Housing Minister Raises Concern Over Mortgage Affordability Crisis affecting 80% of Nigerians, FG establishes a fund to assist low-income families with housing needs, and more…
Housing Minister Raises Concern Over Mortgage Affordability Crisis, Affecting 80% of Nigerians
Minister of Housing and Urban Development, Arc. Ahmed Musa Dangiwa, revealed at the Kaduna International Housing Exhibition on June 25, 2024, that over 80% of Nigerians lack access to mortgage financing, making homeownership largely unattainable. He highlighted that nearly half of Nigeria's population is poor, with many having weak purchasing power exacerbated by recent economic challenges like inflation.
Dangiwa emphasized the need to address housing affordability and announced the government's plan to establish a National Social Housing Fund (NSHF) to provide affordable housing for low-income and vulnerable citizens. The NSHF will seek funds from the government, philanthropic organizations, and individuals to deliver housing units, some at no cost.
Governor Uba Sani of Kaduna State, represented by his deputy Hadiza Balarabe, also stressed the importance of affordable housing. The state government is collaborating with local and international partners, including Qatar Charity, to address the housing deficit and provide mass housing for the less privileged.
FG establishes a fund to assist low-income families with housing needs
At the Kaduna International Housing Exhibition on June 25, 2024, Minister of Housing and Urban Development, Ahmed Dangiwa, announced plans to establish a National Social Housing Fund (NSHF) to assist low-income earners. The fund will gather resources from the government, philanthropists, and citizens to provide affordable housing. Dangiwa highlighted that nearly half of Nigeria's population is poor, with 85% of households having less than N1.1 million in purchasing power.
The NSHF aims to deliver some housing units at no cost, with the concept currently under review before being presented to the Federal Executive Council for approval. Dangiwa stressed that social housing is crucial for both economic stability and social cohesion.
Governor Uba Sani of Kaduna State, represented by his deputy Hadiza Balarabe, reiterated the importance of affordable housing and detailed the state’s efforts, including partnerships with investors and various housing schemes, to address the housing deficit.
Lagos Embraces New Mixed-Use Development Project
To meet housing demands and attract investors, Cavalli Group has launched "The Bellagio Lagos," a mixed-use development on Victoria Island, Lagos. The project, which began construction recently, aims to transform the Lagos skyline with its luxury residences and amenities.
The Bellagio Lagos will feature two phases:
ADRAO Tower: This phase includes a nine-floor residential building with a recreation area on the ground floor.
The Main Bellagio: This phase will include three 10-floor towers housing a hotel, apartments, and office spaces.
The development will offer high-end amenities such as a rooftop helipad, swimming pool, spa, 24/7 security, multi-sport court, gym, café, and restaurant, with interiors designed by Roberto Cavalli. Apartments will range from two to five bedrooms, with panoramic views of the ocean and city.
Managing Director Emmanuel Odemayowa highlighted that The Bellagio Lagos aims to provide top-notch living standards and investment opportunities, promising high rental yields, full occupancy, and significant capital appreciation. The project is set to redefine luxury living in Lagos and attract discerning investors.
Governor Sanwo-Olu reveals 60 luxury housing units
On July 2, 2024, Lagos State Governor Babajide Sanwo-Olu launched two major housing projects in Amuwo Odofin: the 60-unit Rising Lagos Apartments and the 144-unit Greater Lagos LBIC/WGC Apartments. These developments aim to address the state's housing deficit with top-tier facilities and amenities. The Rising Lagos Apartments offer two and three-bedroom units, while the Greater Lagos project features a mixed-use development. This initiative continues the governor's efforts to enhance urban renewal and provide quality housing, following the recent inauguration of 270 two-bedroom flats at the Egan-Igando Mixed Housing Estate.
Sanwo-Olu acknowledges unmet housing needs in Lagos
Lagos State Governor Babajide Sanwo-Olu acknowledged the significant housing deficit in Lagos despite inaugurating two new housing projects in Amuwo Odofin. The projects include the 10-storey Rising Lagos Apartments, with 50 three-bedroom and 10 two-bedroom flats, and the 144-unit Greater Lagos LBIC/WGC Apartments, comprising studio, one-bedroom, and two-bedroom flats.
Sanwo-Olu highlighted that these projects, developed by the Lagos State Building Investment Company (LBIC), are part of his administration’s efforts to address housing shortages and improve living standards. The governor emphasized the need for continued collaboration with the private sector to tackle Lagos's housing challenges and urged investors to take advantage of opportunities in the state.
LBIC’s CEO, Olusola Faleye, announced plans to develop more green buildings and enhance mortgage access, while LBIC Board Chairman Hakeem Ogunniran noted improvements in the company’s profitability and governance. The new developments feature modern amenities, including parking, water systems, and security, aiming to provide quality housing and support urban growth.
Tinubu appoints Salamatu Ahmed as Executive Secretary of Nigerian Housing Loan Board
President Bola Tinubu appointed Hajiya Salamatu Ladi Ahmed as the new Executive Secretary of the Federal Government Staff Housing Loans Board (FGSHLB), succeeding Alhaji Ibrahim Mairiga. Dr. Folasade Yemi-Esan, Head of the Civil Service of the Federation, announced the appointment.
Additionally, Ademola Adebise, former managing director of Wema Bank, was named Chairman of the Board of Family Homes Funds Limited (FHFL). The new board also includes Abdul Muttalab as CEO/Managing Director, Abdullahi Musa as Executive Director (Finance), and Emeka Henry Inegbu as Executive Director (Operations). Representatives from the Ministry of Finance Incorporated and the Nigeria Sovereign Investment Authority (NSIA) will serve as non-executive directors, alongside Sam Okagbue, Musa Ahmed, Eniang Nkang, and Bilkisu Usman.
Family Homes Funds, operational since 2018, aims to provide affordable housing for low-income Nigerians as part of the Federal Government's Social Intervention Programme.