he said.
Komolafe said that housing was a crucial basic needs of every human being and so needed to be addressed urgently.
The housing estate which is an initiative of the Suleja Local Government Council and fully supported by the Niger State Government sits on 33.4 hectares of land with 371 number of plots with an average size of 450 square meters.

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