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Tag: Housing

  • 6,612 housing units under construction nationwide, says minister

    6,612 housing units under construction nationwide, says minister

    The minister of housing and urban development, Ahmed Musa Dangiwa, has announced that 6,612 housing units are currently under construction across the country as part of the Renewed Hope Cities and Estates programme.

    Speaking at the ministerial briefing on Friday, May 24, Dangiwa revealed that the projects are ongoing in states whose governors have offered land to the ministry to build affordable houses for Nigerians.

    He said: “We have planned and commenced the actualization of the Renewed Hope Cities and Estates Development Programme, which Mr. President launched earlier this year. Under phase one, we plan to deliver a total of 50,000 housing units across Nigeria.

    “The Cities will have 1,000 housing units per site in one location in each of the six geo-political zones in the country and FCT, while the Estates will have 500 housing units per site in the remaining thirty (30) states.”

    He emphasised that the ministry’s strategy is centred around three core pillars of President Bola Tinubu’s Renewed Hope Agenda: “growing the economy, lifting 100 million Nigerians out of poverty, and creating an enabling environment for investments to thrive.”

    The minister highlighted the ministry’s commitment to delivering on its promise to Nigerians, noting significant success in affordable housing provision, slum upgrade, and sector-wide reforms to position the housing and urban sector as a critical enabler of social and economic prosperity for Nigerians.

    The Renewed Hope Cities and Estates programme aims to deliver 50,000 housing units in the first phase, with 1,000 housing units per site in each of the six geo-political zones and the FCT, and 500 housing units per site in the remaining 30 states.

    “We have designed the Renewed Hope Cities as integrated living communities targeting all income brackets. They comprise one-bedroom blocks of flats, two-bedroom blocks of flats, and three-bedroom blocks of flats; two-, three- and four-bedroom terraces, four-bedroom duplexes, and five-bedroom duplexes.

    “On the other hand, we have conceptualized the Renewed Hope Estates to cater to low- and medium-income earners. They comprise one-, two-, and three-bedroom semi-detached bungalows.

    “To enhance affordability and ease of off-take, we used organic designs where one bedroom can be expanded to two bedrooms and three bedrooms as the income of beneficiaries increases over time,” he explained.

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    Dangiwa emphasized the focus on integration and inclusivity in the ministry’s approach to redefining the concept of cities, noting that “We have planned and commenced the actualization of the Renewed Hope Cities and Estates Development Programme, which Mr. President launched earlier this year.”

    The Minister also highlighted the provision of housing as an important driver of economic development, noting that “50,000 units that we plan to deliver under phase 1 will create 1,250,000 direct and indirect construction jobs. This is in addition to the value chain effects of purchase, supply of building materials, businesses around the construction sites, etc.”

    The ministry has received 8,925 expressions of interest for the housing units, with four windows of subscription available: Outright Payment, Mortgage, Rent-to-Own, and Instalmental Payment.

    “We received a total of 8,925 Expression of Interest. This comprises 1,294 for Outright Purchase, 2,408 for Mortgage, 2,184 for Rent-To-Own and 3,039 for Instalment payment. Last month we released the 1st batch of Offer of New Provisional Allocation Letters for Outright Payment for successful applicants,” he said.

    Additionally, the ministry is targeting 26 areas nationwide for slum upgrading and urban renewal, with key services including water supply, solar streetlights, rehabilitation of access roads, and waste management and sanitation services.

    “The key services to be provided in these sites include water supply, solar streetlights, rehabilitation of access roads, construction of drainages, and waste management and sanitation services among others,” he remarked.

    Other programmes include the National Social Housing Fund, which is being worked out to cater to the NO INCOME segment of the economy, and critical reforms taking place in housing institutions and macroeconomic components, such as building materials, land use, and so on.

  • Fed Govt, Lagos to deliver 2,000 housing units

    Fed Govt, Lagos to deliver 2,000 housing units

    The Lagos State Commissioner for Housing, Moruf Akinderu-Fatai, has affirmed the government’s readiness to bridge the housing deficit by speedily completing its ongoing housing schemes across the state.

    The commissioner said this yesterday during the Ministerial Briefing to mark the first year of the second term in office of Governor Babajide Sanwo-Olu.

    According to him, the state is collaborating with the Federal government on the Renewed Hope Housing initiative to provide over 2,000 home units in Ipaja and Ibeju Lekki. He said there are ongoing discussions with a private finance institution to provide 800 units at Odola in Ikorodu division.

    These initiatives, Akinderu-Fatai said, are targeted at first time owners and low income earners, with mortgages ranging from 10 to 15 years.

    The commissioner also said the old estates are being re-evaluated with a plan to restore their infrastructure and maximise the available lands for greater home yield.

    He noted that residents of some of the ministry’s estates do not comply with the extant rules put in place to promote peaceful coexistence. Such infractions, according to him, include non-payment of service charges, bypass of electric meters and cult activities. He warned that the government will revoke the allocations of persons who do not comply with agreements signed at the point of release of homes.

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    The commissioner also warned such persons to desist from contravening the original master plans of the homes through various alterations, modifications and adjustments.

    According to him, the ministry is in the process of reverting to the original master plans, with steps taken to notify and seal the properties affected. He also hinted that government may, in the long run, retrieve any contravening property in accordance with agreement signed with the allotees.

    Akinderu-Fatai also confirmed the government’s readiness to enhance fairness and transparency in the allocation of housing units through balloting. He added that the first ballot will be held on June 4 for the Lagos State Public Affordable Housing, Idale, Badagry, and LagosHoms at Odo-Onosa/Ayandelu, Epe.

    He added that 698 civil servants will be selected through the ballot and they would get 40 per cent rebate in their service lifetime.

  • Rising prices threaten housing, construction industry

    Rising prices threaten housing, construction industry

    • Number of abandoned sites increases

    Individuals handling housing projects, including estate developers, have witnessed an undue rise in the price of building materials.

    From The Nation’s investigation, the prices of items such as cement, steel rods, granite, Plaster of Paris (PoP), and tiles, have almost doubled in a short time.

    Several industry players said the sector was facing one of its worst moments as a result of the fuel subsidy removal and the free floating of naira.

      Checks by The Nation discovered that prices of local sourced materials account for 37 per cent of materials in addition to transportation cost to the end –users.

    Prices of essential building materials such cement, blocks, doors, reinforcement rods, timber, paints, roofing sheets, glass and tiles have risen by over 75 per cent in the last 12 months; this has led to prior construction sites closing down.

    For instance, a nine-inch block previously sold at N500 is between N 650 and N700 depending on location and the quality, while a six-inch block that was previously N450 is now N600. There has also been an increase per tonne of iron rod which is very key in construction.

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    The 8mm iron rod previously sold at N255, 000 per tonne is N518, 000, 10mm that used to cost N442, 000 goes for N520, while 12mm and 16 mm rods that sold for N446, 000 is N515, 000.

    Others are 20mm and 25 mm earlier sold for N442, 000 and N539, 000 depending on location.

    Also, artisans and labour cost that was N3, 000 is now between N6, 000 and N8, 000 depending on location. Professionals have also raised their scale of fees indirectly to reflect the inflationary trend and it is predicted that the cost of construction will continue to rise, except the government intervenes in the sector through deliberate policies to lower costs of construction.

    Right now, spirally building materials and labour prices have triggered an increase in construction cost by over 150 per cent in the last one year with most construction and building sites laying waste as contractors, developers and Nigerians who are building for themselves have left the sites.

    Though some players in the sector attributed the rising cost to forex on, especially imported building materials, such as like doors, ceramics, lightings, tiles, plumbing appliances and sanitary wares, which represents 23 per cent of materials in the building market, others disagreed, insisting that cement price with almost 170 per cent increment has little component of importation.

    The high cost of building materials is the reason for the growing shanties and illegal development of slums and its attendant problems. Urgent attention needs to be given to building materials cost reduction to promote sane development and management of our human settlements.

    Managing Director, Esso Properties Limited, Dr Smith Ezenagu, lamented that the free fall of the naira is affecting everyone and everything in the real estate sector. He hoped that in days to come the nation’s dependence on imported materials and stuff should be revisited so that operators in the sector could begin to mitigate some of these effects on the cost of living.

    He said: “Imagine the shock when you bought cement at N6,000 and go back the folowing week to hear that the price is now N8,000 per bag.

    “I have had to halt a lot of projects so that we can watch what happens. We are keeping hope alive seeing that the government is doing something about it and we hope they get a solution soon.

    “I believe we need to do something to reduce our dependence on imported materials; our nation is not a dumping ground.

    “The funny thing is that the majority of these imported materials can be produced in Nigeria and exported abroad. The 70 per cent you quoted in your question is actually too conservative, it is actually over 80 per cent because we import over 80 per cent of our building and construction materials. Imagine our doors for instance, we use largely foreign doors, we are the ones that export the timbers abroad, they develop the timber and produce doors, then we import into Nigeria to use. It’s funny. How can we be a nation that exports raw materials and imports finished products? All we need to do is to make the environment right for local industries to spring up and begin to cover these gaps”.

    Managing Director, Richland, Property & Homes, Dr. Ifeanyi Nwachukwu stated how the high cost of building materials is affecting his business like  other developers and asked the government to do something about the free fall of the Naira.

    He said some of his colleagues have left the site but for them they are hanging in to deliver on their promise to their customers. He decried the high cost of building materials currently and warned that something should be done urgently.

    Past President, Nigeria Institute of Building (NIOB), urged the Federal Government to revive the Ajaokuta Steel Rolling Mill to lower the cost of building materials. According to him, instead of importing steel as it’s happening today at a very high price, the cost will come down and take back developers to the deserted sites.

    He lamented that the cost of building materials in the last 12 months such as paints, roofing sheets, glass, cement ,blocks, doors, reinforcement roads, sand, timber and tiles have risen by over 90 percent. According to him, this has been a source of concern to building professionals because of the direct impact on supply, affordability and accessibility to housing, especially for low and middle income earners.

    National President, National Association of Block Moulders also urged the government on the need to establish a commodity price regulation board to address rising prices of building materials. He suggested the need to establish and encourage both local production and responsible importation to lower prices.

  • Time to kick-start housing reforms

    Time to kick-start housing reforms

    • By Charity Ikpoba

    The best description of Nigeria’s housing challenge is that it has been endemic. Besetting the sector are myriad of problems; talk of inconsistent government policies and dysfunctional regulatory framework, poor land administration system, unavailability of serviced plots or plots of land that are ready for housing development, good title that will enhance the marketability of the land, especially after one might have developed or built houses on it, you are in order.

    What about the issues of inadequate basic infrastructures that will facilitate smooth development, high construction cost due to high proportion of imported inputs, harsh operating environment such as lack of constant electricity, high cost of fuel, devaluation of the naira, scarcity of foreign exchange, multiple taxation, and lack of data, challenges of rapid urbanization, a young demographic, burgeoning middle-class population and growth in consumption and other obstacles to housing provision in Nigeria?

    Finance is a critical challenge. High interest rate, high cost of debt funding and limited availability of long tenured loans not only make the cost of borrowing fund expensive, but constitute major impediments to viability of projects, thereby impacting negatively on the level of real estate development. Absence of efficient, comprehensive, organized and affordable mortgage finance system constraints demand for housing. Hopefully, setting up of the Nigeria Mortgage Refinance Company Plc (NRMC) would boost mortgage financing and home ownership schemes in the country so that generality of Nigerians might be able to access mortgage facilities someday.

    These factors have resulted in high cost of doing business. Despite the availability of key factors for real estate investment and growth, they have continued to hinder real estate development and have not allowed the housing sector to create jobs, boost the Nigerian economy and contribute significantly to the nation’s Gross Domestic Product (GDP) over the decades. In other words, they have slowed down the pace of real estate development over the years.

    Meanwhile, the sector has huge potentials for growth, potentials to attract investment within the country, foreign and investment from the diaspora to drive both the real estate and the nation’s economy on the path of sustainable development. Its large population base growing at about 2.39%, rapid urbanization, youthful and fairly educated population are some of its strong secular growth drivers which placed her well for strong long-term growth in spite its weak and fragile economic recovery. The sector can be boosted to perform optimally and contribute significantly to the economic growth and development of the nation.

    To achieve that however, the system has to go through a number of reforms to attract investments. The economy needs to be properly focused, and properly managed by policy makers and the government so that all sectors, including the real estate can thrive. We need a bold vision for the sector and government must be committed to backing it up with necessary political will to break down all barriers that discourage investment in the sector. Clear-cut policy directions for the economy are required, so that the operators, professionals and private sector participants will be able to plan accordingly, so that there will be activities in the economy, and when there are activities in the economy, initiatives will come up within the real estate and other sectors. This is because real estate business follows the economic circle and it is the way the economy is patterned that real estate latches on. There are prospects for the industry to thrive, the sector is heavily underdeveloped, but there are lots of opportunities for development within the real estate sector which can only be realized by conscious efforts of government and private sector commitment to realizing them. 

    The Land Use Act of 1978 (LUA) has become an obstacle to making land available for housing development. The LUA meant to make land easily available to all Nigerians has, indeed, become a major constraint to home ownership. The process of obtaining a Certificate of Occupancy and the consent provisions of the LUA make land transactions tedious, time consuming and expensive. Without land reforms, it would be a futile exercise attracting investments to housing development. Unhindered access to land and an efficient, time-saving land administration system will unlock the untapped potential of the sector which holds the key to solving Nigeria’s unemployment. We cannot deliver on housing provision if we do not carry out reforms that will make land accessible to estate developers. State governors who have the constitutional power to issue Certificates of Occupancy to ease access to land for developers must be brought into the reforms.

    Government should be the sector driving the mortgage. The role of the government is on two fronts, there is the overall need to maintain the macro-economic variables via disciplined fiscal and monetary policies for stable growth and low inflation to support low interest rates.  The direct interventionist role to promote liquidity of the mortgage industry at single digit interest rates via the Nigeria Mortgage Refinance Corporation (NMRC) and Family Home Fund (FHF) should be pursued more vigorously.  Key is that the private sector via mortgage banks retain the role of underwriting mortgages directly and will boost effective demand for homes, which is far lower than the often-touted 28 million housing shortfalls.  It is important to stress again that the core focus of government should be on how to control inflation in the long run to allow for single digit interest rates, rather than just intervention policies. 

    For years, we have grappled with conflicting and unsubstantiated figures regarding housing shortage. The range of estimates, varying from 17 million to 28 million, has not only been a source of embarrassment but also a hindrance to effective policymaking and strategic planning. We need accurate data for strategic planning, for accurate determination of the extent of housing deficit. The current figure of 28 million deficit is unreliable and unacceptable since it is not verifiable.

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    We must initiate coordinated action to bring clarity and credibility to our understanding of the housing deficit and the state of housing in Nigeria and then gear data enhanced policies and projects for effective housing solution.

    Government would not succeed in driving through initiatives and in creating enabling environment for easier, safer and more profitable private sector investments, and affordable housing if it fails to partner with professionals in the built sector, particularly the estate surveyors and valuers. There is need to forge closer relation with other professionals within the economy and open up our industry because the more people come from different backgrounds, the better. We ought to put the whole knowledge and resources together for the development of the industry. It is expedient that reforms be initiated to enhance housing delivery and boost the Nigerian economy. And the time to do that is now

    •Ikpoba is a Lagos based Estate Surveyor and Valuer.

  • Shelter Afrique to improve on $220 million worth of housing loans

    Shelter Afrique to improve on $220 million worth of housing loans

    Shelter Afrique Development Bank (ShafDB) said it is committed to improve upon its $220 million worth of housing loans already approved in Nigeria with $117.6 million disbursed.

    Managing Director and Chief Executive Officer ShafDB, Thierno-Habib Hann, revealed plans to explore more areas of entry into the Nigerian housing market, pledging its support to assist the country in her effort to bridge the housing deficit.

    He said the institution is enthusiastic about the Pulaku Resettlement Scheme of the federal government, which aims to provide shelter for displaced Nigerians affected by banditry in selected states across the country.

    Hann stated this during the Institutions one-week working mission to meet critical government leaders towards deepening its capacity and housing development plans in the country.

    He said: “We are enthusiastic about the PULAAKU Resettlement Scheme of the Federal Government, which aims to provide shelter for displaced Nigerians affected by banditry in selected states across the country. I will like to express the bank’s interest in playing a part in such initiatives like PULAAKU and the National Social Housing Fund (NSHF), as we looks to improve upon our $220 million worth of housing loans already approved in Nigeria with $117.6 million disbursed.

     “We are looking for more ways to collaborate with Nigeria on housing delivery. We believe the PULAAKU Initiative, and the National Social Housing Fund provide us an opportunity to further drive our mandate, which is to eradicate slums in Africa. We have done a lot of work already with several financial institutions, reputable developers, and some state governments, and we intend to do more.

    “Since October 2023, the Bank has undergone major transformations thanks to the leadership of the Minister of Housing and Urban Development, Arc. Ahmed Musa Dangiwa, who is the Chairperson of the institution’s 42nd AGM Bureau. We are better positioned to create wealth, increase GDP, and address security through our housing finance model.”

    The Minister of Housing and Urban Development, Arc Ahmed Dangiwa explained that as of date, Nigeria’s total paid up capital subscription to SHAFDB is $30.7 million.

    He said the Nigerian government committed to $29.3 million subscription in capital shares arrears four years ago, out of which it paid a first tranche of $9.4 million in 2020; another tranche of $7.1 million in June 2022; leaving a balance of $12.8 million.

    Dangiwa said the amount was approved by former President Muhammadu Buhari for payment to strengthen Nigeria’s position in the Bank.

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    The minister added: “More shares were allotted to Nigeria between then and now to the tune of $8,860,104. This has now brought Nigeria’s arrears of share subscription to $21,634,013.

    “Currently, Nigeria controls 15.22% of SHAFDB’s issued shares which amounts to 19,755 shares. Nigeria is the second-highest shareholder after Kenya which has 16.25% amounting to 21,061 shares.

    “SHAFDB has approved 54 housing finance loans since 1988 totaling $220.5 million USD in Nigeria. Out of the 54, 26 projects totaling $117.6 million USD have been disbursed and fully completed.

    “As of date, SHAFDB’s current debt exposure to Nigeria stands at $32.7 million USD. Current transactions under consideration in Nigeria total N42.3billion, while transactions under consideration in the medium term stands at N37.8billion.”

    The working visit also involved a meeting with the Governor of the Central Bank of Nigeria, Olayemi Cardoso who promised to support Nigeria’s efforts to clear the outstanding share capital subscription.

     The governor was pleased with the bank’s contribution to continental development and its range of products that cut across the entire housing value chain.

    He acknowledged the role the housing sector plays in the development agenda of the current administration.

  • Housing: FG allocates affordable houses to Nigerians

    Housing: FG allocates affordable houses to Nigerians

    The Federal Government (FG) has commenced allocation of affordable houses to Nigerians, an official has confirmed.

    Mr Martin Gyado, the Federal Controller of Housing in charge of Adamawa, disclosed this in an interview with the News Agency of Nigeria (NAN) on Friday in Yola.

    He said that President Bola Tinubu has improved the National Housing Programme and introduced renewed hope cities and estates.

    “These renewed hope cities and estates were introduced to make the houses more affordable to common Nigerians.

    “To that effect, the Federal Ministry of Housing has written a request to all state governments to provide 50 hectares of land for that purpose,” Gyado said.

    According to him, the correspondence for Adamawa has already reached Gov. Umaru Fintiri and is awaiting his approval.

    He disclosed that currently, allocation of those houses that were built under the previous administration, have reduced housing deficit in the country.

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    Moreso, the controller noted that application forms are available at the offices of all controllers across the country at no cost.

    “In Adamawa the housing projects is in three phases; two phases of 190 units have been completed and fully serviced with infrastructural roads, electricity and water.

    “The applicants should be rest assured that due process will be employed as long as they qualify and meet the awarding criteria.

    “People have a chance of getting the houses although the number of subscribers surpassed the available houses,” he said.

    (NAN)

  • Nigeria needs N21tr to close housing gap

    Nigeria needs N21tr to close housing gap

    Nigeria is currently estimated to be grappling with a staggering housing deficit of 28 million units requiring an astronomical N21 trillion to bridge the gap, a United States (US)-based real estate investment powerhouse, Peniel Investment and Development LLC, has said.

    Its founder, Mr. Ibukunoluwa Otinwa, a Nigerian, who spoke ahead of the US-Nigeria Real Estate Collaboration Conference and Exhibition, said recognising that the solution to the problem extends beyond government’s capacity the initiative is designed to empower citizens both at home and abroad to actively engage in resolving this critical issue.

    This event is slated to unfold in Texas, US, in August 2024.

    According to him, the forthcoming five-day conference, exhibition, and business dinner, will unite real estate investors, private investors, real estate developers, brokers, realtors, individuals, celebrities and government dignitaries from both nations.

    Mr. Otinwa hopes the event will generate about $500 million in transactions and investments, providing a catalyst for transformative change.

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    The experience would include a comprehensive programme, featuring a conference with distinguished speakers from the US and Nigeria, three exhibitions, an engaging business dinner night, and illuminating site tours.

     He said: “The US-Nigeria Real Estate Collaboration Conference and Exhibition 2024 represents a beacon of hope in addressing Nigeria’s housing crisis through international cooperation and shared commitment.

     “Our mission statement at Peniel Investment and Development LLC is to provide good real estate investment and development to every human being with respect to their social and ethnic backgrounds.

     “On the other hand, our vision statement is to be a world-class real estate investment and development company by creating exclusive comfortable lifestyles for human beings, animals, and plants.

    “In terms of our core values, we see the customers’ satisfaction as our happiness; we focus on solutions; we believe in teamwork; and we target greatness through continuous improvement.”

  • ‘We’re committed to providing affordable housing’

    ‘We’re committed to providing affordable housing’

    The Federal Government has reiterated its commitment to providing housing for Nigerians.

    It explained its modalities to implement the much-needed reforms that will ensure quick easy, and efficient access to land.

    Minister of Housing and Urban Development, Ahmed Musa Dangiwa stated this yesterday in Abuja, at the African Housing Awards.

    Represented by his Chief of Staff, Usman Osidi, the minister said: “We have composed a land reforms team comprising state governments, traditional rulers, relevant agencies, professional bodies, academia, stakeholders to ensure buy-in and inclusivity.

    “As the Minister of Housing and Urban Development, I would like to encourage all stakeholders in housing delivery in all countries in Africa and in Nigeria particularly, to never lose sight of the responsibility that goes with each office that we hold whether in the private sector or in the public sector we must be constantly reminded that our job is to house Africa.

    “And there are millions in need of housing and they cut across all income segments.

    “We must at all times never lose sight of the fact that the decisions that we take, the energy that we commit or do not commit impact positively or negatively on those who look up to us for their housing solutions.

    “So, to all the institutions and individuals that are going to win awards today, I want to congratulate you for being outstanding in your contributions to the housing sector.”

    He added that government had priotised building materials manufacturing, to ensure economic growth, create jobs and reduce dependency on imports.

    “We have also prioritized building materials manufacturing in the country. This will ensure economic growth, create jobs, and reduce dependency on imports.

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    “To ensure success, we have composed a Building Manufacturing Task Team comprising of experts and representatives from relevant government agencies, academia professional bodies, and industry associations.

    “They will conduct a thorough assessment of the current state of the building materials manufacturing sector and produce a strategic plan for reforming the sector for implementation.

    “Our plan is to build six (6) building materials manufacturing hubs, one in each of the six (6) geopolitical zones of the country.

    “To increase the stock of housing supply, we have also composed a Multi-Agency Delivery Team.

    “The Team will ensure that all housing agencies including FMBN, FHA and the Family Homes Fund will work together towards optimizing their strengths to increase the stock of quality houses to Nigerians.

    “The Team comprises highly qualified and experienced professionals with expertise in housing development, urban planning, infrastructure, finance, and project management,” he added.

    Festus Adebayo, Convener of the African Housing Awards Night, said the event was put together to recognise companies and individuals who have distinguished themselves in the housing sector.

  • Housing deficit: developers seek for tax rebate

    Housing deficit: developers seek for tax rebate

    Developers in the built industry are asking for tax rebate to enable the prices of houses in the country and in return reduce the housing deficit that the country faces at the moment

    They also believe that the sector can be helped if the government creates a single agency that would handle everything connected to the sector rather than having many all working in silos.

    They said the same way the government created the Treasury Single Account (TSA), it should create one agency instead of the present method where builders and developers are forced to deal with several agencies.

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    Chief Executive Officer of Pennek Global, Dr. Kennedy Nnadi made the call in Abuja while speaking with newsmen at a flagship open house of the Pennek Court Estate in Abuja.

    He said: “One of the things that have led to housing deficit is the fact that land itself is very expensive, if the government can provide land for most developers, then we can build on them and it would be cheaper.

    “Some other ways to do a tax rebate. It’s already a difficult terrain doing business here at the moment but if we have some tax rebate, the prices of houses will crash. I feel there are a lot of government agencies to deal with when building. Just the same way we have the TSA, we should have just one government agency that would be a one stop shop for builders and developers.”

  • Developers restate commitment to solving Nigeria’s housing challenges

    Developers restate commitment to solving Nigeria’s housing challenges

    The Chairman of Real Estate and Construction (RECON), Dr. Johnson Anene, has reiterated the commitment of the association to address Nigeria’s housing deficit.

    He made the commitment at a Press conference ahead of the 7th Real Estate and Construction Expo (RECON EXPO 2023).

    Anene said the conference would stimulate economic growth through investments in real estate, infrastructure, a safe environment, and technology.

    He stated: “Our goal is to promote local production of building materials, present new investment opportunities, create jobs for youths, and support the federal government’s efforts in attracting more direct foreign investment into the country. Additionally, we seek to provide solutions to our over 22 million national housing deficit while exploring ways to reduce the cost of building and improve access to land.”

    He urged stakeholders to tap into the benefits embedded in the real estate sector for both economic and social considerations.

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    Anene said the association offers a platform for construction companies, realtors, mortgage brokers, home appliance vendors, carpenters, interior designers, and others to connect and leverage opportunities in the real estate business.

    “The expo provides insights into government support, incentives, and connections with certified realtors. Buyers will have the chance to purchase products at discounted rates during the Buyers-Sellers Forum.

    “With over 150 exhibitors and an expected 20,000 participants from various parts of Nigeria and across the world, RECON 2023 invites real estate developers, investors, mortgage bankers, building materials suppliers, professionals, practitioners, and the public to attend the event,” he added.