Experts Move To Tackle Housing Imbalance

Experts have in a bid to address the all time imbalance in the housing industry, which they allege has led to the high deficit in low-income segment of the market, proposed a new scheme that would allow indigent Lagosians own homes and ensure economic growth of the city.
They made the proposal at a meeting organised by  Arctic Infrastructure (AI) in partnership with Heinrich Boell Stiftung Nigeria (hbs) and attended by development experts, architects, real estate developers, journalists and financial experts, stakeholders noted that importance of providing affordable housing for the low income group in addressing housing deficits in Lagos.
Exploring the mortgage system of other countries in Africa, which include Mauritius, Morocco and Tunisia, they regretted that the prevailing mortgage practice in Nigeria, the National Housing Fund, Lagos Home Ownership Mortgage Scheme (Lagos HOMS), private mortgages do not capture the needs of low-income earners in Lagos.
They said Mauritius has empowered schemes for social housing and international home ownership programmes, Morocco also subsidies loans for home ownership for low-income earners, while Tunisia created a public private partnership programme which subsidies lands for developers who are willing to build social housing for a time frame of five years.
They noted that such strategies have not been implemented by the government to attract low-income earners, but the private sectors have created several schemes, which are still not affordable for the low-income earners having a big challenge of affordable housing, it is more prominent in Lagos.
She cited publications, which focus more on inclusivity, openness and the city Lagos with more single-mindedness on the informal sector and how they can be integrated into the economic development of Lagos State.
Umunna stressed that while in Munich, Germany, most people do not own homes, but rent, people prefer to own homes rather than rent in Lagos State.
According to her, for Lagos to become a smart city, the beliefs and ideologies need to be changed.
“Urbanisation is rapid in Lagos, people migrate into the city daily and they are not leaving. Looking at the rate of population, everyone cannot build a home. Which has led to the necessity to build high-rise buildings, but high-rise buildings are expensive due to elevators and high maintenance of the buildings”, she noted.
Meanwhile, the Arctic Infrastructure and partnering Heinrich Boll Stiftun plans to launch the first Lagos Development Envision Lab (LAGDEL), a four-day residence training programme that will bring together selected talented youth from slums and informal settlements as well as young professionals from the built environment to share knowledge on the fundamental problems and alternative development strategies for the city of Lagos.