Realtor Seeks FG, Private Sectors` Collaboration to Tackle Housing Deficit
Dr Saheed Mosadoluwa, the Chairman of Harmony Gardens and Estate Development Ltd., has called for collaborations between the Federal Government and realtors to tackle the housing deficit in Nigeria.
Mosadoluwa, also a realtor, made this appeal during an interview in Lagos on Tuesday. He emphasised that such partnerships would encourage private investment and streamline the implementation of housing policies.
“Such synergy will encourage private sector investment, and promote affordability, accessibility, and quality housing for citizens,” Mosadoluwa said.
He stressed the need for government cooperation in the real estate industry to bridge the housing gap and ensure affordable and accessible quality homes for Nigerians. Mosadoluwa, while commending the government on its plan to provide one million standardised affordable housing units annually, noted that it was a step in the right direction.
He noted that the initiative would address social inequality by offering a range of affordable ownership options with low-interest mortgage loans. The housing scheme will offer up to 30-year mortgage loans provided by the Federal Mortgage Bank, with ‘Rent to Own’ options.
“This allows beneficiaries to move in and pay toward home ownership through monthly, quarterly or annual instalments, as well as outright purchase options for higher-income earners,” he explained.
Mosadoluwa further said that collaboration between the government and realtors would ensure adequate funding through appropriations, international aid, and a viable mortgage system. He added that such a partnership would attract international investors, create jobs, and promote community engagement in housing development.
“It is time for the government to create avenues for awareness and support for reputable and capable developers. Engaging communities in housing development and sustainability is crucial to fostering home ownership and demonstrating that the government is committed to creating jobs through housing schemes,” he said.
Mosadoluwa, therefore, said that significant progress could be made in bridging the housing deficit through private-sector partnerships.Customs to Implement Food Import Duty Waiver Soon – CG
