As stakeholders in the Nigerian housing sector are beginning to recognise and canvas for the active participation of cooperatives in order to bridge the gap between demand and supply of housing, the MD/CEO of Family Homes Funds, Femi Adewole have listed 4 key requirements that must be met by any cooperative that wants to engage in these process with other stakeholders.
While speaking with Housing News today at the Cooperative Housing workshop organised in partnership with NISH Affordable Housing Limited, Mr Adewole listed the 4 key requirement.
‘’First, They need to have a very strong corporate governance. This is critical for gaining trust among their own members; gaining trust from external parties and also running in a sustainable way.
‘’Second, they must have a very strong and solid engagement with their members. That is, it must be a cooperative not only on paper, but in the true sense of the word. They must have co-operators who are engaged in the mutual effort of supporting each other to access affordable housing
‘’Third, they must have a very clear and articulated strategy about what they want to do. There are different types of housing cooperatives and I think they need to be clear which of them they are because it makes it easier for them to operate in an effective way.
‘’Fourth, partly outside of the cooperatives, and that is ensuring that there is a good regulatory framework for the cooperatives to ensure that they operate within a set of rules, policies and procedures that guides what they can do and what they can’t,’’ he said.
The 2-day workshop which was attended by cooperatives from across the country was the first of a quarterly workshop program that will rally ideas on how to bridge the gap between housing supply and demand in Nigeria.
By Ojonugwa Felix Ugboja