Events in the housing sector in Nigeria has shown the important role of synergy. With various housing agencies and associations in the sector of the socio-economic spheres of the nation, the role of synergy, cannot be over-emphasized.
The housing sector plays a more critical role in a nation’s welfare than is always recognized, as it directly affects not only the citizenry, but also the performance of other sectors of the economy. Adequate housing provision has since the early 1970s consequently engaged the attention of most countries, especially the developing nations for a number of reasons.
First, it is one of the three most important basic needs of mankind- the others being food and clothing. Secondly, housing is a very important durable consumer item, which impacts positively on productivity, as decent housing significantly increases worker’s health and wellbeing, and consequently growth. Thirdly, it is one of the indices for measuring the standard of living of people across societies.
Propelled by the patriotic quest of addressing Nigeria’s acute housing problem, the Federal Government came up with a National Policy on Housing and Urban Development in 2002. The policy has since then triggered milestone reforms in the nation’s housing industry aimed at repositioning it for efficient and effective housing delivery. The most important means through which the policy can be achieved is through synergy among the players in the housing sector.
Synergy among agencies like; Federal Mortgage Bank of Nigeria(FMBN),Family Homes Funds, Nigerian Mortgage Refinance Company(NMRC),Real Estate Developers Association of Nigeria(REDAN), mortgage bankers association, CBN, Federal Ministry of Power, Works and Housing, Federal ministry of finance, advocacy groups and other relevant housing bodies is key, if Nigeria must deliver on its mandate for the housing sector.
Synergy is so important in other to raise the home ownership rate among Nigerians to a respectable level and move the housing industry to sustainably deliver mass, decent and affordable housing with the active participation of the private sector-driven mortgage based housing delivery system.
If the relevant stakeholders work together, it will particularly address the housing problem of the low and medium income earners who constitute the larger percentage of the Nigerian population. The concept of synergy in housing delivery system is predicated on the pooling together of resources from the various stakeholders, each party making inputs, thereby minimizing wastage and maximizing results achieved.
The increased cooperation between the relevant agencies in the housing sector is more important, now than ever.
With the increasing demand of the population on the national economy and the government’s propensity for enlarging the multi-sectorial allocations in terms of finance, it is becoming obvious that government alone can no longer provide adequate housing for all categories of her citizens particularly the low income earners.
Synergy among the key players in the housing sector is key, if Nigeria must bridge the housing deficit in the country. Professionals, researchers and government must partner on matters affecting the sector.
The aim of synergy in housing delivery is to enhance the productivity of the housing sector, increase housing affordability and improve access to basic infrastructure and social services.
To attain the desired outcome the perception of the housing sector as a vast arena of social problems and a drain on the economy must change. Housing must be seen as an important economic sector with crucial linkages to the overall economy of a nation. The housing sector is a key component of the economy. It is typically the largest single form of fixed capital investment, in most economics.
It is therefore very desirable that existing structures be re-organized as appropriate and an enabling environment provided for the relevant housing agencies to maximally deliver decent housing to greater percentage of Nigerian populace.
Affa Dickson Acho