Dr Kadri Obafemi, Lagos State Deputy Governor has reiterated the need for an effective mortgage system as a panacea to housing deficits facing Nigeria.
He stated this as he played host to the management team of Echostone Development Nigeria Limited and IFC Edge, during a courtesy visit to his office at Alausa, Ikeja.
The Deputy Governor expressed worries at the rising cost of building materials in the country, saying the development has affected the provision of low-cost housing and the cost of providing shelter.
He said, “Building strategy is not sustainable because it is easier to own homes if we resolve the issues of mortgage and not construction by individuals.”
“Studies have shown that it takes an average Nigerian 17-years to build a house and at the expense of other social needs such as education of their children, health plans, among others,” he added.
Hamzat noted that the urge to make housing available to Lagosians informed the need to establish a Mortgage Board with the introduction of “Rent-to-Own scheme” which is a critical strategy for housing delivery.
He assured that the State Government would look at the possibility of incorporating and incentivizing the green concept in planning permit, saying that appropriate rebate would be approved to encourage building green.
Echostone Development Nigeria Limited Managing Director, Sammy Adigun had earlier remarked that his company intends to deliver 100,000 green homes in Lagos with Badagry as the take-off point.
According to him, the “Green Homes” has a 53 per cent Energy Saving content which further translates into economic improvement for such homeowner.”
Acknowledging that investment in housing is critical to bringing people out of poverty if given attention that will change the narratives, he added that the EDGE award by International Finance Corporation (IFC) of the World Bank was an attestation to the sustainability of the Green Home Model.
He further urged the State Government to partner with his company by way of subsidy and grants to reduce the cost of Green Homes.
Besides, Temilola Sonola, Leader of the IFC Team informed the Deputy Governor of the organization’s preparedness to assist Lagos State through the provision of technical know-how to the planning Agency of government to allow developers to undertake greenhouses.
She further stated that the reduction in the area of time to obtain permits will be a critical part of the process of encouraging green homes.