Nigeria Needs $363bn To Tackle Housing Deficit

Related stories

Senate Speaks on Rumors of Discord Between Akpabio, Bamidele

By Abiola Olawale  The Nigerian Senate has debunked spreading reports...

Hunger and Food Crisis: Shettima Heads to Ethiopia for UN Food Summit

By Abiola Olawale  Vice President Kashim Shettima has departed Abuja...

(VIDEO) Tinubu Celebrates Super Falcons’ Historic WAFCON Victory via Video Call 

By Abiola Olawale  In a moment of national pride, President...

(VIDEO) Like Dancing Gov Adeleke, Wike Dances at UNIPORT’s Honorary Doctorate Conferment

By Abiola Olawale  The Minister of the Federal Capital Territory,...

Ranked: Southeast Asian Countries by Wealth, Spending & Size

Southeast Asia is a perfect microcosm of the world...

Former Managing Director of the Nigeria Mortgage Refinance Company, Professor Charles Inyangete, says Nigeria needs 363 billion dollars, about N111.08 trillion to meet current housing deficits in the country, The New Diplomat has gathered.

According to Inyangete while speaking at a Facility Management forum in Abuja, on Tuesday to mark the World Facility Management Day, the country would also require N3.65 trillion to increase housing stock by 730,000 units annually.

This, he said would go a long way to forestall the housing crisis in the country in the next couple of years,

He added the country currently had a housing stock of 21 million units, adding that going by the current growth rate in Nigeria, there would be a significant housing deficit unless efforts are geared towards addressing the gap.

According to him, the country  is faced with poor infrastructure not only in the area of inadequate housing, but also in access to electricity and internet facility and poor road network.

 “Only 25 per cent of our population has access to electricity; 51 per cent of Nigerians have access to internet; while only 18 per cent of Nigerian roads are paved.

“These poor infrastructures pose serious negative ramifications for the country.”

“Specifically, the poor infrastructure facility is reducing national economic growth by two per cent and business productivity by 40 per cent,” he said.

To this end, he said facility managers had a crucial role to play in addressing these challenges.

He said that  professionals were expected to enhance their contribution to the sustainable cities agenda and also develop tools for the purpose of monitoring the performance of facilitie

He noted that efforts should be geared towards opening the capital market to enable facility managers raise fund seamlessly, as this would deepen their contribution to building sustainable cities.

He added that “Government cannot do it alone. There is increasing need for Public private partnership to address Nigeria’s economic growth.”

Also speaking, Mr. Lawal Magaji, Chairman, IFMA, Abuja Chapter,  stressed the need for facility managers to be involved at the conception and design stages of any building or facility project, to ensure cost-effective management and maintenance of the facilities.

He further highlighted the need to commercialise some facilities in the country to help raise funds that would ultimately be used for the maintenance of the facilities and also generate funds for the government.

In addition, a communiqué issued at the end of the forum described facility management as a multi-disciplinary function that integrates people, place and process within the built environment with the purpose of improving the quality of life of people and productivity of the core business.

According to the communiqué, facilities management is expected to be not only on the operational level but as well as the strategic level wherein facilities managers should also be on the C-suite board room.

It noted that facilities management activity is expected to increase within the public sector, especially as the private sector is already progressing at a considerable and appreciable rate.

The document added that facilities managers are to be involved in infrastructure planning, design, construction and eventually in the operation of such infrastructure, especially as they are expected to be value creators within their respective organizations.

'Dotun Akintomide
'Dotun Akintomide
'Dotun Akintomide's journalism works intersect business, environment, politics and developmental issues. Among a number of local and international publications, his work has appeared in the New York Times. He's a winner of the National Youth Service Corps (NYSC) Award. Currently, the Online Editor at The New Diplomat, Akintomide has produced reports that uniquely spoke to Nigeria's experience on Climate Change issues. When Akintomide is not writing, volunteering or working on a media project, you can find him seeing beautiful sites like the sandy beaches that bedecked the Lagos coastline.

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories

NDN
Latest News
Senate Speaks on Rumors of Discord Between Akpabio, BamideleHunger and Food Crisis: Shettima Heads to Ethiopia for UN Food Summit(VIDEO) Tinubu Celebrates Super Falcons’ Historic WAFCON Victory via Video Call (VIDEO) Like Dancing Gov Adeleke, Wike Dances at UNIPORT’s Honorary Doctorate ConfermentRanked: Southeast Asian Countries by Wealth, Spending & SizeIntimate Affairs: When a woman padlocks her honey jar, By Funke EgbemodeWhat To Expect From Monday’s OPEC+ MeetingGarba Shehu Speaks on Buhari’s Medical Trips AbroadThai-Cambodian conflict pits a well-equipped US ally against a weaker adversary with strong China links2027 : Why Kwankwaso is Mulling Presidential Run, Triggers Conflicting SignalsAGF Fagbemi Warns Gov Adeleke: Refund 7 Months LGA Funds in line with Supreme Court OrderWhat Europe's response to a no-deal with Trump could look likeOil Prices Climb Amid U.S.-EU Trade Hopes and Russian Export RestrictionsU.S. Refiners Rethink Crude Sourcing After Chevron Gets Venezuela Green LightPresidency, Kwankwaso Clash Over Claims of Northern Marginalization
X whatsapp