Governments, companies, and NGOs all over Africa are putting forward support activities to assist and implement measures to oversee the different dangers and challenges that the COVID-19 pandemic has created for their citizens, clients and companies. The African Union for Housing Finance (AUHF) has undertaken research on COVID-19 by conducting a survey on the reactions of housing sector specialists to the COVID- 19 pandemic in April 2020. More than 100 housing practitioners have been invited to take part in the study, and of those, 26 responses have been received from associations in 12 African countries. Of the organizations included within the study, nineteen were members of the African Union for Housing Finance (AUHF). The objective of the survey was to get a fundamental understanding of the different strategies’ associations are utilizing to oversee the impacts of the pandemic in their countries.
Results from the study showed that the measures taken by the organizations were pointed at diminishing the effect of COVID-19 on their credit books, study participants from nine countries detailed executing grace periods, and study participants from eight nations provided special instalment facilities on a case-by – case basis. Nine of the 12 nations that study participants had lock downs executed, with 6 nations presenting uncommon relief funds for sectors. The larger part of survey participants across countries revealed that the central bank’s common measure was the reduction of policy interest rates. In response to COVID-19, national or local government has put in place different measures that effect on the operations of the survey participants, and from these, having a special fund for targeted sectors was a common measure utilized over the different countries.
The respondents highlighted the common steps they would like to see their government take to combat COVID-19’s impacts on their work, clients, and colleagues. Moreover, the respondents have distinguished the various dangers they are most concerned about in connection to the COVID-19 pandemic and identified the most concerns that should be tended to in a current and post-COVID-19.
NIGERIA HOUSING SECTOR RESPONSE TO THE COVID-19 PANDEMIC
The world is responding to a new virus recognized as Coronavirus Disease 19 or COVID-19. COVID-19 swiftly spreads from person-to-person contact and it can continue to be alive and contagious for many days on surfaces. COVID-19 has resulted in our hospitals and health care system being strained by way of increased number of critically ill people. Aside from the human cost, the Covid-19 pandemic is anticipated to have large negative outcomes on the global economy. Across the continent, governments are using economic policy tools at their disposal to fight the effects of corona virus on the economy.
The Nigeria Mortgage Refinance Company (NMRC) is one of many Nigerian corporations and firms that have issued communications and taken particular motion in response to the pandemic. On 24 March, the NMRC issued an reputable assertion on COVID-19, and on those grounds has shared healthcare guidelines and suggestions to clients and stakeholders by digital channels and social media platforms. The NMRC’s Business Continuity Plan consists of measures taken to enhance the protection of employees, clients and stakeholders while making sure continued service delivery.
Employees have been encouraged to invest time in their personal and professional development during this time via attending free webinars and registering for online training platforms. NMRC is additionally participating with a multitude of stakeholders by raising over US$2.7m for a Health Workers Fund for scientific personnel posted to COVID-19 disease control centers throughout Nigeria.The NMRC is scaling up and lobbying the implementation of its existing market interventions to respond to COVID-19. This would help its mandate of promoting home ownership whilst deepening the principal and secondary loan markets. COVID-19 presents an uncomfortable challenge for organisations and practitioners involved in Africa’s housing sector. However, there is an opportunity to forge new partnerships and design more innovative products that will benefit the majority of the housing population that need it the most.
We thank our AUHF member, the Nigeria Mortgage Refinance Company, for sharing information on how they are contributing to the ongoing conversations in Nigeria aimed at supporting the housing sector. We thank the NMRC for also sharing their protocols, policy documents, and posters that they have used in this period to communicate about the COVID-19 pandemic with their clients and stakeholders. These documents are available on CAHF’s website, as well as on the NMRC page on the AUHF website. We encourage all AUHF members and housing practitioners to share their experiences and reactions to the COVID-19 pandemic.
What Has Data Got To Do With The Housing Sector In Nigeria
The Housing Development Advocacy Network held a webinar as part of efforts to examine trends and reshape the housing sector in Nigeria. The webinar on “The Crisis in Perspective: Affordable Housing Post COVID-19” was organized as a virtual video conference on the 11th May 2020. This webinar was greatly attended by key participants within the housing finance sector.
Mr. Taofeeq Olatinwo from the Nigerian Mortgage Refinance Company (NMRC) and Mrs Kecia Rust from CAHF were speakers in the zoom webinar discussing the relation of data to the housing sector in Nigeria.
From the webinar Dr Roland Igbinoba identified that precise data enables developers of government and estate to create houses for a definite group of people who have already demonstrated their ability to afford the particular type of houses and desired locations.
COVID-19 PANDEMIC AND HOUSING FINANCE LEADERSHIP
The Housing Development Advocacy Network held a webinar as part of efforts to Stir up a discussion on the impact of Covid-19 and how the housing sector and its market are adapting to this unfortunate pandemic. . The webinar on “Covid-19 Pandemic and Housing Finance Leadership” was organized as a virtual video conference on the 15th May 2020. This webinar was greatly attended by housing sector stakeholders, public officials and the general public.
Participants included Mr Kehinde Ogundimu from Nigerian Mortgage Refinance Company (NMRC), Mr Femi Adewole from Family Homes Fund, Mr Adedeji Adesemoye from Federal Mortgage Bank of Nigeria. The webinar gave a lot of insights on the home ownership opportunities, packages and mortgage products of the Federal Mortgage Bank of Nigeria (FMBN), Family Homes Funds, NMRC and about interventions from the Central Bank of Nigeria. it also revealed details about ongoing partnerships and housing projects being executed by these institutions across the country.
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