June 24, 2024

Ministry of Works and Housing, FMDQ and OVP Launch a 10-Year National Housing Strategy Blueprint to Provide Quality Housing for Nigerians

4 min read

Nigeria, Africa’s most populous nation with a rapidly growing population, faces a frightening housing deficit which continues to rob its citizenry of a fundamental human need. It is on this premise that the Federal Ministry of Works and Housing, in collaboration with FMDQ Group PLC (“FMDQ Group”) and the Office of the Vice President of Nigeria (“OVP”), has taken a significant stride in addressing Nigeria’s housing challenges with the launch of the highly anticipated 10-Year National Housing Strategy Blueprint (the “Housing Blueprint”) for Nigeria. The Housing Blueprint was officially launched by the Honourable Minister of Works and Housing, Mr. Babatunde Raji Fashola, SAN, CON, (the “Honourable Minister”) in Abuja on Friday, May 26, 2023.

The Housing Blueprint, a collaborative effort between the Federal Ministry of Works and Housing, FMDQ Group, the Office of the Vice President of Nigeria, and supported by PricewaterhouseCoopers (“PwC”) and other key housing stakeholders, outlines a holistic approach to tackle the Nigerian housing deficit and create a vibrant housing market. It encompasses vision results, success pillars, and strategic objectives to deliver quality housing for all Nigerians and foster home ownership from an early age of thirty (30), through a new culture of building a credible credit history and consistently contributing towards home ownership, thereby nullifying the current state of saving to own a home at over fifty (50) years of age.

The challenges in the Nigerian housing sector include but are not limited to land administration and titling bureaucracy, infrastructure deficit, high housing construction costs, fragmentation of duties, lack of access to affordable financing options, and policy inadequacy. These challenges are, however, addressed by the Housing Blueprint through the setting of ambitious targets to bridge the housing deficit and the creation of a supportive ecosystem for the housing sector that aims to harmonise existing housing policies/initiatives, highlight improvements to be made for land administration and titling, reduce housing construction cost, improve housing quality across the country, bridge the housing deficit, establish housing assistance models to address social housing need, enhance access to housing finance, promote flexible payment options, and deepen capital markets activities towards providing quality housing for all Nigerians.

In his remarks, the Honourable Minister, Mr. Babatunde Fashola, SAN, CON, stated that “the Housing Blueprint is a welcomed strategy from the private sector which is the real driver of the housing sector”, and charged all stakeholders to “focus on the implementation of its initiatives as they have the capacity to attract capital into the housing sector”. The Honourable Minister handed over the Housing Blueprint to the Office of the Permanent Secretary, Federal Ministry of Works and Housing, as a key document that should be passed on to the next Honourable Minister of Works and Housing in Nigeria.

Also speaking at the launch of the Housing Blueprint, the Chief Executive Officer of FMDQ Group, Mr. Bola Onadele. KoKo, represented by Mr. Emmanuel Etaderhi, Senior Vice President, Government & Regulatory Relations, FMDQ Group, explained the rationale behind FMDQ Group’s involvement in the development of the Housing Blueprint. He stated that the financial market plays a pivotal role in developing enduring solutions to the country’s myriad of economic challenges and FMDQ Group, in line with its strategic role as a market organiser, adviser to government and regulators, financial markets diplomat, and catalyst for infrastructure capital, thought it prudent to champion this initiative as its contribution to the development of the Nigerian housing sector.

Dr. Andrew Nevin, Advisory Partner and Chief Economist, PwC, in his remarks, established that the housing sector has always been a key focus area for PwC, as a vibrant housing sector creates job opportunities that lead to economic benefits for Nigeria as well as personal benefits for Nigerians through the provision of a safe place for every individual. Dr. Nevin expressed his confidence towards the successful implementation of the Housing Blueprint due to the support of the Federal and State Governments in Nigeria.

To ensure the execution of the initiatives contained in the Housing Blueprint, FMDQ Group, working in concert with the Federal Government of Nigeria, development finance institutions and other key housing stakeholders, will establish a Housing Development Initiative Programme Management Office that will facilitate engagements with all relevant stakeholders to support, monitor and report the implementation of the initiatives. This is expected to constitute a double win as it would also lead to the achievement of the United Nations’ Sustainable Development Goal Eleven (SDG 11) – Sustainable Cities and Communities – to which Nigeria is committed.

FMDQ Group, Africa’s first vertically integrated financial market infrastructure (“FMI”) group, is strategically positioned to provide registration, listing, quotation and noting services; integrated trading, clearing & central counterparty and settlement services,, and risk management for financial markets transactions; depository of securities, as well as data and information services, across the debt capital, foreign exchange, derivatives and equity markets, through its wholly owned subsidiaries – FMDQ Securities Exchange Limited, FMDQ Clear Limited, FMDQ Depository Limited and FMDQ Private Markets Limited. As a sustainability-focused FMI group, FMDQ Group, through FMDQ Securities Exchange Limited, operates Africa’s premier Green Exchange – FMDQ Green Exchange – positioned to lead the transition towards a sustainable future.

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