As a citizen, the news that the Federal Government has approved the release of N126.5 billion for the provision of 100,000 houses across the nation in 18 months fills one with a mix of hope and cautious optimism.
Where is this money coming from you might ask, well it was reported that the funding for this project will come from a mix of sponsors comprising the Federal Ministry of Housing and Urban Development’s budgetary allocation, the Federal Mortgage Bank of Nigeria (FMBN) and Public Private Partnerships with reputable developers.
Announced by the Minister of Housing and Urban Development, Arc. Ahmed Dangiwa, during the groundbreaking ceremony in Karsana, vital aspects are brought to the limelight in this project.
However, the milestone realised is the first stride in the way of filling the housing deficit in Nigeria.
Here are a few benefits associated with such a mammoth project:
It Will Combat Housing Shortages
The benefit this project brings forth, though seemingly obvious, is that with the planned delivery of the houses, tens of hundreds of Nigerians who have found themselves without shelter will then have a place to call home—inexpensive housing at that, as well as the easy access to cheap mortgage options.
Real estate developers will also have a significant part to play in the project. The involvement of reputable companies that show a high standard of excellence and innovation will ensure that the housing units will be constructed to international standards, combining modern design with functionality.
The aim of this partnership should be fostering a synergy that thrives on the speed and efficiency of the private sector and support by the public sector to attain its goals.
Economic Stimulus
The construction of these houses would spike a good deal of economic stimulus once it takes off. The project will ignite a lot of job opportunities in construction, real estate, and other related fields. This may translate into high disposable incomes, trying to cultivate economic development in the end.
The injection of N126.5b into the economy is typical of a multiplier effect because it stimulates demand for more building materials, furniture, and appliances, giving the much-needed impetus to local business and the economy at large. The housing scheme will also attract investment from across the globe and within Nigeria; it will bring sustainable development with and around the economic system.
Upgraded Living Standards
The project intends to offer affordable housing that will raise the living standards of low- and medium-income Nigerians. With a concept of cross-subsidy, some units sold at commercial rates would in the process subsidise others at concessionary rates. No doubt, the economically disadvantaged will benefit.
A part of the funds set aside has been channelled to slum upgrades and urban renewal. This component is vital as it intends to convert the existing slum areas into livable communities that have infrastructure and services, consequently uplifting the quality of life of the residents in such areas.
Conclusion
The project is a welcome development with prospects that can forever change the face of Nigeria’s housing sector. While the said project is expected to be highly rewarding, with other benefits being economic stimulation and the country enhancing its living standards, it also faces challenges that must be effectively handled.
Expertise from credible developers will boost the success of the project through the provision of necessary expertise, quality assurance, and sustainability. There is the need to be vigilant and hold every stakeholder to account to ensure that the provision of affordable housing for all becomes a dream realised.
By Eniola Falola Mixta Africa,Brand & Marketing Analyst