on the nation’s financial markets experts collaborate with the Buhari government to tackle the crisis. Speaking during a meeting with the management of the FMDQ Group, the Vice President requested these experts to develop an appropriate model that would transform the housing sector on a large scale and minimise the housing deficit in the country.
Osinbajo further noted that in its Economic Sustainability Plan (ESP), the federal government has made provisions for social housing, although some of the critical issues include how Abuja should market these houses and how they should provide financial assistance in order to ensure people can afford to buy them. “These are houses that are in the order of about N2 million or N2.5 million,” he noted.
“But there are still constraints on account of the fact that we just do not have anything like a feasible housing finance model, I think it is time for us to do so. It just looks like it has always escaped our capacity to find a real solution to the problem,” the Vice President added.
Nevertheless, he also expressed his confidence in the ability of the necessary reforms to address these challenges. “I have no doubt in my mind whatsoever, that given the right mix of policy initiatives, we can get these things done. And your characterisation of what needs to be done like attracting capital and sustaining it is so important because ultimately, capital will go where it is best treated,” Osinbajo said.
Meanwhile, speaking during the discussion at the State House in Abuja, FMDQ’s chief executive Bola Onadele Koko applauded the efforts of the Buhari administration in creating an environment which facilitates the transformation needed to adapt in a changing world. He also identified several sectors of the economy which would attract investment, including housing finance, and he reiterated FMDQ’s commitment to performing its strategic roles as a catalyst for capital formation, a market organiser and an adviser for the government in supporting the development and implementation of innovative solutions to boost productivity, bridge the infrastructure and reduce unemployment in Nigeria.
