Another report by the Federal Mortgage Bank of Nigeria titled “Institutional turnaround for the next level,” indicated that, although the federal government budgeted N470billion for housing in 2022, the sector would require trillions of naira to close Nigeria’s housing gap.The FMB report showed the estimation of 206 million persons in Nigeria, which about 95.1 million lived below the poverty line, and as such, it was difficult for them to have access to their own homes.
According to the executive secretary, Association of Housing Corporations of Nigeria, Mr. Toye Eniola, poor implementation and mismanagement of economic policies were largely responsible for the upsurge in the rising cost of general living which has continued to push more people below the poverty line.
“Secondly, I will say it is the lack of regulatory bodies, especially, in Nigeria, because, we have no regulatory bodies, many companies and individuals are just increasing the price as they wish. Regulatory bodies should regulate the price even though there is inflation everywhere. It could be managed in a way that will not affect the people.
“Another perspective is that real estate is an investment like any other investment. Investors sweat their investments to ensure they are getting maximum dividends from them at any time.” “For any visible change to happen in the housing sector, it will be a function of choosing wisely a housing-friendly government that regards housing as a subset and key element of reviving the economy from current degradation and stagnation.”