The Real Estate Developers Association of Nigeria, (REDAN) had concluded plans to build 774,000 Housing units in Nigeria. The housing units are said to be divided into 100 each and built-in all 774 local government areas in the country.
The announcement was made by the President of REDAN, Dr Aliyu Wamakko, in an interview where he also disclosed that a new arrangement has been made for the association to sign a memorandum of understanding (MoU) with Family Homes Fund (FHF) to fund the housing project.
The Family Homes Fund (FHF) is a social housing intervention programme initiated by the Federal Government with initial shareholding by the Federal Ministry of Finance and the Nigeria Sovereign Investment Authority, NSIA.
What you should know: This plan comes in at such a crucial time owing to the fact that Nigeria has over 17 million housing deficits according to a report by PriceWaterhouseCoopers (PwC). Although the government has in the past denied that this number is accurate, it has however been reported widely.
The housing deficit in Nigeria continues to be a recurring conversation. Many have argued that the solution for this deficit is for about 700,000 new houses to be built yearly, compared to the less than 100,000 houses that are being constructed yearly.
[READ MORE: The Remarkable Rent-To-Own Housing Scheme By The Lagos State Government]
According to Wamakko, in order to actualize the project, REDAN is working with professionals in the building sector like the Nigerian Institute of Builders, Nigerian Institute of Architects, Nigerian Institute of Quantity Surveyors and Nigerian Institute of Land Surveyors to ensure standards of the houses.
The housing project, he said, would provide about 2,500 jobs both directly and indirectly in each of the 774 local governments Local Areas. The targeted customers of the project according to the real estate developers president are the medium and low-income earners in the para-military, National Housing Fund, (NHF) contributors and any Nigerian that has the capacity to pay back the informal sector.
Wamakko’s words; “Our aim is to revitalize Nigeria’s economy by creating massive employment for the teeming youth population. We want to turn around the way of doing business in the country and make the government aware that they have no business building houses.
“We are sure of creating employment, wealth through this scheme especially at a time the country is in recession and battling COVID-19 pandemic”, he said, adding that “REDAN is teaming up with the Family Homes Fund for financing for the project.”
The real estate developers aim to also create a cluster with the housing project which the government can use for the economic empowerment of Nigerians.
“The Federal Mortgage Bank of Nigeria, FMBN, is expected to provide mortgages for the beneficiaries. We want FMBN to do this under their Rent-To-Own programme.
“Beneficiaries will be given keys before they start paying which will be 25,000 per month. We are providing our lands for the project. All we want from the government is single digit loan and we are going to pay VAT on it.” Wamakko said.
About Aliyu Wamakko
Alhaji Dr Aliyu Wamakko is a retired customs officer who is now into real estate development; an educationist and also a security expert. He is currently the Chief Executive Officer, JEDO Mass Housing Estate with about 700 houses and the President of Real Estate Developers Association of Nigeria (REDAN).
Wamakko holds a degree from the University of Lagos and a Higher National Diplomas in Accounting, and Co-operative from the Polytechnic of Sokoto state. He is a member of the Chartered Institute of Administration and also has a Diploma in Data Processing.
He is directly involved in numerous capital raising and financial advisory activities and oversees one of the fastest-growing investment management businesses in the Nigerian industry. Wamakko is also a philanthropist and a mentor, making a positive impact in the lives of so many Nigerians.
