Babatunji Wusu –
- Stakeholders advocate for property tax reforms and tax relief for developers.
- Calls for policies to incentivize the construction of affordable housing.
- The Nigerian government is actively involved in housing development projects.
- The Federal Mortgage Bank of Nigeria continues to expand housing access through strategic initiatives.
At the 6th Edition of the African Housing Awards in Abuja, stakeholders in the housing sector have called for reforms to address the issue of unoccupied houses and the nation’s growing housing deficit. Among the key proposals was the introduction of property tax, aimed at encouraging property owners to sell or rent vacant properties. The stakeholders also advocated for tax relief measures for developers of affordable housing, noting that the economic environment is currently not conducive to delivering sufficient affordable housing.
Festus Adebayo, the Convener of the awards and Executive Director of the Housing Development Advocacy Network (HDAN), emphasized the need for policies that exempt developers of social and low-cost housing from certain taxes. Such measures, he argued, would incentivize the construction of more affordable homes. Adebayo also stressed that the government must play an active role in housing development, providing free land and budgetary allocations for housing projects.
The Minister of Housing and Urban Development, Ahmed Dangiwa, outlined the government’s commitment to providing affordable housing, citing the ongoing Renewed Hope Cities and Estates Programme, which includes 14 active construction sites nationwide. These projects aim to deliver over 10,000 housing units, with developments underway in states such as the Federal Capital Territory, Kano, Lagos, and others.
Additionally, Shehu Osidi, the Managing Director of the Federal Mortgage Bank of Nigeria (FMBN), commended HDAN for its role in promoting sustainable housing. He highlighted FMBN’s continued efforts to expand access to affordable housing through partnerships and innovative financing models, including a N100 billion off-takers’ guarantee to support housing projects.
Musa Sada, former Minister of Mines and Solid Minerals, emphasized the importance of social housing, noting that 80% of Nigerians rely on it. He urged the continued generation of ideas to create a vibrant housing sector in the country, stressing that housing is a fundamental human right that demands attention.
These discussions and initiatives underscore the urgent need for collaborative efforts to tackle Nigeria’s housing challenges and improve access to affordable housing across the nation.
