The 18th African International Housing Show (AIHS), organized in partnership with the Federal Ministry of Housing and Urban Development, commenced with a series of profound discussions aimed at tackling the continent’s urgent housing issues.
One of the key sessions, “Financing the Housing We Need: Sizing the Pot,” offered a platform for experts to share innovative strategies for addressing these challenges.
Discussants at the panel gave their expert views in tackling the housing and finding a holistic approach at solving housing challenges; Director of Greenstem Group, Niyi Akinlusi emphasized the urgent need for decent housing, stating that 50 percent of the population is currently underserved. He highlighted the ecosystem within slums where individuals pay rent, suggesting a potential shift towards rent-to-own models. Akinlusi called for increased private sector involvement to generate the necessary finances to support this transition.
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The Commissioner for Housing in Lagos State, Moruf Akinderu- Fatai addressed the issue of low-income earners struggling with monthly management fees. Despite this challenge, the Lagos State government has continued its efforts, constructing homes priced between six and eight million naira. Akinderu-Fatai underscored the importance of infrastructure development to reduce pressure on major cities.
He cited the Ekpe road project as a step in this direction and called on Ogun State to collaborate on a rail network project to enhance connectivity.
Also speaking, CEO of Infracredit, Daniel Mueller discussed the company’s role in providing low-currency debt financing and ensuring payment in housing-eligible infrastructure. He stressed the importance of aligning financing structures with market demands and supplies to achieve sustainable housing development.
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Representative of the Ministry of Finance Incorporated (MOFI), Sani Yakubu pointed out the need for expert-driven housing designs and the availability of comprehensive data to assess the housing market. Yakubu estimated that addressing Nigeria’s housing deficit would require N60 trillion and the construction of 700,000 housing units annually over the next 20 years.
He cited Morocco’s success, attributing it to long-term, low-cost mortgages facilitated by traditional rulers. Yakubu advocated for a similar system in Nigeria to stimulate the demand market.
Managing Director of COPEN, Ugochukwu Chime highlighted the necessity for political will and citizen responsibility. He called for political leaders to adopt a holistic perspective on housing issues and urged low-income earners to embrace an ownership mentality. Chime emphasized the need to address compliance costs and other factors within the value chain to make housing accessible for all.
The insights shared during the AIHS underscore a multifaceted approach to solving Africa’s housing crisis. By fostering collaboration between government, private sector, and citizens, the continent can move towards a future where decent, affordable housing is a reality for all.
