By YINKA KOLAWOLE

The development of 720,000 housing units required annually to bridge the national housing deficit of about 17 million units can potentially generate 12 million jobs in the country every year.

Managing Director of the Federal Mortgage Bank of Nigeria (FMBN), Mr Gimba Ya’u Kumo, made this submission, recently, at the commissioning of 102 units of the ministerial pilot housing scheme in Suleja, Niger State.

According to him, with proper planning and effective implementation of appropriate policies, the deficit could turn out to be a blessing in disguise, with its potential employment generating opportunities in the country. He noted that with an average of 17 jobs created per housing units, the annual construction of 720,000 housing units would create more than 12 million jobs every year.

“The national housing deficit of 17 million units currently recorded in the country may well be the panacea for creating over 12 million new jobs every year through the construction of the annual requirement of 720,000 new housing units per annum at the average rate of 17 jobs per housing units delivered,” he asserted.

Ya’u Kumo said the develoment of the ministerial pilot housing scheme is fully funded by FMBN, adding that the housing units are the first of such similar projects planned for the six geopolitical zones of Nigeria as part of government’s efforts to bridge the housing gap in the country. He said the 102 housing units were made up of 32 units of one-bedroom bungalow, 40 units of two-bedroom bungalows, and 30 units of three bedroom bungalows, all delivered at affordable prices for off-takers.

The FMBN boss said the scheme would be implemented in the six geopolitical zones of the country for the benefit of Nigerians, especially contributors to the National Housing Scheme (NHS), adding that under the arrangement, the government provides construction financing and in most cases, unencumbered land for housing development. He declared that the bank is committed to the development of the nation’s housing sector, adding that the bank was ready to contribute its quota, both directly and indirectly, to the goals of job creation and wealth generation through housing development.

In her speech at the event, Minister of Lands, Housing and Urban Development, Mrs Akon Eyakenyi, said the commissioning of the project demonstrates government’s desire to make affordable houses accessible to low income earners in the country. “I am happy about the efforts of the present administration to place the housing sector in the epicentre of the transformation agenda in order to fully harness its potential for sustainable and equitable growth. This pilot ministerial housing scheme, which is being carried out in all geopolitical zones in the country, is expected to deliver about 2,600 houses when completed. This effort also demonstrates that with prudent management, a great deal can be achieved within the shortest possible time. This is one way of achieving affordability for the low income earners,” she said.

The minister disclosed that the ministry provided the land for the project, FMBN provided the fund, while the developers were responsible for the actual construction based on specifications and timelines.