With Nigeria’s rising population, N3.5trillion is needed to build 700,000 housing units on a yearly basis for her teeming population. But this target has become difficult to attain as a result of the on-going economic challenges facing the nation, Managing Director of the Nigeria Mortgage Refinance Company (NMRC) Prof. Charles Inyangete has said.
“Our country Nigeria requires N3.5trillion to provide at least 700,000 housing shortfall, which we get every year, some even put this figure as high as 900,000, so if you look at that, you will see that the entire budget of Power, Works, and Housing Ministry will be short of this expectation.”
Inyange said but again, this is why the country needs the capital market, “this is why we need to tie the products to the needs, to enable us provide housing that would meet the needs of the people.”
Inyangete gave the details while fielding questions from journalists after a presentation titled, “Solving Nigeria’s housing challenges through the capital market,” at the 11th Abuja International Housing Show, last week in Abuja.
According to him, it is not just affordable houses, but to take into consideration their prices and specifications, stressing that new studies are being done to determine whether the people need one bedroom, two bedrooms, or three bedrooms, and also in which location.
He said going forward, “we need to feed into our market information system, and then we review our mortgage system. We are about to launch an App that would allow everyone to apply within four hours in your phone that will enable you to access necessary information surrounding mortgage housing financing.”
Speaking on what NMRC has done to assist housing programme in Nigeria, he said that his organisation went to the market two years ago where it raised N8billion, adding, “We’ve fully invested that already and we are back to make a market for a Sukuk.”
According to him, NMRC has developed an infrastructure to create housing data that can localise properties with the aim of creating easy access for its clients.He said the way forward for Nigerians is to subscribe to the facilities available in NMRC to enhance their dreams.