Don advocates mortgage system for affordable housing
Prof. Timothy Nubi, Lead, Centre for Housing and Sustainable Development (CHSD), University of Lagos, has called for a partnership between the government and builders to commoditise housing in Nigeria.
Nubi made this call at the Nigerian Institute of Building (NIOB) Lagos State Chapter’s 33rd Builders Conference and Annual General Meeting (AGM) on Wednesday in Lagos.
He said that this would also make homes more affordable and accessible to the masses.
The two-day conference has its theme as, “Breaking Barriers and Empowering Change in Nigeria’s Real Estate Sector: Process and Control”.
The conference drew industry experts, government officials and stakeholders to discuss key issues in the housing sector.
According to Nubi, housing remains a basic need that is not easily attainable for the average Nigerian.
He noted that in advanced countries like the U.S. and U.K., people typically purchase homes through mortgages, while in Nigeria, many save for years to build theirs.
The build expert added that partnership between the government and private builders remained crucial to addressing Nigeria’s housing deficit.
He explained that until there was a large-scale construction of affordable homes available for purchase via mortgage, the country’s housing challenges would persist.
The don said that the sector accounts for a significant portion of global wealth and plays a vital role in job creation, infrastructure development, and urbanisation.
Nubi, however, expressed concern that the sector remained overlooked in Nigeria.
He noted that the real estate, being a critical sector of the economy, if focused on, would contribute immensely to addressing the challenges confronting the country.
Nubi said that the real estate sector had far-reaching impact on the economy, especially in the area of job creation, infrastructural development, and urbanisation.
Others, he noted, included modernisation, revenue generation, tourism, hospitality, foreign direct investment, affordable housing, asset appreciation, among others.
In his goodwill message, the Lagos State Deputy Governor, Dr Obafemi Hamzat, urged private sector operators to step up their participation in the real estate sector.
Hamzat, represented by Mr Adebayo Odusanya, Permanent Secretary of the Lagos State Ministry of Works, acknowledged that the government alone cannot address the challenges facing the built environment.
He assured that the state government would continue to create an enabling environment for private sector’s growth.
Mr Thomas Adeoye, Chairman of NIOB Lagos Chapter, said that the event was for members and stakeholders to share knowledge and chart a course for the future of the built industry.
He thanked participants, sponsors, and organisers for their efforts in making the conference a success.
NIOB’s President, Mr Alderton Ewa, urged builders to address the shortage of skilled workers in the sector, adding it would reduce unemployment in the country.
Represented by Mr Bimbo Kolade, Ewa emphasised the need for skilled labour to meet the demands of the growing real estate sector.
The Chairman of the occasion, Mr Blessing Ogbomoyo, advised young builders to prioritise skills development early in their careers, rather than focusing solely on financial rewards.
He also called on veteran builders to mentor younger professionals to ensure the continuous growth of the built environment.
NIOB was inaugurated on Nov. 5, 1970, to promote professional excellence in the construction of sustainable housing.
