Recession: Housing development will fuel economic development, says REDAN

*Advises govts to explore massive construction of houses

Doosuur Iwambe, Abuja

Real Estate Developers Association of Nigeria, (REDAN) has said that active engagement in housing construction will stimulate the economy for overall national development.

This is just as REDAN president Mr. Aliyu Wamakko, called on the federal, state governments and all relevant stakeholders to explore the option of massive housing construction in its quest to save the Nigerian economy from the current recession.

Speaking during the 2nd edition of the Jakande Housing Lecture Series (JHLS) over the weekend, Dr. Wamakko said that towing towards that line would undoubtedly open new opportunities for Nigeria.

He explained that the position of REDAN was informed on the basis that housing development does not require an incubation period to yield return on investments.

He therefore appealed to Government to support the Rural-Urban Housing Initiative, RUHI-774, which according to him is targeted at developing a minimum of 100 housing units across the 774 Local Government Areas and the Federal Capital Territory (FCT) Abuja.

He said, ‘’the Association is working assiduously with the Family Homes Funds Limited to provide construction finance to our members in order to actualize RUHI-774 initiative. This will provide mass housing and relieve Nigerians of the effect of COVID-19 pandemic.

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‘’However, with the recession, it has become pertinent as well as imperative for the collaboration to be concretized with FHFL wherein they will provide construction finance to massively produce housing and create employment, as part of her mandate, leading to economic stimulus to reverse the recession.

‘’REDAN has the firm buy-in of the Management of the Federal Mortgage Bank of Nigeria (FMBN), who is warehousing the National Housing Fund (NHF) contributions of Civil Servants nationwide, and also to leverage on the Bank’s Rent-to-Own Scheme. The Association is working assiduously with the MortgageBanking Association of Nigeria (MBAN), as well as the Nigeria’’.

Wamakko added that the RUHI-774 Initiative will be 100 percent local content driven thereby creating jobs, grow the economy and narrow the widening housing deficit in the country.

He clarified that the Initiative has already attracted support from strategic partners, stakeholders and off-takers, as he stressed the need for government’s commitment for its smooth takeoff.

Wamakko further appealed to the Federal, States and Local Government authorities to thoroughly evaluate REDAN’s RUHI-774 and adopt it as a pathway to restore confidence in the economy.