‘Nigeria Needs N3.65trn To Increase Housing Stock By 730,000 Units Annually’

Whatapp News

(Sundiata Post) – Former Managing Director of the Nigeria Mortgage Refinance Company, Professor Charles Inyangete, on Tuesday, disclosed that to forestall a housing crisis in the country in the next couple of years, Nigeria would require N3.65 trillion to increase housing stock by 730,000 units annually.
Speaking at a Facility Management forum in Abuja, to mark the World Facility Management Day, Inyangete said the country currently has a housing stock of 21 million units, adding that going by the current growth rate in Nigeria, there would be a significant housing deficit unless efforts are geared towards addressing the gap.
At the event organized by the International Facility Management Association, IFMA, and sponsored by Total Facility Management Limited, Inyangete argued that in total, the country would require $363 billion, about N111.08 trillion to meet current housing deficits in the country.
He added that Nigeria is faced with poor infrastructure not only in the area of inadequate housing, but also in access to electricity and internet facility and poor road network.
He said, “Only 25 per cent of our population has access to electricity; 51 per cent of Nigerians have access to internet; while only 18 per cent of Nigerian roads are paved. These poor infrastructures pose serious negative ramifications for the country.”
Specifically, Inyangete said the poor infrastructure facility is reducing national economic growth by two per cent and business productivity by 40 per cent.
To this end, he said facility managers have a crucial role to play in addressing these challenges, stating these professional are expected to enhance their contribution to the sustainable cities agenda and also develop tools for the purpose of monitoring the performance of facilities.
To bridge this gap, he noted that efforts should be geared towards opening the capital market to enable facility managers raise fund seamlessly, as this would deepen their contribution to building sustainable cities.
He added that “Government cannot do it alone. There is increasing need for Public private partnership to address Nigeria’s economic growth.”
Also speaking, Lawal Magaji, Chairman, IFMA, Abuja Chapter, emphasise the need for facility managers to be involved at the conception and design stages of any building or facility project, to ensure cost-effective management and maintenance of the facilities.
He further highlighted the need to commercialise some facilities in the country to help raise foods that would ultimately be used for the maintenance of the facilities and also generate funds for the government.

Whatapp News