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Affordable Housing

Cooperatives Speak on Challenges of Affordable Housing in Nigeria

Cooperatives in housing in Nigeria have stated what they feel are the challenges they face in accessing affordable housing in Nigeria.

The cooperatives spoke about these challenges today at a cooperative housing workshop organised by NISH Affordable Housing Limited and Family Homes Funds at the Shehu Musa Yaradua centre, Abuja.

According to the representative of the Federal Roads Safety Corps (FIRS) Housing cooperatives, one of the major challenges is the cost of fund in accessing affordable housing in Nigeria.

‘’The criteria to access the funds are too cumbersome, and the funds itself are very expensive given the interest rates and other factors.

‘’Another challenge has to do with the institutions handling housing in Nigeria. They are largely ineffective because of the bureaucratic processes that slows things down,’’ he said.

In the same vein, Ben Alaba, representative of another cooperative said the problem of accessing land is also a major challenge in Nigeria. Also related to that is the problem that comes with lands titling and documentation which he said are too burdensome.

Representative of St Luck’s Catholic Cooperative also stated that the Federal Mortgage is very difficult to access and not functioning optimally.

‘’There are low trust issues in the housing sector, which is mainly as a result of the attitude of Nigerians. Many private developers are not sincere, and a lot of people have been disappointed by them.
‘’Even some of the cooperatives are not cooperating. They do not belong to any parent body and are not qualified based on their low standards.
‘’There is also the problem of NMRC not being able to carry out its duty of refinancing.
‘’Another challenge is the poor payment plans that are not very practicable and the incessant clashes between stakeholders in the housing sector,’’ he said.

READ MORE:  Study: Lack of affordable housing affects health

The 2-day conference which is meant to bridge the gap between housing supply and demand in Nigeria is also poised to seek solutions to these challenges.

By Ojonugwa Felix Ugboja

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