Real estate developers have urged the incoming government of Maj.-Gen. Muhammad Buhari (retd) to give adequate attention to the housing sector in a way that its contribution to the country’s Gross Domestic Product will increase to at least 15 per cent.
The National President, Real Estate Developers Association of Nigeria, Mr. Ugochukwu Chime, who gave the advice during his maiden press briefing in Abuja, stated that developers in the country were ready to support the incoming administration to achieve this feat.
He said, “We are determined to ensure that the meagre contribution of housing to our GDP, which stands presently at about six to seven per cent, is taken to at least 15 per cent in the next four years.
“We say this because in places like South Africa, the contribution of housing to their GDP is about 30 per cent.
“In places like the United States, it is far more than that. So where we are now at six to seven per cent is not acceptable to those of us who know what the housing sector can do to change the lives of the average Nigerian.”
He stated that housing was one of the fundamental needs of man, outside of food and clothing, and stressed that it was critical for operators in the sector to appreciate its crucial role to the masses.
Chime said, “For many years in our country, the role of housing has been limited to the issue of provision of shelter. It is only in the past three years that the crucial role of housing in providing employment and creating multiplier effects in the economy has been recognised.
“Our desire, therefore, is to ensure that the recognition is not only on paper but is made a reality in the realm of shelter, employment generation and increased contribution of the housing sector to the GDP of this country.”
He stated that REDAN had decided to work with stakeholders in the industry to ensure that issues militating against the accelerated development of the housing sector, especially in the area of affordability and availability, were tackled.
Chime said, “We have taken out time to look at the manifesto of the All Progressives Congress and we love the section that maps out clearly that they have a determination to provide one million housing units per annum to the Nigerian masses.
“And it is something that resonates very well with our advocacy and clamour that the 17 million housing deficit we have in this country needs to be addressed urgently. That is why we are forming a strategic committee for the actualisation of the one million housing programme of the incoming administration.”
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