The Executive Director, Housing Development Advocacy Network, (HDAN), Festus Adebayo has decried the impact of the current Economic Downturn on the Housing Sector, stating that only the tenacity and determination of all Stakeholders will move the industry forward.
Adebayo made this known during a chat on the Housing Development Program of AIT on Wednesday. Explaining the housing sector outlook for 2024, he stated that despite the positive predictions from different quarters, the Industry can only move forward with sufficient investment and Commitment from the Federal Government.
He said “the housing Outlook for 2024 may not appear as easy as they make it look. The major aspect that needs to be looked into is the economic growth of the country. There is no serious signal that the economy will improve in the first quarter of 2024. We can see the inflation rising, affecting the purchasing power of Nigerians especially those who need houses. We can no longer get houses of 4 million, 5 million, only 10 million and above. The price of construction materials in Nigeria in increasing because we do produce anything in Nigeria, we only import”.
Adebayo extolled the Minister for housing and urban development, arc. Ahmed Musa Dangiwa, for his commitment to change the narrative of the sector. He commended efforts made to bring cogent reforms to the sector with the establishment of reform committees and also leveraging on the potentials of the Capital Market. However, To further aid the development of the mortgage System in Nigeria, He called on the Minister to establish a strategic partnership with the Central bank of Nigeria (CBN), as Mortgage development is key to the housing Sector.