The Federal Housing Authority has announced that, it is seeking over N500 billion to enable it to construct and deliver decent and affordable houses for citizens.
Manging director of FHA, Gbenga Ashafa explained that, housing is the most important need of man, urging the Federal Government to make a concerted effort to budget more to provide houses for low-income and middle-class in the country.
Ashafa acknowledged the FHA’s significant contributions to housing over the years, citing the construction of 49,000 units through direct efforts and an additional 100,000 units through collaborations with private developers. Despite the achievements, he lamented the challenges posed by the amendment of the FHA Act, which transitioned the authority from a fully government-funded entity to a partially commercialized agency.
Nigeria’s housing shortfall has increased over the last thirty years, rising from 7 million in 1991 to 28 million in 2023. Fundamental problems in the real estate industry still exist, despite government efforts to close this gap. The need to revise current land regulations and streamline and digitise the land title processing procedure are two major obstacles. It also tackles the growing cost of building materials, fosters a thriving mortgage culture, and sees housing as a social investment. Strong private-sector relationships will also be fostered by it. The government’s renewed hope programme to address Nigeria’s housing shortfall must succeed in addressing these concerns.
He stated, ‘when the funds are made available we will boost the housing sector as well as reduce the country’s housing deficit, which is key to achieving the Sustainable Development Goal Agenda.’
