Dr. Kingsley Mike Azonobi, a prominent figure in Nigeria’s housing sector and President of Domak Group, in this interview with with our reporter expressed his strong support for the Federal Government’s recent initiatives aimed at reducing the country’s significant housing deficit.
Excerpts:
What can you say about Renewed Hope Housing Scheme initiative?
The launch of the ‘Renewed Hope Housing Scheme,’ is commendable it seeks to deliver 100,000 housing units across the federation. This ambitious scheme is designed to provide affordable housing not only to middle-income earners but also to low-income Nigerians, demonstrating a comprehensive approach to housing that is inclusive of all economic classes.
How can housing deficit be addressed in Nigeria?
Nigeria’s housing deficit is one of the most pressing challenges facing the nation today. Current estimates put the housing deficit at approximately 28 million units, with an enormous funding requirement of N21 trillion to bridge this gap. This shortage is primarily driven by rapid urbanization, population growth, and a lack of affordable housing finance solutions for the low and middle-income population. The Federal Government’s ‘Renewed Hope Housing Scheme’ is a significant policy response to this challenge. It aims to make a meaningful impact by focusing on both urban and rural areas, thereby reaching a broader spectrum of Nigerian society.
Do you think strengthening collaboration among industry stakeholders will enable growth in the housing sector ?
Yes , key industry players, including real estate developers, construction firms, financial institutions, and non-governmental organizations, when they all collaborate closely with the federal Government and subnational entities it will enable growth in the housing sector. He emphasized that such collaboration is crucial to achieving the set targets in the housing sector.
A concerted effort is needed from all stakeholders to drive innovation, enhance efficiency, and bring down construction costs, which will ultimately make housing more affordable for the average Nigeria.
How can we tackle funding gap, strategic partnerships and financial models in the sector?
To tackle funding gap, the adoption of innovative financial models such as Public-Private Partnerships (PPPs), mortgage financing reforms, and the involvement of international development partners. These models, he argued, could attract both local and foreign investments into the housing sector, providing much-needed capital to accelerate the development of housing units. He also suggested exploring alternative building technologies that are cost-effective and sustainable, such as modular construction and the use of local materials, to reduce construction costs and timelines.
What is best the approach to Affordable Housing?
The best approach is to adopted a multi-faceted approach to solving the housing crisis. This includes not only constructing new housing units but also upgrading existing informal settlements, improving housing finance accessibility, and implementing land reforms to make land acquisition easier and more transparent. He believes that with a holistic strategy encompassing these elements, the government and its partners can achieve substantial progress in providing affordable housing to Nigerians.
What are your thoughts on federal government commitment to addressing housing issues ?
The Tinubu administration has reiterated its commitment to addressing the housing deficit, recognizing it as a critical component of its overall economic development agenda. By targeting the construction of 100,000 housing units and implementing supporting policies that encourage investment in the sector, the government aims to create jobs, stimulate economic growth, and improve living standards across the country. The ‘Renewed Hope Housing Scheme’ represents a cornerstone of this commitment, reflecting a comprehensive plan to build a sustainable housing market that can meet the demands of Nigeria’s growing population.
President Bola Ahmed Tinubu appreciated the people-oriented policies and programmes in the housing sector, which he believes are steps in the right direction towards addressing the country’s critical housing needs. “The leadership under President Tinubu has demonstrated a strong commitment to tackling the housing crisis in Nigeria by initiating programmes that are inclusive and strategic,” Azonobi stated.
He emphasized that these policies not only focus on building new homes but also consider factors such as affordability, accessibility, and sustainability, which are crucial for long-term impact.
Also, The leadership under President Tinubu has demonstrated a strong commitment to tackling the housing crisis in Nigeria by initiating programmes that are inclusive and strategic.
He emphasized that these policies not only focus on building new homes but also consider factors such as affordability, accessibility, and sustainability, which are crucial for long-term impact.
