“THE WORST IS OVER; OUR GDP IS GROWING MORE THAN OUR POPULATION. THAT MEANS WE HAVE A FUTURE” - UMAHI TELLS NANS — As Nigerian Students Induct Him as Grand Patron, Hail Him as “One of the Finest” in Tinubu’s Renewed Hope Cabinet The Minister of Works, Senator Engr. David Umahi, CON, has declared that Nigeria is now seeing stronger economic outlook under President Bola Ahmed Tinubu, noting that the country’s Gross Domestic Product (GDP) is now growing faster than its population. Umahi made the declaration on Monday, August 10, 2026, at the headquarters of the Federal Ministry of Works in Abuja, while speaking after he was formally inducted as Patron of the National Association of Nigerian Students (NANS). The minister described the development as a positive indication of Nigeria’s economic prospects, saying, “I was enthused to find out that our GDP is growing more than our population. That means we have a future.” The NANS leadership, led by its President, Dist. Comr. Akinteye Babatunde Afeez, GCNS, had earlier commended Umahi for his contributions to national infrastructure and described him as “a worthy member of the Renewed Hope Cabinet and, indeed, as one of the finest public servants Nigeria has produced in the contemporary era.” The students said the recognition was not merely ceremonial but a reflection of Umahi’s visible contribution to road infrastructure and national development under President Bola Ahmed Tinubu’s administration. According to NANS, the roads and bridges being delivered under Umahi’s supervision are directly connected to the lives of Nigerian students, affecting their mobility, access to educational institutions, examinations, internships, businesses and employment opportunities. The students specifically cited major projects including the Abuja-Kaduna-Kano Expressway, Abuja-Kaduna-Minna route, Enugu-Port Harcourt Expressway and Lagos-Calabar Coastal Highway as examples of projects they said demonstrate the Federal Government’s commitment to improving national connectivity. Afeez also disclosed that NANS had studied project reports of the Federal Ministry of Works covering the period between May 2023 and May 2026 and expressed its intention to embark on nationwide project tours to inspect completed and rehabilitated projects. He said the students would use their platforms to communicate the impact of the projects to millions of Nigerian students, Nigerians and the wider world. Responding, Umahi challenged Nigerian students and young people to look beyond political sentiments and examine the policies and achievements of the Tinubu administration objectively. “We have had somebody say, ‘President Tinubu is tired.’ How do you know he is tired? I am part of President Tinubu. The Minister of Interior, the FCT, all the ministers and all the SSAs are vibrant and working. So how do you just jump at that conclusion?” The minister urged Nigerians to demand concrete alternatives from those criticising the administration. “If you say that the President is not doing well, what is your alternative?” he asked, stressing that political promises must be backed by clear plans and a credible mission. He also called on students and other young Nigerians to take a position on issues affecting the country, arguing that remaining neutral in the face of visible progress was not always the right approach. “You may say that you are not politicians or that you will not take sides, but this is the time to take sides in our national affairs. It is time to take a stand,” Umahi said. On the economy, the minister acknowledged that the macroeconomy was only beginning to recover but urged Nigerians to consider the condition of the economy before the present administration took office and assess the reforms objectively. “You may say that the macroeconomy is just beginning to recover. What was it like before the President took over? Everybody agrees that the macroeconomy is being fixed. It is up to you to dissect the ongoing reforms and take a position.” Umahi also pointed to developments in the education sector, saying the stability being witnessed under the Tinubu administration had created an environment in which students were able to continue their studies without the disruption of nationwide strikes. “For the first time, students never went on strike. Never. Look at the stability of Nigeria. That has never happened throughout the history of this country.” “Where is the subsidy money?” Umahi explains Addressing questions surrounding the removal of fuel subsidy and where the resulting resources were being deployed, Umahi pointed to the scale of ongoing infrastructure projects across the country. He cited the Abuja-Kaduna-Zaria-Kano road, which he said covers 375 kilometres and, when measured as a dual carriageway, amounts to 750 kilometres. According to the minister, more than ₦200 billion has already been spent on the project, with 480 kilometres of the dual carriageway completed and further sections nearing completion. “For the first time, we have been able to complete 118 kilometres of concrete pavement within 30 months. That has never happened,” he said. The Minister said the remaining works were expected to be completed by November, noting that the two projects on the route have a combined cost of ₦752 billion, with more than 80 percent already paid. He also highlighted the Sokoto-Zamfara-Zaria corridor, the Benue-Ninth Mile road, and the Bodo - Bonny Island road as examples of projects receiving significant attention under the Tinubu administration. On the Bonny Island project, he said: “For the first time, people will move from the island to the mainland in Bonny Island, where the LNG is produced. A project costing ₦280 billion under President Bola Ahmed Tinubu has been completed. The 39.7-kilometre road is fully done, and the people of Bonny are very happy. They are no longer dying at sea. They are now driving through the land.” The minister also spoke extensively about the administration’s legacy road projects, including the Lagos-Calabar Coastal Highway and the expanded Northeast Fourth Legacy Project. He disclosed that the Northeast project, originally running from Akwanga through Jos, Bauchi, Gombe and Biu, had been extended through Yobe to Maiduguri, adding another 400 kilometres to the project. Umahi defended the Lagos-Calabar Coastal Highway against criticisms, saying the project was strategically important to the Niger Delta and would be completed. “I do not know why people are attacking the Lagos-Calabar Coastal Highway. After all, this is coming from the Niger Delta, where the oil is coming from. Why is nobody attacking the other three Legacy Projects, but this one is being attacked? That is unfair and unrealistic. That project will be completed. In fact, over 50 percent of the entire stretch is already under construction.” The minister also used the occasion to speak about the development of the Southeast, saying President Tinubu had deliberately embarked on projects aimed at integrating the region into the national infrastructure network. “The Southeast, for the first time, is being remembered, and I thank the people in the Southeast because sometimes I say, ‘Listen, our people should not be sentimental.’” He said the administration’s approach to the region was intentional and urged the people of the Southeast to work with other parts of the country. “The President has a good intention to integrate the people of the Southeast, and I have to be very honest with you. If I were not a minister from the Southeast, we would not have been able to get the projects we have secured. It is intentional on the part of Mr. President. Go and right the wrongs of the Southeast.” Umahi cited the Enugu-Onitsha Expressway and Enugu-Port Harcourt Expressway among the major projects transforming connectivity in the region. He also disclosed that President Tinubu had approved the re-scoping and reconstruction of the Lokoja-Benin-Warri corridor, covering a total of 401 kilometres. The minister was particularly direct in urging the students to support President Tinubu in the 2027 election, arguing that Nigerians should support the administration if they believe its policies are producing results. “I want you to take a side. If you say you are on the list of a coalition and you say that what we are doing is good, then we have to take a stand to vote for the President in the coming election.” Umahi also urged Nigerians to look beyond political rhetoric and focus on practical solutions to the country’s challenges. “Listening to others should not mean allowing yourselves to be insulted or blackmailed. Cheap talk will not solve our problems. Nobody is saying what he or she can do differently. The worst is over. The darkest part of the night is an hour before dawn.” He pointed to the decline in food prices as one of the developments Nigerians should consider in assessing the economy, recalling that a 50-kilogramme bag of rice, which he said had risen above ₦80,000 and at some point reached ₦100,000, was now selling at about ₦58,000. Umahi also stressed the administration’s commitment to transparency in the execution of road projects, saying the Ministry of Works had opened its projects to scrutiny by anti-corruption agencies. “Now, why are we doing this? Transparency. We have turned these projects over to the ICPC. They have gone round. We are ready for constructive criticism, and where necessary, we will make amends.” He added that the Ministry had also written to the Economic and Financial Crimes Commission (EFCC) to inspect its projects. “We have nothing to hide in this administration.” The minister urged NANS to organise a major student engagement across the geopolitical zones where students could ask questions directly and hear the government’s explanations on its policies and projects. “Let me defend this administration. Organise it and let me come. Move students from across the zone to a central point where we can talk to them and address their concerns. We have to deliberate on the issues. We have to debate them. Ask your questions, and we will answer them.” He said he would attend such engagements with some ministers and Senior Special Assistants to the President, stressing that students were important stakeholders in the country’s future. Umahi further challenged young Nigerians to take responsibility for protecting public infrastructure and contributing positively to national development. “See something, say something. Together, we can take back our country because it belongs to us.” He said the responsibility for the performance of government should be placed on the officials directly responsible for specific sectors, rather than on the President for every operational issue. “I am here because the President gave me the responsibility to be in charge of roads and bridges. If I do not do it, I should be the one to be blamed, not the President. I am not the President. The President has divided himself into a number of his appointees. These appointees should be the ones to answer and take responsibility.” The minister concluded by thanking the students for the recognition and expressing his readiness to deepen collaboration with NANS. “I want to thank you very much.“ He described the students as important partners in the national development process and encouraged them to remain informed, ask questions and hold leaders accountable. The NANS President, in his address, said the association considered Umahi worthy of its patronage because of his record of public service, infrastructure delivery and commitment to national development. He said the roads being constructed under Umahi’s leadership would outlive the present administration and continue to serve generations of Nigerians. “History will not remember public officers merely because they occupied important offices. History will remember them for what they built, what they changed and the lives they touched.” Afeez formally welcomed Umahi into the NANS family as Patron, describing the partnership between the student body and the Federal Ministry of Works as an opportunity to bring government projects closer to young Nigerians and deepen informed national discourse.
“Let him finish. Let him take back our country. Let him reposition our country.”
Umahi Invites Directors of Ferma Engineers in Edo, Delta, Bayelsa, And Akwa Ibom Over Failures on East West Road .....Minister passes vote of no confidence on the construction of East West Road The Honourable Minister of Works H.E Sen (Engr) David Nweze Umahi in his continuous assessment of the Nigerian roads has travelled by road from Abuja, through Kogi, Edo, Delta, Bayelsa up to Port Harcourt in Rivers State through the famous much talked about East West Road to inspect the progress of work on the highway by himself on Tuesday the 19th of September,2023. The Minister said “ I have invited all the Directors of Federal Roads Maintenance Agency (FERMA) with their engineers from Edo , Delta , Bayelsa and Akwa Ibom , they should be able to attend to the small failures and redeem all the places that failed on the road and I will hold a meeting with Niger Delta Development Commission (NNDC ) Managing Director this evening to find out how we can collaborate on this road”. On the East West road he said he had discussed with the Edo State Governor that the East West road passed through his state and that was what is causing the traffic jams and hold up, he said they have to design a bye pass, so that the heavy trucks can stop ,moving through the town , it is by so doing that the gridlock can be stopped and business activity in the state can improve. Umahi said “We have to look at our constituency projects to see how our constituency projects can be meaningful and impactful and I will be discussing this with the leadership of the House of Representative and the Senate“. While berating SETRACO construction company working on the East West Road the Minister said “the gimmicks the contractors are using is excuse of overloading. I am passing A VOTE OF NO CONFIDENCE on the construction of this road, I won’t certify anything on this road, the road has failed, and it is not acceptable to us. the road is full of pot holes , we have paid over N71b and the road has completely gone down, and the road has been further reviewed from N44b to 144b billion , apart from the beautiful bridge you have built , the road has completely gone down , project manager tell your team to meet me in Abuja on Monday to tell me what has caused the failure on the road, I do not accept it is overloading truck, our roads are not properly being constructed and I demand that these roads must be properly constructed , it is a fight that Nigerians must win and Mr. President must win this fight for the sake of the Nigerian people to truly enjoy the dividends of a democratic Government. ...
Minister of Works, State Governments in Joint Inspection of Edo and Delta Federal Roads. ....."I have just directed that every project must have a COREN registered engineer”- Umahi. .....Community Group, Driver express hope of having a good road soon. The Honourable Minister of Works H.E. Sen (Engr) David Nweze Umahi, the Deputy Governor of Delta State, Chief (Sir) Monday John Onyeme and the Commissioner for Roads and Bridges in Edo State Osazemen Ethan Uzamere with some stakeholders toured some ongoing road construction works in Edo and Delta States respectively on Monday. During the joint inspection, Levant Construction Company that is handling some of the Federal Government Road projects linking Edo and Delta States in Benin were directed by the Minister of Works to do the maintenance work of the construction of Benin – Sapele road at night and that work should start immediately, while the bad spots should be made motorable within 30days. Umahi said “we have directed them to immediately maintain the road , we are redesigning the road irrespective of the fact that they have gotten advance payment , we are redesigning the road on concrete , We have agreed with the commissioner of Works and Bridges in Edo State that the drains should be opened so that the water can go out in order for the contractor to maintain the road, I am giving the contractor 7days to come up with the new design so that we all look at it together”. The Minister said “ I have looked at the road projects from Abuja to Benin City , the intention of the past administration all the way from Abuja to Benin City , very wonderful intention I commend the initiative but Nigerians do not have value for all money spent on the roads, I was on the road for 14hours with all the securities attached to me and if I could be on the road for 14hours imagine what ordinary Nigerians are passing through without security , this is not acceptable ". "Unless we change our procurement process, this country cannot move forward. I am very happy that Mr President is a man of infrastructure, he is a man that knows how every aspect of this country will be reset, I am very happy about that, and I will do everything within my power to support him” Umahi told the states stakeholders. He said , “On the side of the contractors there are no good intentions , they don’t have enough personnel that are qualified , I have just directed that every project must have a Council for the Regulation of Engineering in Nigeria (COREN )registered engineer to be the project manager for all contracts for every company on the road and the person must not have less than 15years on road construction and I have also directed that we shall no more do surface dressing on our road shoulders , I have directed that all projects must stop and be redesigned on concrete , the truth is that non of these roads that are built from Abuja to Benin will last more than 5years and that is very unfortunate , roads are failing because most of the contractors don’t do what is called penetration test , we also have adulterated bitumen , the bitumen imported into this country are adulterated , they should go to Ondo and Ogun State and develop our abundant bitumen there “. “We don’t want to put anybody out of business but we must develop our economy, they should employ our engineers; material engineers, geo technical engineers, surveyors, structural engineers and road engineers , every project should not have less than seven professionals supervising it for Ministry of Works, we are going to reset our road construction so that the people can smile again under President Bola Ahmed Tinubu” the Minister reiterated. The Deputy Governor of Delta State, Chief (Sir) Monday John Onyeme after touring Benin –Sapele –Warri road , Sapele Roundabout , ongoing dualization of Sapele –Ewu road , Sapele – Agbor road and Nigerian Port Authority roads in Delta State with the Minister at a press briefing said to the Minister “ Thank you for coming to see for yourself the importance of caring to do these roads , I do know that you have been tested , we have no fear that you will do it . We assure you of Delta State support and we will give you 100% cooperation”. Earlier in Benin, a community group known as Sapele Road Bypass Axis Group (SARBAR), through its Association General Secretary Pastor Moses Omo- Osagiede said “We are happy with the visit of the Honourable Minister to Edo State on road inspection and we do hope that the maintenance work will be done quickly”. Similarly, a bus driver Mr Emmanuel Felix who volunteered to speak on behalf of other drivers who ply Sapele Road Bypass Axis and the Benin –Sapele –Warri Road regularly said, “we hope with the inspection of the road by the Minister and this team, the contractor will do a good job and not their usual fake road works”. ...
Highway Inspection: Umahi Tours Roads in Abuja, Kogi, Edo in One Day …..FG to RCC - "Reconstruct failed section of Lokoja -Abuja Road” …..Consultant to supervise road construction henceforth - Minister. The Honourable Minister of Works, H.E, Sen. ( Engr) David Nweze Umahi ,CON in his continuous assessment of Nigeria's highways in order to find lasting solution to them since his assumption of duty has embarked on several roads inspections in the country in the South West , South East while currently touring the North Central and South-South Geo-Political Zones of the Country. Umahi during his inspection of Gada- Biyu Bridge bound 1 & 2 on the Lokoja - Abuja road directed RCC Contractor in charge of the construction work to reconstruct the failed section of the road that was earlier constructed by the company, he said " we have so many failed portions of the road, they have to go round and give me the list of failed portions of the road before returning to work to reconstruct them and stone base must be used, not dust base”. The Minister said “We must get a reputable consultant to supervise the road construction so that when the road fails, we can hold them accountable, something must be done to change from the present situation of how we construct our roads, our roads should be constructed on concrete, he made this remark while inspecting Phase II of Lokoja –Okene road in Kogi State. Umahi has also directed that the Ministry should review the road works of CGC Construction Company and revert to his office within seven days, adding that every road being constructed must have a consultant because majority of the job done have all failed because they were not built with concrete. He told some of the road contractors where he inspected that no one would increase contract price under him and a single lane must be followed to the end where the job is less than 50% on any ongoing dual carriageway under construction. Some of the roads inspected on Sunday included the : Dualisation of Abuja -Lokoja Road Section II , Sheda – Abaji; Gada Biyu bridge bound 1 & 2 Lokoja ; Rehabilitation and Construction of Abuja -Lokoja Road ; Lokoja – Benin Road ; Okene –Auchi – Benin road (Kogi /Edo States ) ; Obajana Junction –Benin Road Section II ; dualisation of Auchi –Ehor Section II Benin Way and Agbor –Ewu road project in Uromi , Edo State. ...
Abeokuta Substation Gets New 60MVA Transformer To Improve Electricity
The yearning to ensure qualitative and stable power to Nigerians has made the Federal Government to upgrade the 132/33KVA Abeokuta Transmission Substation with the installation of a new 60 Mega Volt Ampere (MVA) capacity transformer to boost electricity supply in Abeokuta and its environs.
Addressing the Minister of State II Power, Works and Housing, Surveyor Suleiman Hassan Zarma, who was on an inspection tour to the substation recently, the Assistant General Manager Transmission, Papalanto Sub – Region of the Transmission Company of Nigeria (TCN), Engr. Adeonipekun Adesina said the transformer upon its complete installation would complement the three existing ones at the station.
According to him, the station has 3 transformers of 30MVA each, making a total of 90MVA. But with the new one, the station will now have a 150MVA wheeling capacity. “It used to be a 90MVA Substation. But with the introduction of the new transformer, there will be more power to deliver to the masses and there will be steady supply of electricity”, Adeonipekun said.
Adeomipekun disclosed that the transformer when energized, would improve power supply to Abeokuta Township, Imeko, and Lagos Road, part of Sagamu and University of Agriculture, Abeokuta. In his address, the Minister re-affirmed the Federal Government’s commitment to increasing power supply in the country. Saying “the Federal Government is investing in the expansion of transmission capacity through the TCN by building more substations and expanding existing ones”, adding that the transformer which is installed by the Transmission Company of Nigeria (TCN), under the National Integrated Power project (NIPP) of the Federal Government is aimed at driving the industries, boosting the economy, creating employment opportunities to our teaming youth in Abeokuta and the country in general.
Keynote Address Presented At The 32nd Annual Conference And General Meeting Of The African Union For Housing Finance (AUHF)
Theme: Housing and Africa’s Growth Agenda at PDTF Centre, Central Business District, Abuja, 14th -16th September, 2016. By The Honourable Minister of Power, Works & Housing; Babatunde Raji Fashola, SAN.
Protocols
I am delighted to address you on the occasion of this 2016 Annual Conference and General Meeting of the African Union for Housing Finance (AUHF) holding in Abuja, Nigeria. The political will and momentum of the present administration in her housing sector agenda are further invigorated by this conference taking place few months after the June 2016 National Housing Summit. You will recall that the outcome of the recent National Housing Summit identified Housing Finance as one of the major pillars necessary for realizing Affordable housing delivery in Nigeria apart from others like Land, Concessions/incentives, Off-taker Strategy and General Skills Acquisition. It is indeed, heartwarming and reassuring to note that AUHF is an association of Mortgage Banks, Building Societies, Housing Corporations and other organizations involved in mobilizing funds for housing on the African continent. Also that the goals of AUHF includes promoting and facilitating housing finance and unlocking its multiplier effects on National economies, hence leading to Africa’s economic growth. I understand that the Conference attracts stakeholders from across the African Continent, all with the purpose of advancing investment in affordable housing.
2. Let me begin by thanking the Nigerian Mortgage Refinance Company (NMRC) and other partners for hosting this important conference. The hosting of AUHF 2016 conference in Nigeria could not have come at a more auspicious time than now that Nigeria needs aggressive unleashing of new housing finance investments and opportunities. I will also like to thank all the stakeholders and experts from Africa and around the world for coming together to proffer solutions to the age long challenge of providing housing finance for Africans, especially Nigerians that are facing harsh economic challenges.
3. Housing, we know is critical to every human development and fundamental right of every citizen. Therefore, Housing is central to this Administration’s policy thrust. However, housing a population of over 180 million is an arduous task that cannot be left for Federal Government alone, especially now that the Government’s revenue and the economy is under pressure. The fund to support the construction and mortgages for the end-users is a big challenge for the government. The production cost versus the selling price of the present housing stock is beyond the reach of majority of Nigerians. Demand for affordable housing has grown over the years as a result of population explosion, rural-urban drift and search for higher quality of life. This demand has rapidly overwhelmed the supply capacity of existing Government resources. Many years of inadequate investment and poor maintenance culture have left Nigeria with a significant housing deficit which is slowing down the country’s development and economic growth and will clearly require close collaboration from stakeholders like the AUHF. The above demanding task is the mandate of my Ministry, Federal Ministry of Power, Works and Housing. Therefore, all stakeholders especially the Private sector and AUHF must play major role in this process of creating innovative housing finance in Nigeria.
4. Every Nigerian’s dream is to have a roof over their head! Hence, for an average Nigerian "owning a house" is a mark of economic success and security. Housing is also believed to be a long term investment that protects that investment against high inflation and the unpredictable economic down turn. Therefore, provision of housing is a major tool to reduce corruption. Why is it so difficult for the average Nigerian to realize this dream? Lack of Housing Finance in the public and corporate institutions and double digit housing loans are the major culprits while others include land for housing, population explosion, high cost of building materials, inflation that brings about unemployment and decreased purchasing power of the low and medium income earners.
5. The major housing Finance trends and developments in the Nigerian market can be summarized by tracing the historical tendency of the influence of the financial sector in the housing industry. In 1956, a Secondary Mortgage Institution called Nigerian Building Society (NBS) assumed the role of the main conduit for housing finance delivery. NBS was a British and Nigeria partnership arrangement. Nigeria’s housing finance development can be classified under major political periods, namely pre-independence (1914-1960), post-independence (1960-1979) and a second and subsequent civilian administrations (1979 to date). However, the mortgage institutions decree No. 53 of 1989 led to the establishment of the following; Primary Mortgage Institutions (PMI) as mortgage savings for on-lending property development and mortgage creation. And, the Secondary mortgage institution, the Federal Mortgage Bank of Nigeria (FMBN), to function as the Apex mortgage institution for regulation. While the National Housing Policy of 1991 was a bold step by the Federal Government of Nigeria to address the challenge of lack of finance for housing development and mortgage. The National Housing Fund (Act. No. 3) of 1992 is a collating reservoir of long term funds in terms of monthly contributions from workers in the public and private sectors. Unfortunately, most Nigerians see mortgage loans from Government as part of their share of the "national cake" leading to high default rates. This has forced the Government to encourage prospective home owners to approach commercial banks who regrettably have high interest rates. Thus, the Government who is supposed to be a major player in the provision of homes is now seemingly not on the frontline. The Government established the Nigerian Mortgage Refinancing Company (NMRC) to help in reducing the cost of mortgage loan by improving market efficiency.
6. From the inception of Government initiative in organized housing finance system to date, only a meager sum have so far been injected to the system. This accounts for less than 0.5% of the Gross Domestic Product (GDP) as compared to other climes (like United Kingdom, South Africa etc) due to the inability of financial systems in providing low cost finance that meets the need of low and medium income earners. Therefore, the Secondary Mortgage institution (FMBN) should be strengthened by ensuring full compliance with the National Housing Funds (NHF) Act by affected stakeholders, like the Central Bank, commercial banks, insurance companies, Mutual and Trust Fund administrators. However, I am happy to note that with the greater participation of the private sector in housing and embracing the new initiatives of this Administration, the journey to sustainable housing delivery is on course.
7. Ladies and Gentlemen, it may interest you to note that the current Administration has taken cognizance of the housing sector as an important area requiring priority attention for reinvigoration and revitalization. This accounts for the appreciable budgetary allocation to the sector in the current annual estimate. This vision is increasingly being energized by the Federal Ministry of Power, Works and Housing. Only recently, the Ministry organized a National Housing Summit, where stakeholders met and examined the numerous constraints militating against the provision of affordable housing in Nigeria and proffered a clear, sustainable and strategic blueprint to mitigate same. Identified as a critical factor in the provision of affordable housing was lack of access to construction finance by developers including high risk in current mortgage finance structure which does not support the buying-off of houses to enable developers recoup their investments on time. The Summit resolved that there was need for necessary machinery to be put in place to promote appropriate construction finance schemes. AUHF members are hereby challenged in this regard. In the summit also, various definitions of affordable housing were adduced. However, the consensus from these definitions revealed that there is no one-size-fit all definition for Affordable Housing. The indices that should be used for defining Affordable Housing would include Segregation, Stratification, Classes of people and their income bracket, not more than one-third net household income of the target group and equity contribution of end-users.
8. I am happy to note that despite the challenges that housing delivery has encountered in the country over the years, the renewed vigor and policy re-orientation of this Administration have set the agenda for Housing revolution. In this regard, the Ministry has produced six (6) designs of one bedroom, two-bedroom, three-bedroom flats, bungalows and condominiums that will represent the Nigerian House which responds to our cultural diversity. Another key area of achievement is the pursuit and promotion of local content and standardization of building components such as doors, windows, tiles, roof boards and other accessories to be produced by local manufacturers as part of our support for local industries SMEs and in pursuit of diversification and job creation. Effort is already being made to embrace and deploy modern technology to mass production of housing in all the States of the Federation and FCT using the Traditional procurement platform and the Contractor Finance Initiative model, to reduce the housing deficit.
9. To make the Housing Sector attractive, viable and stimulate growth, the present Administration plans to de-risk lending to approved Housing Developers. This will entail the government providing guarantees and other credit enhancement to developers. Government therefore plans to issue promissory notes to reduce Developers financing requirements. Government recognizes that provision of leverage and guarantees are critical in attracting private sector funds into the industry thereby creating thousands of affordable houses each year as well as generate considerable employment and commercial activities. These are some of the far reaching contribution of the Finance Minister during the Housing Summit.
10. Ladies and Gentlemen, I wish to state here that much discussion has been held on the housing deficit. There is therefore need to change the story to begin to discuss the housing opportunities. Regardless of issues facing the sector, real estate projects are increasingly being launched and completed in Nigeria. With the present Administration’s many incentives, new investors are expected in the market to continue to deliver positive results.
11. It is on this note that I call on all stakeholders, especially members of the African Union for Housing Finance here present to join hands with the Federal Government towards the realization of its objectives in providing affordable housing to the people. As agent of change, members are enjoined to borrow a leaf from Nigeria and influence their respect home governments to domesticate or localize their housing options to reflect the peculiarities and expectations of the people as well as provide the private sector the needed impetus to invest in the sector.
12. Finally, I wish to state that though the challenges to the sector are real and obvious, we are convinced that with the renewed commitment of this Administration, coupled with strengthened collaborations with all stakeholders in the industry, the desired revolution in the housing sector will be achieved in not too distant future.
13. I wish you all very engaging and thoughtful deliberations and thank you for listening.
DRIVING NIGERIA’S FUTURE: CELEBRATING TWO YEARS OF TRANSFORMATIVE LEADERSHIP AND THE LAGOS-CALABAR COASTAL HIGHWAY MILESTONE
DRIVING NIGERIA’S FUTURE: CELEBRATING TWO YEARS OF TRANSFORMATIVE LEADERSHIP AND THE LAGOS-CALABAR COASTAL HIGHWAY MILESTONE
MID -TERM REVIEW MEETING ON THE IMPLIMENTATION OF THE DECISIONS REACHED AT THE 29TH NATIONAL COUNCIL ON WORKS (NCW) DAY 1
MID -TERM REVIEW MEETING ON THE IMPLIMENTATION OF THE DECISIONS REACHED AT THE 29TH NATIONAL COUNCIL ON WORKS (NCW) DAY 1