Central Bank of Nigeria, CBN, has expressed worry on how housing projects in the country favour the upper class alone; leaving the lower class that it said has more need for shelter in desolation.
The apex bank is also worried that whereas there is a burgeoning demand for affordable housing in Nigeria, the existing intervention by government and other economic agents were insufficient to narrow the huge and growing gap in the housing sector.
CBN Deputy Governor, Economic policy, Dr. Nnanna Okwu expressed the worries during the commissioning of CBN Multi-Purpose Cooperative Society Limited Housing Project ‘Solar City Estate Enugu,’ yesterday.
Okwu who was represented by the CBN Enugu Branch Controller, Ogbueshi Chiedozie Okonjo noted that the housing sector is strategic to the Nigerian economy and contributed about 8.0 per cent to GDP during the period 2014-2018.
“However, the sector remains grossly underdeveloped due to certain inhibiting factors, which have resulted to a huge housing deficit. Besides, housing production in the country caters mainly for the upper income households in the urban centres, leaving an acute housing shortage for middle- and low-income households. Ironically it is the people in the lower income strata that have the greatest need for housing,” Okwu lamented.
He therefore suggested that meeting Nigeria’s housing needs must not be predicated on the so-called ‘Trickle-down theory.’
Okwu said the construction of the new estate in Enugu was a giant stride towards innovative solutions to providing affordable housing for members irrespective of their financial capabilities, guarantees flexible payment plan, in line with federal government initiatives of reducing the housing deficit in the country.
Governor Ifeanyi Ugwuanyi, represented by the Secretary to the State Government, SSG, Prof Simon Ortuanya stated that the housing project was an indication that CBN has Staff welfare as one of it priorities and sensitive to its corporate social responsibilities and environment.
Developer of the Estate, Architect Uche Uche disclosed that the Estate was made up 180 plots in 14 hectares land space and powered with solar system electricity with other amenities.
Uche said that with the commissioning of the first phase of the project, the second phase which will involve development of properties in the estate will begin immediately.
Vanguard News