Nigeria’s Vice President, Kashim Shettima has said Nigeria will need the sum of N21 trillion to effectively bridge the housing deficit, despite efforts across the three tiers of government to address this challenge.
He made this known on Sunday in Sokoto during the groundbreaking for the construction of a 500-unit housing estate by the State government.
He also revealed that Nigeria has a Housing Deficit of 28 million homes, and praised Gov. Ahmed Aliyu for his efforts to address the housing needs despite the challenges caused housing deficit in Nigeria.
Housing Deficit of 28 million homes
Shettima revealed that Nigeria has a deficit of 28 million houses and we will need N21 trillion, he said:
- ” Nigeria has a deficit of 28 million houses and we will need N21 trillion to meet our housing needs. This step taken by the Governor is highly commendable and worthy of emulation by other State governments.
- ” The governor has started well by completing the roads and flyovers he inherited,”.
Civil Housing
Governor Aliyu explained that the housing estate would be for civil servants and be sold to them when completed on an owner-occupier basis.
- “This is a project that was initiated by the former Governor of the State, Aliyu Wamakko but was later abandoned by the immediate past administration.
- “But, we are determined to complete it for the benefit of our workers and the general public.”
The project located at Wamakko Local Government Area of the State will cost the State government N7.3 billion to complete.
Investor appetite
Recall Nairametrics reported last month that The managing director of UACN Property Development Company (UPDC), Odunayo Ojo said the participation of foreign investors in Nigeria’s housing sector will be beneficial not only because they would bring capital, but also because they bring expertise.
- “Foreign investors don’t only bring the right kind of capital in terms of cost and tenure, but they also bring best practices.
- “They ensure that they help the parties they are dealing with to structure those transactions in line with best practices, and they often strengthen governance because a lot of the donors insist on a certain level of governance.
- “Foreign investors also bring sustainability as a core requirement. All around the world, people want to attract foreign investors because they bring more than just capital.”