By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Africa Housing NewsAfrica Housing News
Notification Show More
Aa
  • Home
  • News
  • Real Estate News
  • Nigeria Property News
  • Join Us
    • About Us
    • Contact Us
    • Join Us
Reading: Expert Seeks Bailout For Housing
Share
Aa
Africa Housing NewsAfrica Housing News
  • Home
  • News
  • Real Estate News
  • Nigeria Property News
  • Join Us
Search
  • Home
  • News
  • Real Estate News
  • Nigeria Property News
  • Join Us
    • About Us
    • Contact Us
    • Join Us
Have an existing account? Sign In
Follow US
Africa Housing News > Blog > Nigeria Housing News > Expert Seeks Bailout For Housing
Nigeria Housing News

Expert Seeks Bailout For Housing

Fesadeb
Last updated: 2020/03/17 at 8:09 AM
Fesadeb Published March 17, 2020
Share
SHARE

Managing Director of Country Hill, a real estate firm, Adewale Oshinaike, has urged the Federal Government to provide bailout funds for the building of houses across the country to bridge the housing deficit.

Citing the Nigerian Bureau of Statistics (NBS) in the PwC’s 2019 report, entitled: “National Housing Fund”,  he said it is estimated that Nigeria has a deficit of 17 million houses as at 2012 and that it requires 700,000 houses yearly compared to the less 100,000  being built to bridge the gap.

He said those who would get the cash should be made to pay back.

“In Dubai, the government gives private organisations funds to build houses or gives them land if they know that the company has money to build houses. Houses in Dubai are more than the people and they are still building. Such ideas attract investors, visitors and tourism,” he explained.

He said the government should create policies that would allow foreigners to invest in real estate, saying that such investment would help reduce the housing deficit.

Oshinaike said there has not been a major real estate company in Nigeria because of instability in the economy in the last four years.

“I was in Dubai few weeks ago to speak with some investors. What they were asking for are what Nigeria banks cannot provide. They were saying that I should bring letters of credit, and guarantors. After that, the bank officials would ask for a certain percentage of the money your investors are bringing before you can get a loan. If I have that kind of money, why do I need investors?” he asked.

In addition to the bailout funds, Oshinaike wants government to provide enabling environment for the private sector to bring in foreign investors to invest in real estate in Nigeria, adding that there are many government policies that are hindering foreign investors in the real estate industry.

Source: thenationonlineng

You Might Also Like

LASRERA, Others Targets Real Estate Fee Reform with Grassroots Partnership

Sokoto Breaks Ground on ₦22 Billion Housing Estate for 500 Families

Ondo State Removes Owo Church Attack Memorial Park Over Cultural Clash

Lagos Empowers Estate Residents to Help Build Sustainable, Inclusive Communities

Alert for Property Owners and Residents: Heed These Building Collapse Warning Signs

Join Our Whatsapp Group

Contact Image

Join Our WhatsApp Channel

Housing TV Africa is the First Housing News Television
in Africa on Startimes Channel 149 bringing you
Housing News, Mortgage News, Construction News etc

Fesadeb March 17, 2020 March 17, 2020
Share this Article
Facebook Twitter Email Print
Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

© Africa Housing News. All Rights Reserved 2024

Welcome Back!

Sign in to your account

Lost your password?