Vice President Yemi Osinbajo on Friday said that the Federal Government will remain committed to addressing housing deficits in the country.
Osinbajo disclosed this in an address at the inauguration of the 2020 two-day (Oct. 9 and 10) National House fair, being organised by Bstan Homes Ltd in Abuja.
The VP, represented by the Minister of State, Federal Ministry of Works and Housing, Dr. Abubakar Aliyu, said the fair initiative is apt in terms of government plans to meet housing needs.
He extolled the initiative to have been born out of foresight and patriotism coming at a time the nation is in dire need of interventions to complement government efforts on housing development.
“Since the establishment in 2017, the National House Fair has pursued the task of pulling together key stakeholders in the real estate industry towards addressing the housing bottlenecks.
“It is understood that the house fair is a veritable platform for the facilitation of housing deals, we are aware that the challenges bedevilling housing development in the country require emphasis.
“Nonetheless, I acknowledge the choice of the theme of this housing fair ‘Gateway to a better life; affordable housing solution’ which I consider apt is an opportunity for assessment of our housing journey.
“President Muhammadu Buhari is determined to take 100 million Nigerians out of poverty in the next 10 years and housing has been identified as a major tool for the realization, due to its multiple efforts.
“Consequently, in line with the FG sustainability plan, CBN has recently approved the sum of N200 Billion for 300,000 households, the facility is to enable Family Funds ltd finance construction of social housing units for low-income earners.
“The Federal Ministry of Works and Housing has introduced a programme tagged, Affording Housing Development and Management Initiative, aimed at reducing housing deficit through collaboration with public and private entities.”
He said the initiative would boost the housing economy, increase National Housing stores and promote cooperatives, management of public buildings, hostel accommodations, deployment of unoccupied houses for either development schemes or rental initiatives.
More so, he said, it would encourage development/modelling of all buildings to modern needs and cities, urban renewal/generation community upgrading among other things.
He mentioned that the pilot project is expected to commence in October 2020 in Gwagwalada, with the construction of about 2500 housing units under Public Private Partnership involving private developers. NAN