DONALD DUKE’S PLAN FOR AFFORDBLE HOUSING
Nigeria has a housing deficit of over 17 million. Urbanization rate currently stands at 50 percent and will grow to 70 percent by 2050, increasing the demand for housing. This is unsustainable. Currently homeownership in Nigeria stands at 25 percent, untenable for a population of over 200 million.
To solve the housing deficit, We will:
1. Improve access to finance for housing development:
My administration will coopt the private sector through regulatory incentives to housing finance available to more Nigerians at better interest rates. Hardworking and honest Nigerians will be gifted with the opportunity to own their own houses.
2. Review the approach to land acquisition:
Prior to the review of the Land Use Act, we will introduce a mechanism that will give land to developers at an incentivized rate, which will in turn reduce the purchase cost of land as well as the indigenous issues landowners face in owning and developing land.
3. Improve public infrastructure:
The lack of basic infrastructure at development sites such as good road networks, drainage systems, electrification and security are keys to bridging the housing deficit. We will invest in building basic infrastructure in developing and rural areas to stem the tide of rural urban migration and the consequent congestion of urban settlements.
4. Promote indigenous manufacturing of building materials:
A situation where over 70 percent of building materials used in the country is imported is unacceptable. My administration will enable a system where building materials are locally produced while also deploying creative solutions in the construction of houses.