In order to meet affordable housing needs of Nigerians, particularly the teeming Lagos residents, the state government has called for private sector participation to address this widening gap.
Making this disclosire on the sideline of one year Anniversary of Rabanaire in Lagos at the weekend, Permanent Secretary, Lagos state Ministry of Housing, Kamar Olowoshago, added that the collaboration becomes imperative considering the fact the government cannot do it alone and also looking at income levels of the teeming population.
Rabanaire, a subsidiary of Tobykemsworth Investment Limited, a real estate development company, is a crowd funding initiative to make affordable housing easy and simple.
Commending Rabanaire for the innovation, Olowoshago noted that there is need for private developers to assist the government in bridging the housing gap in Lagos estimated at about three million, as they are closer to the people than the government.
Olowoshago who was represented by Saheed Omotosho, Director, Lagos State Real Estate Regulatory Authority LASRERA, an agency of the Ministry of Housing, stated that housing deficit is something that is predominantly mentioned in the present government’sTHEME Agenda, and government cannot do it alone, According to him, “They need to go into partnership with the real estate practitioners to support them for the provision of housing. Government is doing its best, but developers have to do more because they are closer to the people than the government.
“Rabbanire is international not only in Lagos. I believe by the time other key players in the industry come, they will be able to compliment the effort of Rabanaire.”
Also, the Permanent Secretary, Ministry of Commerce, Industry & Cooperatives, Mrs. Adetutu Oluremi Ososanya, represented by Director. Agribusiness support unit in the ministry, Mrs. Gbemisola Muninat Atitebi Osi-efa, described the crowd funding initiative of Tobykemsworth as a laudable project that needs to be extended to an average person on the street of Lagos.
She pledged to partner the company to ensure that many Lagosians enter into the housing net without much hassles.
Earlier in his remarks, the Managing Director and Chief Executive Officer of Tobykemsworth, Engr. Adekunle Raphael-Monehin, said Rabanaire will help to reduce the housing burden in the country.
According to him, “Rabanaire is a concept that brought about crowdfunding, because the alternative funding for real estate is crowd funding.
“We are sure that affordability for housing is key right now and if you want to set control on the housing deficit with the experience we have had over the years, since 2009.
“We have found out that affordability for housing, even the governments have not been able to make affordable housing, they say this house is affordable, how can it be when it’s above 15 million and the premium mortgage bank can only give loan of 15 million, like the best they can do is 15million, but when the project is more than 15 million, what will happen, what will the citizens do, so what we are doing is to create a poll where affordable housing can be picked from, and this firm have been in the industry, we have had our experience, our share of cake and we know that if we go in this direction of crowdfunding, it will help real estate industry where people can own their homes.”
Describing the experience of the last year as a success story as Rabanaire has achieved acceptability, he said Nigerians irrespective of class can invest a minimum of N55, 000, to own a home.
Explaining the objective of Rabanaire, the Country Director of the firm, Mrs. Pricilia Irabor, said the aim was to reach all parts of the country as they are now in Lagos, Abuja and Lagos.
According to her “Housing deficit is not only in Nigeria.We are presently in Benin republic, we are going to be launching in Cameroon, Ghana, and we are going to be looking into how to launch in Ethiopia. So, we found out that housing deficit is a global issue. Since we launched Rabbanire on September 3, 2022, we have seen acceptance and a lot of people are coming on board.”