The Managing Director, Nigeria Police Force Development and Construction Company Limited (NPFDCC), Kemi Olomola-Sijuwade has said that with Nigeria’s population presently over 200million and estimated to hit 263million by 2038, the housing deficit problem in the country demands emergency attention and response by all relevant stakeholders in the industry.
Olomola-Sijuwade stated this on Wednesday during the Media Launch of the sample home and Information Portal of the National Social Housing Programme in Abuja.
She explained that “Nigeria has an estimated housing deficit between 16million to 22million, and to bridge it, we would need to build a minimum of 700,000 to 1million housing units every year for probably a decade. Whereas, according to the National Bureau of Statistics, Nigeria presently builds an average of only 100,000 housing units per year and only a few working-class Nigerians can afford to buy one. This ought not
to be so.”
Explaining the key ways to increase demand for housing in Nigeria, she said “is through the availability of funds to enable ordinary Nigerians, the average income earner, to be able to own a home at minimal cost, as against the current prevalent model where intending home buyers have to save up and make full cash down payments.
“And the way to achieve this is by providing massive and affordable access to mortgage facilities over prolonged tenures. If this is achieved and sufficient awareness is created, like what is being done here today with this event, I am convinced that we would see increasing demand for housing in Nigeria.
“With growing demands owing to availability and access to affordable housing funds, supply will grow as more developers and other stakeholders will confidently invest in the sector knowing that their returns are guaranteed.
“More so, this will orchestrate a ripple effect on the economy at large as more jobs will be created and other sectors like manufacturing, insurance and transportation and will be bolstered, and construction will take its rightful place in contributing significantly to the National GDP beyond its meagre average of 7% in recent years – thus emulating the sector’s contribution to most developed economies around the world like the USA and Australia.
Olomola-Sijuwade said she is pleased with the launching of the portal as it excellently aligns with the vision and mission of the Nigeria Police Force Property Development and Construction Company Limited.
“As a company, it is our collective drive to see affordable housing being developed and provided to the men and officers of the Nigeria Police Force as well as the general public, and our daily work is geared towards achieving this goal on an ongoing and sustainable basis.
“I am particularly very pleased by this occasion of launching the National Social Housing Programme, being implemented by the Family Homes Funds and targeting to construct 300,000 housing units across the country.
“With initiatives and commitments like this, we can all begin to see a ray of hope rising in the horizon towards addressing this unwelcome menace in our country.
“And the Nigeria Police Force Property Development and Construction Company Limited cannot be happier for the opportunity of being a major developer-partner in this laudable project initiative,” she said.