The Minister of Works and Housing, Babatunde Fashola, on Tuesday, said the Federal Government planned to introduce a national cooperative housing scheme to provide affordable houses for Nigerians.
According to him, the scheme will go a long way in addressing the huge housing deficit in Nigeria.
Fashola, who spoke during the unveiling of a showroom by Karmod Nigeria in Abuja, said,” Let me say that very soon we will initiate a national cooperative housing scheme. We have seen that cooperatives have been successful in markets; it has been successful in Agric; it has been successful in transportation. So, we think that they have huge and realised potential in housing.”
The minister added, “We know that states have cooperatives; we know that there are cooperatives within many unions and associations. We will be recommending and working with them. We will work with the state governments to ensure that access roads are built.
“We will give them development loans as we give real estate developers, and in this way, we intend to achieve a lot by allowing other people to get up. We will be starting this in addition to all of the solutions that I have addressed.”
The Managing Director/Chief Executive Officer, Karmod Nigeria, Hakeem Shagaya, said the firm was established to provide an alternative solution to the myriad housing challenges facing the country.
Shagaya said that Nigeria’s 17 million housing deficit could reach 35 million by the year 2035 with the way the country’s population was growing.
He said, “Recent statistics show that Nigeria has a housing deficit of over 17 million. With a population that is growing exponentially, this deficit may reach 35 million by the year 2035.”