Expert Advocates Affordable, Revolving Housing Finance Mechanism

The Chief Executive Officer (CEO), NISH Affordable Housing Ltd., Dr Saheed Adelakun, has advocated a sustainable, affordable and revolving housing finance mechanism for Nigerians.
Speaking at the 7th Nigeria Affordable Housing Finance and Innovation Summit and Expo (NAHFIS 2024) in Abuja on Monday, Adelakun said the level of housing deficit in the country was so alarming
He stressed the need for the establishment of sustainable and affordable housing finance mechanism for Nigerians.
At the summit themed, “Disrupting Housing Finance for Inclusive Development”, the convener said housing is one of the basic needs of human beings.
“If you solve the housing needs of people, you would have done a lot of good, not only for the people but for the government and the economy.
“This is because, the economy itself can be capitalised by housing development, so that is what moved us to start this event seven years ago.
“The government is trying. The new administration has come up with renewed hope housing policy. If it is well implemented, you can be rest assured that some solutions can come.
“But we cannot leave everything to government and that’s the role we are trying to play,” Adelakun said.
He added that the strategic objective of NAHFIS was to proffer solutions to the housing needs of low and medium income earners in Nigeria through innovative development.
The CEO added that if Nigeria was to rapidly deliver affordable housing to Nigerians at scale, there was urgent need to optimise the traditional mortgage housing finance model.
In his remarks, Chairman of the Occasion, Prof. Ibrahim Gambari, Chief of Staff to former President Muhammadu Buhari, called for synergy among housing finance institutions.
“I urge prospective home owners to enhance their access to decent homes by imbibing the cooperative culture of self-help.
“Through membership of housing cooperatives, off-takers can aggregate savings, obtain housing loans at moderate costs, eliminate or reduce costs and risks associated with middlemen and secure equity payments,” he said.
Also speaking, the Innovator and CEO of Empowa, Glen Jordan, debunked the notion that “poverty creates lack of housing”
“It is assumed that poverty creates this lack of housing but it’s not poverty. It’s actually the financial systems that are not fit for purpose.
“This is because we have imported structures, policies and procedures that come from the developed world that are not applicable for Africa. So, it’s time for change.
“It’s time for us to introduce new mechanisms, new funding processes and new technologies that meets the needs of Africans and Nigerians”.
On his part, Mark Weinrich, Secretary General, International Union for Housing Finance in Germany, said there was the need to reduce the cost of housing for citizens.