Housing for youths: ‘Tinubu must establish mortgage scheme’

By Faith Igbudu

A Non-Governmental Organization in the housing sector, known as Housing Development Advocacy Network (HDAN), has called on the incoming administration to prioritise housing for the good of Nigerian youths through effective mortgage scheme.

The group, in a statement signed by its Executive Director, Festus Adebayo, in Abuja, noted that housing was critical for economic growth and development of a nation due to its impact on major macroeconomic indicators such as employment, savings, investment and labour productivity.

“Some of these youths who are angry have resorted to the popular trend “japa”. It is when you create hope for them that they can see themselves as part of the country

Some of these youths who are angry have resorted to the popular trend “japa”

“This is one area that the government can ensure the youths take interest in the happenings in their country. The last elections showed the angry state of Nigerian youths and attention must be given to them for there to be any meaningful development.”.

He pointed out that the federal government, under former President Goodluck Jonathan, made appreciable efforts in its bid to provide affordable housing to Nigerians. However, since 2015, under the administration of President Mohamadu Buhari, very little has been done.

The new government must not be involved in the direct construction of housing

Adebayo lamented the current situation where housing is not a part of the first five top priority areas of the government, stating that it is appalling as it remains the most compelling index in measuring the growth of the economy, in developed countries like America and not oil.

He said, the government must really take effective action on the issue because housing should not be a mere political stunt and the incoming administration has to be committed to improving the welfare of citizens by implementing resilient and decent housing initiatives.

The Executive Director, cited a situation where a civil servant is unable to afford a home of six million naira, even after being in service for upwards of twenty years, stating that the practice all over the world is that houses are purchased on mortgage and not on cash-and-carry basis.

With a robust mortgage system, corruption at the level of the civil service will be cut down drastically

It is with reference to the current housing situation in Nigeria that Adebayo called on the incoming administration of President-elect, Bola Ahmed Tinubu, to approach issues of affordable housing in a manner that is radically different from what his predecessors had done.

He also urged the incoming President to ensure that the Central Bank of Nigeria redoubles efforts at strengthening the mortgage system in the country.

“The new government must not be involved in the direct construction of housing, but instead collaborate with credible developers with an excellent record of achievements while also ensuring regulation of the real estate practice with the objective of promoting professionalism in the sector” Adebayo said.

It is also important for the new government to engage manufacturers of cement

HDAN further noted that there was a need for a radical perspective on the part of key players and relevant government agencies in ensuring land availability as well as better regulations and professional inputs in developing designs to reduce cost in the sector.

“It is also important for the new government to engage manufacturers of cement in a bid to reduce the continuous rise in the price of building materials across the country,” Adebayo noted.

He called for partnership model that will guarantee a win-win scenario for all stakeholders based on willingness to sacrifice.

“With a robust mortgage system, corruption at the level of the civil service will be cut down drastically” Adebayo assured.