Mr. Adeolu Ogunbanjo, the Chairman of Lagos Chapter of Association of Estate Agents of Nigeria (AEAN), has advised government at all levels to integrate low-income earners into existing housing finance programmes by making them affordable.
Adeolu said that this could be achieved by introducing long-term loans for the low-income earners to enable them build or buy houses.
According to him, the loans should be given at single-digit interest rates to have positive impacts.
He said that such gesture would facilitate substantial increase in available housing stock for Nigerians at affordable costs.
“This can be done by giving long-term loans at sustainable interest rates and with no collateral attached.
“Besides, co-operative societies and communal efforts, among others, should be encouraged to assist members secure houses of their own,” he said.
The association chairman said that Nigerians needed affordable homes, increased access to land, credit and environmentally sound and well-serviced settlements in view of the resources in the country.
He expressed that former housing programmes were beyond the reach of low-income earners and advised that government should focus on inclusive housing projects that would accommodate those in the low-income bracket.
“Governments should take appropriate measures to achieve adequate shelter for Nigerians, especially the vulnerable group.
“Establishment of a Construction Bank, use of local building materials and evolution of simpler form of housing designs are frameworks that should be considered to reverse the situation.
“These frameworks are indicative of bright prospects for financing housing construction which will rapidly expand the quantum of finance available and dampen the high cost of funding in the sector,” he said.
Ogunbanjo said that the Nigerian Building and Road Research Institute (NBRRI) needed to be empowered to do more researches into cheap and effective materials for building houses and road construction.
Credit: Prime post