Babatunde Fashola, minister of works and housing, says plans are underway to set up a national housing bond that will address housing deficit in Nigeria.
Fashola announced this during a tour of the Federal Housing Authority’s and Cosgrove’s Estates on Tuesday.
He said the initiative would help developers provide houses for all categories of Nigerians.
“We will be working to create a National Housing Bond that housing developers can access at a very reasonable rate. That is something I will be engaging my colleague, the Minister of Finance,” he said.
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“And hopefully, she would be able to engage the Governor of the Central Bank of Nigeria who controls our monetary policies. This is because fiscal and monetary policies can help the sector.
“This tour to estates at Mabushi, Guzape and Zuba is to show you that a lot of things are going on in the housing economy of the country.”
The minister added that there are several types of houses for different categories of Nigerians and as such the government cannot reduce deficit until it involves the private sector.
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In tackling the country’s housing deficit, Fashola had recommended that landlords and property owners should adopt a 3-month rent in advance against the yearly upfront payment to improve affordable housing for Nigerians.
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