The Minister of State for Housing and Urban Development, Alhaji Abdullahi Gwarzo, has said that his ministry is determined to break all barriers that have hindered the provision of affordable housing.
Gwarzo, who disclosed this while declaring a two-day workshop organised by the Real Estate Developers Association of Nigeria (REDAN), said that in collaboration with key stakeholders the ministry would find innovative ways to unlock housing finance.
He said, “We all recognise that the most significant challenge in affordable housing is the cost of finance. Interest rates on bonds are in double digits, and raising international funding for housing projects remains challenging due to fluctuations in our foreign exchange rates. Moreover, budgetary financing for housing development is inadequate to meet the demand.
“The resources pooled together by the Federal Mortgage Bank of Nigeria (FMBN) through the National Housing Fund (NHF) and Family Homes Fund (FHF) through government injections and partnerships are still grossly inadequate to provide the volume of housing required.
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“Our objective is to break all institutional, legal and bureaucratic barriers that have hindered sector growth over the years. These include collaborating with key stakeholders to review and amend the Land Use Act to streamline land administration and make access to land easy and fast.”
The President of REDAN, Alhaji Aliyu O. Wamakko, who urged his members to comply with all extant laws for improving the national economy, declared the association’s support to the federal government on affordable and accessible housing.