Caption: Left to Right – Dr. Andrew Nevin, Partner and Chief Economist, PricewaterhouseCoopers Nigeria; Mr. Emmanuel Etaderhi, Senior Vice President, Government & Regulatory Relations, FMDQ Group PLC; Mr. Umar El-Yakub, Minister of State, Federal Ministry of Works and Housing; Mr. Babatunde Raji Fashola, SAN, CON, Honourable Minister, Federal Ministry of Works and Housing; and Engineer Folorunso Esan, Director overseeing the Office of the Permanent Secretary, Federal Ministry of Works and Housing, at the Launch of the 10-Year National Housing Strategy Blueprint on Friday, May 26, 2023.
Nigeria’s Ministry of Works and Housing says it has in partnership with FMDQ Group Plc, and the Office of the Vice President of Nigeria (OVP), launched a 10-Year National Housing Strategy Blueprint.
The launch of the Housing Blueprint supported by PricewaterhouseCoopers (PwC), among other key stakeholders, done by former Minister of Works and Housing, Babatunde Raji Fashola, in Abuja on Friday, May 26, 2023, is seen as a significant stride towards addressing the nation’s housing challenges.
The document, according to a statement on Wednesday by FMDQ Group, outlines a holistic approach to tackle the Nigerian housing deficit and create a vibrant housing market, and encompasses vision results, success pillars, and strategic objectives to deliver quality housing for all Nigerians and foster home ownership from an early age of 30.
The strategy involves a new culture of building a credible credit history and consistently contributing towards home ownership, thereby nullifying the current state of saving to own a home at over 50 years of age.
The challenges in the Nigerian housing sector, FMDQ noted, “include but are not limited to land administration and titling bureaucracy, infrastructure deficit, high housing construction costs, fragmentation of duties, lack of access to affordable financing options, and policy inadequacy.
“These challenges are, however, addressed by the Housing Blueprint through the setting of ambitious targets to bridge the housing deficit and the creation of a supportive ecosystem for the housing sector that aims to harmonise existing housing policies/initiatives, highlight improvements to be made for land administration and titling, reduce housing construction cost, improve housing quality across the country, bridge the housing deficit, establish housing assistance models to address social housing need, enhance access to housing finance, promote flexible payment options, and deepen capital markets activities towards providing quality housing for all Nigerians.”
The statement quoted Fashola as welcoming the Housing Blueprint strategy from the private sector, describing it as “the real driver of the housing sector,” handing it over the Office of the Permanent Secretary of the Ministry as a key document that should be passed to the incoming Minister.
He charged all stakeholders to “focus on the implementation of its initiatives as they have the capacity to attract capital into the housing sector”.
Also speaking at the event, Chief Executive Officer of FMDQ Group, Bola Onadele.KoKo, represented by Emmanuel Etaderhi, Senior Vice President, Government & Regulatory Relations, FMDQ Group, while speaking on the rationale behind FMDQ’s involvement said it stemmed from the realization that the financial market plays a pivotal role in developing enduring solutions to the country’s myriad of economic challenges.
In line with its strategic role of FMDQ as a market organiser, adviser to government and regulators, financial markets diplomat, and catalyst for infrastructure capital, he said, thought it prudent to champion this initiative as its contribution to the development of the Nigerian housing sector.
Dr. Andrew Nevin, Advisory Partner and Chief Economist, PwC, on his part noted that the housing sector has always been a key focus area for PwC, as a vibrant housing sector creates job opportunities that lead to economic benefits for Nigeria as well as personal benefits for Nigerians through the provision of a safe place for every individual.
Nevin expressed confidence in the successful implementation of the Housing Blueprint due to the support of the Federal and State Governments in Nigeria.
To ensure the execution of the initiatives contained in the Housing Blueprint, FMDQ Group, in concert with the Federal Government of Nigeria, development finance institutions and other key housing stakeholders, is to establish a Housing Development Initiative Programme Management Office which will facilitate engagements with all relevant stakeholders to support, monitor and report the implementation of the initiatives.
This is expected to constitute a double win as it would also lead to the achievement of the United Nations’ Sustainable Development Goal Eleven (SDG 11) – Sustainable Cities and Communities – to which Nigeria is committed, the statement added.