Minister of State for Federal Capital Territory, Chief Chuka Odom, has declared that governmentâ€™s direct intervention is critical to the achievement of sustainable housing provision for the masses, adding that economic recovery is contingent on adopting the right housing policy . Odom, who is a former Minister of State for Housing, stated this when members of International Real Estate Agency Federation (FIABCI) paid a him a courtesy visit.
He asserted that the current framework for the countryâ€™s housing development does not have much input from government, adding that the adoption of the public-private partnership (PPP) scheme for housing development is no substitute for government intervention. â€œGovernment has primary responsibility for certain inputs if we have to have sustainable housing,â€ he stated.
The Minister noted that housing development is intertwined with economic development, observing that the global financial crisis started with the collapse of the housing market in the United States of America.|
â€œThe global financial crisis started in America when the housing market there collapsed. It is not coincidental. It underscores the importance of housing to income disparity, income savings and all the other economic issues that are associated with that collapse,â€ he said
Odom noted that Nigeria is currently experiencing a major housing deficit which could have been considerably narrowed down if the current policy in housing had the relevant government inputs.
â€œI have had cause to say publicly that our current framework for housing development lacks a lot of government inputs. Government has primary responsibility for certain inputs if we have to have sustainable housing approach. The private sector involvement is not a substitute for government intervention,â€ adding however, that the huge housing deficit gap cannot be filled by the government alone.
â€œThere is a limit to private capital when it comes to provision of basic infrastructure. If today our housing policy can address these issues, may be the gap would have considerably been narrowed down.