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Housing problem in Nigeria gets World Bank intervention


  Construction Review    |       Construction Review     |       22-06-2017

Written by Construction Review

The World Bank and International Development Association (IDA) have set aside $300m to fast-track provision of housing to the expanding Nigerian population. The move is aimed at addressing the housing problem in Nigeria.

The fund is to be channeled towards pursuing development of housing sector in Nigeria, with the facilitation for the same done by the Nigeria Housing Finance Program (NHFP).

The program, which is an implementation by the Central Bank of Nigeria (CBN), with the support of a loan the World Bank and International Development Association (IDA), is meant to increase access to housing finance for home ownership in the country.

Moreover, stakeholders in the Nigeria Housing Finance Program, NHFP, have called on legislature and executive to quickly pass into law 11 amendment bills before the National Assembly in order to ease challenges affecting easy access to land titles and documentation.

Speaking at a media workshop to flag off "My Own Home" campaign, yesterday, in Abuja, Director and the Head of the NHFP, Adedeji Jones Adesomoye, assured that most of the housing challenges facing the country would be addressed through the scheme.

He disclosed that the CBN was the institution managing the project, adding that the institution was also bearing the exchange risk.

The Executive Secretary, Mortgage Banking Association of Nigeria (MBAN), Kayode Omotosho encouraged Nigerians to take advantage of the opportunity to become home owners.

Unveiling the scheme on the occasion, CBN Governor, Mr Godwin Emefiele, said the purpose of the program was to iron out all issues surrounding proper financing of the sector.

Culled from Construction Review Africa, June 2017

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