Abuja: The Chief Executive Officer of NISH Affordable Housing Ltd., Dr. Saheed Adelakun, has advocated for a sustainable, affordable, and revolving housing finance mechanism to tackle Nigeria’s pressing housing deficit. Speaking at the 7th Nigeria Affordable Housing Finance and Innovation Summit and Expo (NAHFIS 2024) in Abuja, Adelakun emphasized the urgency of addressing this national issue through sustainable housing finance systems.
According to News Agency of Nigeria, the summit, themed ‘Disrupting Housing Finance for Inclusive Development,’ provided a platform for Adelakun to highlight the fundamental nature of housing as one of humanity’s basic needs. He asserted that resolving housing issues benefits not only individuals but also the government and the economy. Adelakun attributed the inception of the event seven years ago to the potential economic benefits of housing development.
Adelakun also lauded the government’s ‘renewed hope housing policy’ for its potential to ameliorate the housing crisis w
hile underscoring the necessity of private sector involvement. He explained that NAHFIS’s strategic goal is to create solutions catering to the housing needs of low- and middle-income earners through innovative strategies. To rapidly deliver affordable housing, Adelakun stressed the importance of optimizing the traditional mortgage housing finance model.
During the summit, Prof. Ibrahim Gambari, the event’s Chairman and former Chief of Staff to President Muhammadu Buhari, called for enhanced collaboration among housing finance institutions. He encouraged prospective homeowners to adopt a cooperative culture of self-help to improve access to housing. By joining housing cooperatives, individuals can pool savings, secure housing loans at moderate costs, and reduce risks associated with middlemen.
Glen Jordan, CEO of Empowa, challenged the common assumption that poverty is the root cause of the housing crisis, suggesting instead that financial systems are ill-suited for Africa’s needs. He called for the introdu
ction of new mechanisms, funding processes, and technologies tailored to the requirements of Africans and Nigerians.
Mark Weinrich, Secretary General of the International Union for Housing Finance in Germany, emphasized the necessity of reducing housing costs for citizens. He pointed out that high capital costs pose a significant barrier to overcoming housing challenges and suggested that successful international experiences could be adapted for Nigeria.
The summit centered on exploring innovative strategies to address Nigeria’s housing deficit while fostering inclusive development.