Housing development can create 15m jobs –Duke

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Former Cross River State Governor, Donald Duke, has recommended massive investment in housing development as one sure way of creating jobs and bringing life back to the economy.

Duke who spoke recently at a public function in Enugu, said using alternate building methods as done by the Nigerian Navy was capable of adding up to 15 million jobs to the economy.

“Aggressively pursuing a housing programme of up to 2 million units in new town using alternate building methods as the Nigerian Navy has done in Calabar could easily create as much as 10/15 million skilled and unskilled jobs. The Nigerian Navy has in Calabar developed a very decent housing estate of 100 housing units in under 6 months with each unit under N2m. these efforts should be replicated on a national scale to bridge the 20m housing shortage,” he stated.

He posited that to remedy the disaster which he said the country was walking into with eyes open, there was need need to design an economy with a growth rate in the real sectors of about 15 per cent annually, consecutively for 10 years to bring it to terms with the projected population, need and place in the comity of nations.

According to him, “with a projected population of about 230m persons by 2030 with a minimum $2.5 trillion economy, averaging a per capital income of $10,500 that would generate growth in sectors such as manufacturing, agriculture, intellectual property and information technology,” was all Nigeria nneded to build.

Elsewhere, Managing Director of Federal Mortgage Bank of Nigeria (FMBN), Ahmed Dangiwa, has disclosed that about N60 trillion was required to meet the estimated 17 million housing deficits in the country.

 

He however, assured that his administration will deploy innovative solutions such as public-private partnership, leveraging private sector capital and increased budget financing of the housing sector to bridge the yawning gap, and added that a viable mortgage system was imperative for tackling the challenges Facing the housing sector in Nigeria.

Magnus Eze

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