The Nigerian government has assured its citizens of improving its policies and programmes towards creating an enabling environment for more participation of all tiers of government and the private sector in housing development.
The Permanent Secretary of the Ministry of Works and Housing Mohammed Bukar said this at the on-going 8th meeting of the National Council on Land; Housing and Urban Development in Abuja, the Nigeria’s Capital.
Mr Bukar said the theme of the meeting, “Housing Development and Consumer Credit as Strategies for National Prosperity” was chosen in recognition of government’s new initiative to generate more jobs and create wealth for Nigerians through the mass construction of affordable housing unit.
He said the Ministry is collaborating with its stakeholders towards the development and delivery of affordable housing to the low-income workers in the formal sector.
“Housing is one of the fundamental human needs and a veritable indicator of standard of living in every society. However, housing deficit exist in almost all the countries of the world due to various factors. In order to address the challenges of housing development for sustainable economic growth in Nigeria, the government is developing a strategy that involves all tiers of government and the private sector,” the Permanent secretary emphasised.
The Director, Planning Research and Statistic, Famous Eseduwo, Ministry of Works and Housing said government would create an enabling environment for more participation of sub-national governments and private sector in housing development.
He noted that the Federal Mortgage Bank of Nigeria’s single digit interest rate of 6 percent on mortgage and home renovation loans is the lowest compared to what is obtainable in the open market.
The Permanent Secretary, therefore urged participants at the council meeting to make meaningful contributions on the memoranda submitted to enable the federal government formulate and strengthen policies that would facilitate more home ownership amongst Nigerians, especially the low and medium income earners.