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nigeria as the poorest country

FG To Deliver 1m Houses Per Year

The Federal Government on Saturday promised to address housing deficit by delivering one million houses per year to close the 17 million shortfalls by the year 2033.

The Minister of State, Works and Housing, Mr Abubakar Aliyu, disclosed this in Abuja on Saturday during an inspection of the Federal Housing Authority (FHA) mass housing project in Zuba, Federal Capital Territory.

Aliyu said the government had decided to improve on current construction of 100,000 houses per years in order to meet the basic needs of the people.

“The production now is low; we are constructing 100,000 houses per year and we hope to improve it by constructing one million houses per year in order to close the gap of 17 million to 20 million housing deficits by the year 2033.

“That is the target of government, we are committed to doing that and to ensure that the programmes, policies are accomplished.

“We will provide enabling environment to attract investors into the sector to help solve the problem of housing deficit in the country and to achieve the government’s goal by 2033,’’ he said.

Aliyu also said that the problems associated with acquisition of lands would be addressed.

Speaking on the Zuba project, the minister said it was designed specifically to address the huge housing deficit for the middle and low-income earners.

He said the project which was to be completed by August was delayed because of the rainy season.

The minister gave assurance that the government would deliver the project as soon as possible.

“We will ensure that the project is completed soon, because it is one of our primary focuses.

“That is why it is our first point of call after inauguration,’’ he said.

Mr Umar Gonto, Acting Managing Director, FHA reiterated government’s commitment to ensuring that the common Nigerians have access to affordable housing.

He said that the project was among many others spread across the country by the federal government.

Gonto said that the houses were designed for low-income earners both in the public and private sector and the self-employed, once they meet up with the criteria.

Mr Ibrahim Shuaibu, the Project Manager, who took the minister round the site, said the 764 housing units were at 75 percent completion stage.

The housing project is located near the Zuba Model Market, the Zuba Spare Parts Market and the FCT College of Education.

Source: pmnewsnigeria

FMBN Commends Platinum Mortgage Bank on Mortgage Creation

The Federal Mortgage Bank of Nigeria (FMBN) has commended and promised to partner more with leading primary mortgage institution, Platinum Mortgage Bank Plc.

This was made known by the MD/CEO of FMBN, Ahmed Dangiwa on Monday when Platinum Mortgage Bank paid the bank a courtesy call at their headquarters in Abuja.

Speaking at the meeting, Dangiwa said that Platinum Mortgage Bank is one of their biggest partners and is one of the most performing primary mortgage banks in Nigeria.

Dangiwa who commended Platinum Mortgage Bank on their recent recapitalisation said that FMBN is willing to partner with them in the delivery of affordable home ownership in Nigeria.

‘’Platinum has been a very critical stakeholder to National Housing Fund and have created mortgage loans worth over N10 billion currently and it is still running, and they are all performing loans.

‘’Through Platinum Mortgage Bank, we are still committed to advance more facilities for home ownership. We are willing to partner with them to create an enabling environment for further synergy in the service delivery of home creation to Nigerians.

‘’We are happy to hear that they are being recapitalised to N7billion and are about to reach up to N10billion capitalisation. With this I think the bank should be able to come back again and do a lot of business with us. We wish to congratulate them on that and hope that they can even acquire smaller PMBs in order to have broader base. That is the only way to strengthen the market. There are a lot of PMBs that are not performing. These are the kind of PMBs they can absorb in order to strengthen their base,’’ he said.

In his response, the MD/CEO of Platinum Mortgage Bank, Emmanuel Mbaka said himself and the board of the bank were satisfied with the outcome of the meeting.

‘’We came here to interact with our biggest trading partner, the Federal Mortgage Bank of Nigeria. The chairman and all board members of Platinum Mortgage Bank came on fact finding and courtesy visit to the management and board of FMBN. They are our biggest partner in the area of loan creation which is the main focus of the bank.

Platinum Mortgage Bank is one of the leading mortgage banks in Nigeria and has as at today recapitalised to the sum of N7 billion, and its share capital is set to move up to N10 billion next year.

Lagos Promises Speedy Execution of Affordable Housing Schemes

The Lagos State Government yesterday promised to speedily complete all ongoing housing schemes to provide shelter for the teeming population.

Commissioner for Housing, Maruf Akinderu-Fatai, who addressed reporters yesterday in Ikeja, stressed that private sector’s participation would be strengthened for value addition in the sector.

He pointed out that the state was determined to compete favourably with other smart cities globally in the area of provision of affordable housing for all.

Akinderu-Fatai, who admitted that there was a considerable challenge in achieving the goal, however added that the Babajide Sanwo-Olu administration was capable of addressing the issue on a regular basis.

Source: guardianng

Family Homes Funds Begins another 2000 Housing Projects in Adamawa for Civil Servants, IDPs, Signs MoU

Federal Government social housing scheme, Family Homes Funds has on Wednesday signed a deal worth up to N8.3 billion with the Adamawa state government to provide 2000 homes for civil servants in the state and other low income earners.

In addition, Family Homes Funds will also provide financing through the Help to Own (HTO) package to make it easy for civil servants and others to purchase these homes.

For all projects undertaken by Family Homes Funds, the critical element of its execution includes the provision of jobs, hence, it is also important to note that these 2000 homes mean at least 6000 jobs for direct and indirect labour forces.

Through the scheme’s Help To Own package which will be part of this project, the 2000 HTO loans mean at least 2000 mortgages treated, making it very easy for the beneficiaries to own a decent home at the most affordable rates and conditions available in the country.

As an all-inclusive project, Family Homes Funds is developing the project in a way that Internally Displaced Persons (IDPs) in those areas can resettle into normal living as well.

Barely a year since its kick-off, Family Homes Funds has financed the development of at least 1050 homes with another 3000 at different stages of development. They have been able to create about 1400 jobs through these projects. Over 500 units have been completed in Nasarawa state, 750 in Kano, 650 in Delta and many more all over the country.

Most states that are in partnership with the Fund are now keying into the program to provide housing for their staff through the fund. In Borno state, the Fund is providing about 4700 homes, with 3000 of those being very low cost homes for Internally Displaced Persons (IDPs).

The Fund which also recently signed a ground-breaking deal with Yobe state to provide up to 2600 homes, believes that its projects including the one now initiated in Adamawa will improve the lot of the beneficiaries whom have always yearned to own their own homes.

 

Family Homes Funds Sign N10.8bn Deal with Yobe for 2,600 Housing Units

A N10.8 billion worth deal has been signed by Family Homes Funds and Yobe State Government yesterday for the construction of 2,600 urban and rural housing units.

The agreement, signed in Abuja between the state government and Family Homes Fund Ltd, has 10-year repayment tenure.

Governor Mai Mala Buni, who signed as a witness, said the project was in line with the United Nations Sustainable Development Goals, noting that his administration’s guiding principle considered affordable housing a key marker of social progress.

He said: “When people have comfortable accommodation, they are more likely to have the right frame of mind to engage in meaningful socio-economic activities,” adding that as such the housing units would be spread across all parts of the state

. “Accordingly, we will build 500 units in Yobe Zone A with Gaidam and Buni-Yadi Towns each having 250 units. In Zone B, we will construct 250 units in Potiskum and 200 units in Damagum Town of Fune Local Government area. In Zone C, we will cite the houses in Gashu’a Town with 250 units, Nguru with 200 units and Machina with 150 units. “The state capital, Damaturu, will have 1000 units of the houses.

Of this number, 500 will be cited along Potiskum road, 250 along Maiduguri road and the remaining 250 units along Gujba road. When completed, the houses will be sold to interested people across the state at affordable rates,” he said. He said the foundation laying ceremony would hold in Damaturu on September 5 as part of activities to mark his administration’s 100 days in office.

The Managing Director of Family Homes Fund Ltd, Femi Adewole, said the firm envisaged a construction period of 18 months and would provide funds for the project. He added that the firm would also provide technical supports to deliver homes on time and at the right quality. The Solicitor-General and Permanent Secretary of the Yobe Ministry of Justice, Hajiya Hadiza Mohd Umar, signed on behalf of the state; while Adewole signed for the Family Homes Funds.

Rivers Varsity Students Tour Edo, Study Obaseki’s Housing Reforms

The far-reaching reforms of the Governor Godwin Obaseki-led administration in Edo’s housing sector have attracted students of the Department of Estate Management, Rivers State University of Science and Technology (RSUST), who are in the state on a field trip as part of their academic programme.

Secretary to the State Government, Osarodion Ogie Esq., who welcomed the students to Government House in Benin City, assured them of a peaceful and beautiful stay in Benin City. The tour includes visits to Andrew Wilson Estate, Emotan Gardens Estate and the Ministry of Physical Planning and Urban Development.

Conducting the students round the estates, Executive Chairman, Edo Development and Property Agency (EDPA), Isoken Omo, said the Andrew Wilson Estate at PZ Road, Benin City, is the first housing estate built in Benin with 64 flats of semi-detached two-bedroom apartments, which is mainly occupied by civil servants.

Obaseki’s housing reforms

Executive Chairman, Edo Development and Property Agency (EDPA), Isoken Omo (right), addressing staff and students of the Department of Estate Management, Rivers State University of Science and Technology (RSUST), who are in the state on a field trip as part of their academic programme, in Benin City, Edo State.

Omo noted that the state government was working towards giving a facelift to the estate with modern facilities which will increase the value of the property.

At the Emotan Gardens Estate being developed through a joint venture partnership between EDPA and a private property developer, MIXTA Africa Plc, the EDPA boss said the estate, which sits on a 7-hectare land, is planned to provide affordable housing for residents in the state.

“I urge you to believe in yourself as real estate managers and whatever you set out to do; do it well, just like the Edo State Governor has set out to turn Edo State around by driving the Emotan Gardens Estate project, Edo Production Center, Edo Innovation Hub, Industrial Park and many others,” she added.

Omo explained that Governor Obaseki was working towards industrialising Edo State, which has caused him to attract cement firms, industries producing tiles, iron rods, glass factories and many more factories to the State.

Leader of the delegation and a lecturer in the Department, Dr. Victor Akujuru, expressed delight at the progress being recorded in the real estate sector of Edo State, adding, “The layout of the Emotan Gardens Estate is world-class and I wish that the government of Rivers State can emulate what is happening in Edo.”

Akujuru said the field trip is organised annually, adding that the decision to visit Edo State was as a result of the good works they have been hearing in Edo State being executed by Governor Obaseki.

Source: thenationonlineng

Trump Rule to Make it Tougher to Prove Discriminatory Housing Practices

The Trump administration on Friday proposed a new rule that would make it harder for Americans to file complaints of housing discrimination by local policies or housing developers, a move officials said was necessary to protect businesses from unnecessary legal exposure.

Anti-poverty advocates and civil rights groups countered that the draft rule would worsen an already existing “racial wealth gap” in America at a time when African American homeownership is on the decline. They said changes to the rule were pushed aggressively by the insurance and lending industries who wanted more protection against any claims that their business practices might disproportionately impact minorities and women.

“The Trump administration designed these changes to make it much more difficult, if not impossible, for communities of color to challenge discriminatory effects in housing,” Diane Yentel, president of the National Low Income Housing Coalition, said in a statement.

Ben Carson, secretary of the U.S. Department of Housing and Urban Department, said the administration is still committed to combating blatant housing discrimination and increasing affordable housing options for Americans. The rule, he said, was needed to clarify legal liability.

“At the end of the day, this rule not only increases Americans’ access to fair and affordable housing, but also permits businesses and local governments to make valid policy choices,” Carson said.

At issue is how the government enforces the 1968 Fair Housing Act, which prohibits housing discrimination. Civil rights groups and anti-poverty advocates have long argued that even with the law, cities and states can perpetuate housing segregation through zoning laws, insurance and lending policies, as well as tax credits that often favor wealthier white families over others.

In 2015, the Supreme Court ruled 5-4 that this kind of “disparate impact” still matters, even if housing developers weren’t intentionally trying to discriminate. The case considered allegations by a Texas-based nonprofit that alleged the state enabled segregated housing patterns by allocating too many tax credits in low-income areas dominated by African Americans and did not supply enough tax credits in wealthier white suburban neighborhoods.

“The Court acknowledges the Fair Housing Act’s continuing role in moving the Nation toward a more integrated society,” wrote Supreme Court Justice Anthony Kennedy, who was appointed by President Ronald Reagan. Kennedy has since retired.

 

Under the previous rule, if discrimination is alleged, the state or city had to show that its actions were necessary, not intentionally discriminatory and that there were no other options.

Under the new rule, much of the burden of proof would be shifted to the person or group claiming discrimination.

“In a nutshell, the rule relies upon three important words that the court itself used in its ruling and that is, whether the complaint upon practice is arbitrary, artificial, and unnecessary,” HUD General Counsel Paul Compton told reporters in a phone call Friday.

Compton said the proposal actually brings government policy closer in line with the 2015 court ruling and uses much of the same language.

But housing advocates argued Friday that the change dismantles a tool used by people of color, families, people with disabilities and the LGBTQ community to combat the segregation they face.

Jesse Van Tol, CEO of the National Community Reinvestment Coalition a group that works to bring investment to underserved communities, said the rule would create an overly broad exemption to discriminatory practices.

“HUD’s proposal makes it far more difficult for those injured by stealth discriminatory policies to prove discrimination. The bar was already set high and HUD‘s proposal would put it in the stratosphere – it really strains credulity,” Van Tol said in a statement.

The rule will be published Monday and will be open for 60 days of public comment.

Source: abcnews

3,034 Nigerians Receive N2.6 Billion To Build Houses -Federal Mortgage Bank

The Federal Mortgage Bank of Nigeria (FMBN) has disbursed  N2.6 billion to 3,034 beneficiaries under  its intervention housing loan through the Federal Staff Housing Loan scheme, the Managing Director, Ahmed Dangiwa, has said.

Dangiwa said this in Abuja when Hannatu Fika,the Executive Secretary of  Federal Government Staff Housing Loans Board, paid him a courtesy visit.

“As the federal government tries to provide cost effective and affordable housing for civil servants, it is pertinent to note that a total sum of N2.6 billion has so far been disbursed by the Federal Mortgage Bank of Nigeria to 3,034  beneficiaries through the Federal Staff Housing loan.

“I am also indeed very pleased with the remarkable results that we have been able to achieve in the Home Renovation Loan,”  he said.

According to him, the Home Renovation Loan is one of several products of the bank aimed at ensuring contributors to the National Housing Fund benefit from the scheme.

He stated that the FMBN Home Renovation Loan was created for the purpose of renovating existing structures at six per cent for tenure of five years maximum.

Source: saharareporters

What Nigeria Govt. Should Know About Impact of Housing Sector Development

The housing sector is the bedrock of the economy of most developed nations, an important tool for stimulating growth. Housing construction indices are some of the most common measures used by analysts to gauge economic trends in OECD countries. In more advanced countries like the United States of America, Britain and Canada, the sector contributes between 30 percent and 70 percent of their Gross Domestic Product (GDP). Investment in housing accounts for 15 percent to 35 percent of aggregate investment worldwide and the sector employs approximately 10 percent of labour force worldwide.

The sector of the Nigerian economy that has a very bright future is real estate. Despite the economic downturn, the sector has been growing in leaps and bounds, with high rise buildings, shopping malls, hotels springing up everywhere from Lagos to Abuja, to Port Harcourt, to name just a few.

According to a 2014 forecast by the International Monetary Fund (IMF), strong developments in the construction, real estate, and technology sectors in developing countries such as Nigeria has supported the world economy through tough financial periods in recent years. It also predicts that these developing nations will account for about 70 percent of world growth over the next decade.

Nigeria is touted at the moment as one of the developing countries with great potentials in real estate, and one of the competitive players in the global real estate market that is fast becoming increasingly attractive to investors.

Recently, the National Bureau of Statistics put real estate contribution to Nigeria’s GDP at 7.5 per cent, a figure that left many stakeholders surprised at what they described as a very poor rating by the body.

To really appreciate the importance of real estate to the country’s GDP, they called on the federal government to integrate the construction and building sector into the formal sector in order to capture their contributions accurately.

However, though real estate is still a small contributor to the country’s GDP, its importance cannot be over-emphasised. Perhaps the best way to really understand the importance of the real estate sector to Nigeria’s economy is to compare it to other emerging and developed countries of the world. Another way to do this would be to compare its growth to the country’s economic growth.

Let’s start with the latter. The Nigerian economy grew by 2.35 percent year-on-year in the second quarter of 2015, down from 3.96 percent expansion reported in the previous quarter.

This has been attributed to the decline in oil production and prices, and recently, the Federal Government admitted that the country’s economy was “technically in recession” having gone on two quarters of negative growth.

That admission, though coated in technicality, corroborates the recent forecast by the International Monetary Fund (IMF) who predicts that Nigeria’s economy was likely to contract by a further 1.8 per cent this year. In other words, the country which had earlier overtaken South Africa as the fastest growing economy in Africa is now heading towards recession.

Ironically, while the country’s economy suffers from stunted growth, the real estate sector has been on the upswing, growing faster than the average GDP at a rate of about 8.7 per cent, according to the accounting and auditing firm, PricewaterhouseCoopers (PwC), as well as stakeholders like the Centre for Affordable Housing Finance, with a projection to grow by 10 per cent in the near future.

In its May 2015 report titled, ‘Real Estate: Building the Future of Africa,’ PwC further predicted that Nigeria’s real estate investment will rise by about 49 per cent, from $9.16 billion last year to $13.65 billion this year. It attributes this to a growing middle class driving demand for residential property development, and indirectly, retail, industrial and commercial real estate development.

However, experts believe that the sector could do better with the right incentive. According to them, despite its growth, the real estate sector still remains a small contributor in the country’s GDP, especially when compared to other emerging and developed countries like South Africa, Brazil, China, and the US.

This could be attributed to several problems plaguing the sector. One of them as highlighted by the PwC report is access to finance. “There are existing problems with access to finance; with a lack of long-term debt financing and an underdeveloped mortgage market, with mortgage loans representing less than 1 per cent of the nation’s GDP.” Another, the report says, is the cumbersome and time-consuming process for land acquisition and ownership documentation which makes land acquisition difficult, even though land is very cheap in Lagos, compared to other emerging cities across the world.

Lack of infrastructure still remains a major concern for the sector as the non-availability of basic services such as water and energy has forced developers to provide these amenities themselves, thereby raising their total development costs by up to 30 per cent, the report further lamented.

All these have led to a severe shortage in the sector, with the yearly supply nowhere near what is needed. The country, like the rest of Africa, remains severely undersupplied, especially when it comes to high-quality commercial space.

Retailer expansion also continues to be hindered by a lack of high-quality retail accommodation. Jones Lang LaSalle estimates that the stock of ‘Grade A’ shopping malls across.

The economy of developed countries like USA, UK, France, Germany, Japan and many more relies heavily on the real estate sector. This is why crashes in real estate markets often result to global economic meltdowns. It proves how important the sector is in the development of an economy.

Africa (excluding South Africa) is less than 1.5 million square metres – that’s barely equivalent to the stock of Hungary, a country of just 10 million people against one billion in Africa.

In Nigeria, a country of over 180 million people, the housing shortage can be seen in low, middle income residential and office spaces. And as the country’s population increases, we will see further strains on an already challenged industry. At the moment, Nigeria is believed to have a housing deficit of 17 million. According to experts, affordable housing and accommodation must be the major driver if the nation’s real estate sector is to deliver at the rate and scale needed to contribute significantly to the nation’s economy.

To plug the housing gap, the World Bank in its 2014 study stated that N59. 5 trillion would be needed at N3.5 million per unit. What this means is that despite the harsh economic conditions, the real estate sector still represents a huge opportunity for positively impacting the economy to promote growth and inclusion.

This is because housing is not only a basic necessity that affects the welfare of the citizenry, but also a critical sector of an economy. Therefore a viable and sustainable housing finance plan is essential.

To achieve this, experts insist, the industry requires the availability of affordable long-term funds to be provided by the capital market. According to them, funding from the capital market reduces the cost of mortgage loans, cost of funds and allows for longer repayment tenor.

In addition, there should also be a general review of the house types, as well as their sizes and quality, with more efficient designs. Also needed is high quality infrastructure such as the ones provided in the Eko Atlantic City.

Modeled after the skyscraper District of Manhattan Island in New York City, it is expected that the new city will be home 450,000 residents, with commuter volume expected to exceed 300,000 people daily. Self-sufficient and sustainable, it includes state-of-the-art urban design, its own power, clean water, advanced telecommunications, spacious roads and over 200,000 trees.

The uniqueness of the initiative for the region is that the residential units will be constructed as vertical high-rise apartment towers due to limited space for the traditional single family detached units. There are already over 500 units of apartments of various room sizes ranging from one bedroom to four bedroom apartments already under construction. The first residential tower is completely sold out and the first set of units will be delivered over the next couple of months.

With such ambitious projects, stakeholders remain optimistic that the real estate sector can contribute immensely in resolving the current economic problems faced by the country also be a major source of employment for the country’s fast growing population.

Nigeria’s Former Minister of Power, Works and Housing, Babatunde Raji Fashola agrees, describing the real estate industry as a strategic sub-sector in the construction industry that has remained an important contributor to the Gross Domestic Product with vast potentials for energizing and catalyzing growth of the overall national economy.

This is therefore a clarion call on the federal and state governments, the national and state assemblies to rise up with the political will that will encourage investment in the real estate sector of Africa’s most populous country – Nigeria.

 

Public more worried about housing than Brexit, survey shows

The poll, carried out by Ipsos Mori on behalf of the Chartered Institute of Housing (CIH), found that 57% of people think the rising cost of housing will impact on them personally either a great deal or a fair amount in the next five years – with 56% saying the same for Brexit.

Nearly three-quarters (73%) agreed that Britain has a housing crisis, with 55% feeling it has been discussed too little over the past few years. This figure rises to 68% for renters.

Those surveyed also indicated support for social housing, with 76% agreeing the tenure is important because it helps people on lower incomes access housing which would not be affordable in the private rented sector, and 68% feeling it helps to tackle poverty.

Terrie Alafat, chief executive of the CIH, said: “These results send a very clear message to the new government. The housing crisis is real, and we are simply not doing enough. It’s clear that the British public supports more social housing.”

“We need to make sure everyone has a place to call home, and this survey reinforces what we’ve been saying for a long time – for too many people housing is simply unaffordable.

She said that the survey showed that people believe the government can and should do something about the housing crisis.

“We have given the government a solution, a solution that would add billions to our national economy and help millions of our fellow citizens.”

The CIH, together with the National Housing Federation, Shelter, Crisis and the Campaign to Protect Rural England, has called on government to stump up £12.8bn a year to build 1.45 million affordable homes over the next decade, including 900,000 for social rent.

Ms Alafat said the Comprehensive Spending Review is a “golden opportunity” for ministers to make a change to housing.

More than half (52%) of people surveyed supported new homes being built locally, up from 40% five years ago.

Among renters, 45% in the private sector were worried about their ability to pay the rent, with 43% of social renters feeling the same – compared with 29% of mortgage holders concerned about repayments.

Sixty-one per cent of renters or people living with their parents believe they will never be able to afford to buy a home.

Ipsos Mori gathered opinions from 2,181 adults across Great Britain, with the data weighted to reflect the population.

Source: InsideHousing

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