Nigeria Requires $363bn to Tackle Housing Deficit

                             
The federal government will have to cough out a huge sum of $363 billion (about N111. 08 trillion) to meet the current housing deficit in the country.

This revelation was made Tuesday by a former Chief Executive Officer of Nigeria Mortgage Refinance Company (NMRC), Prof. Charles Inyangate, at a workshop to mark the World Facilities Management Day in Abuja.


Citing a report by the Centre for African Housing Finance released in October 2015, Inyangate, who delivered the keynote address: ‘Enabling Positive Experiences in an Evolving Economy’, said that amount is required to fix the country’s housing deficit, which ranges between 17-23 million units.

The current housing stock in Nigeria is estimated at 21 million units while the estimated demand is between 38 million and 44 million units.

He said a crisis is looming given the prevailing housing deficit, in view of Nigeria’s demography, which is considered the fastest growing in the world.

He added that over the next 30 years, according to a report by the National Integrated Infrastructure Masterplan (NIMP), $95 billion private sector funding will be required to develop Nigeria’s infrastructure towards the provision of paved roads and electricity.

Inyangate tasked facilities managers to intensify their approach in facility management, saying it is the only means to achieve sustainable and effective development of Nigerian cities.

“Facilities managers are expected to be value creators within their respective organisations. They have a role to play in the building and redesigning process. If government can’t do alone, there is an urgent need for a proactive Public Private Partnership to address Nigeria’s economic challenges. The competence skill set needed to function in Facilities Management are multi-dimensional, it is appropriate that all facilities managers ensure they are well equipped with the competencies,” he said.

At the workshop, Senator Ahmad Abubakar (Bauchi South) revealed that there was a Facility Management Bill before the National Assembly.

He said the bill when passed will enhance and ensure legal framework, localisation of processes and practices of facility management in the country.

He said the Bill had already passed the second reading and public hearing stages.