From Uche Usim, Abuja
The Federal Government is eyeing additional investments of N3.53 trillion in the housing sector, in what appears to be a move towards closing the shelter deficit gap currently pegged at 17 million.
The gargantuan investments are to be staggered in a four-year span and the government hopes it will ultimately solve the insufficient housing nightmare.
Details of the four-year plan are contained in the National Economic Development Plan of the Federal Government launched in December 2020 by President Muhammadu Buhari.
The N3.53 trillion includes an estimated public investment in the development of urban roads estimated to gulp about N1.68 trillion.
These allocations have been listed as priority projects in the sector as well as projects essential to the operations of the relevant Ministries, Departments and Agencies.
According to the document, massive housing construction will also significantly boost demand for locally crafted materials to reduce construction costs as well as stimulate job creation, particularly in the construction and manufacturing sectors of the economy.
The document added that between 500,000 and one million houses will be delivered annually within the next four years.
The document also stated that the government will improve linkages between the housing sector and the economy with emphasis on improving urban development across the country
It said, “To achieve the goals outlined in the housing sector, the estimated public investment is N3.53trn from 2021-2025. This includes an estimated public investment in the urban road development of about N1.68trn.
“These allocations have been made to priority projects in the sector as well as projects essential to the operations of the relevant MDAs.
“Both Federal and state governments will make the construction of affordable housing a priority to bridge any housing deficit, reduce slums and create opportunities for sustainable urban regeneration in Nigeria.”
The document stated that securing the availability of long-term housing financing to facilitate access to homeownership for everyone will ultimately improve social inclusion and allow low-income Nigerians to build wealth.
“The achievement of these goals will be underpinned by an inclusive national housing policy that will fully unlock the socio-economic potential of the housing and urban development sector.
“The operational efficiency of the Federal Mortgage Bank and the Family Homes in collaboration with the Primary Mortgage Banks and the private real estate firms will be a priority,” it added.
Nigeria is battling uncontrolled urbanisation, which puts huge pressure on already overstretched housing infrastructure.
The development has been worsened by insurgency as terrorists take over most villages, forcing dwellers to seek refuge in safer cities.
Nearly 50 per cent of Nigerians currently reside in urban areas, which represents almost 100 million people.
Lack of policy continuity arising from political risk and change of government over the years have stifled government efforts thus, explaining the gap between the availability of affordable housing and the demand due to rising population.