Real estate expert, Prince Iheanacho Ojukwu, has called on the government to provide support and implement policies that encourage affordable housing, to address Nigeria’s longstanding housing deficit.
Disclosing this in a press briefing recently, he underscored the need for a collaborative effort between the government and stakeholders in the housing sector to bridge the housing gap in Nigeria.
Ojukwu who also is the founder of Glajola Resources Ltd, noted that the housing deficit in Nigeria has been exacerbated by rapid urbanization, population growth, and a lack of affordable housing options.
“The situation is dire, and it requires immediate attention from the government and stakeholders in the housing sector,” he said.
He stated the need for the government to implement policies that encourage affordable housing, such as tax incentives, subsidies, and low-interest loans for developers.
He asserted: “The government must create an enabling environment that encourages developers to build affordable housing units.”
Ojukwu called on the government to invest in infrastructure development, such as roads, bridges, and public transportation, which are essential for the development of affordable housing.
“Infrastructure development is critical to the development of affordable housing, as it increases access to employment, education, and healthcare,” he explained.
He also stressed the need for the government to address the issue of high interest rates, which makes it difficult for developers to access funding for affordable housing projects.
“High interest rates are a major obstacle to the development of affordable housing in Nigeria,” he said.
Ojukwu advocates for a vibrant National Housing Fund (NHF) that would provide financing for affordable housing projects.
“A more effective, pro-active and responsive National Housing Fund would go a long way in addressing the housing deficit in Nigeria,” he added.
Ojukwu underscored the importance of public-private partnerships in the development of affordable housing.
“Public-private partnerships can help to bridge the funding gap in the housing sector and provide affordable housing options for Nigerians,” he explained.
Ojukwu urged the government to take immediate action to address the housing deficit in Nigeria.
“The government should act now to address the housing deficit, as it has a direct impact on the well-being and productivity of Nigerians,” he concluded.
With over two decades of experience in infrastructural development and management, Ojukwu is a seasoned real estate expert with a passion for addressing the housing deficit in Nigeria.
Ojukwu has attended numerous training programs, conferences, and workshops related to infrastructural development and management, and is a member of several professional bodies.