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Expressing evident concern over the limited rate of homeownership within the Nigerian population, Chuks Omeife, the former President of the Nigerian Institute of Building (NIOB), highlighted the insufficiency of a viable mortgage system in the country to aid citizens in acquiring homes. This inadequacy has led to a deceleration in housing development, culminating in a notable deficit in the national housing inventory over an extended period.
Additionally, he observed that the elevated expenses associated with building materials have contributed to the challenge of unaffordable housing. Omeife underscored that the affordability of housing is shaped by various influences, among which is the notably low proportion of domestically sourced materials used in housing projects, a situation exacerbated by the prevalent dependence on imported finishing materials.
He went on to elaborate that due to the inefficiencies in the production of locally-made components, there has been a significant influx of imported construction materials into the national market. Concerning the strategy to tackle the shortage of housing among low-income individuals in Nigeria by adopting Malaysia's affordable housing approach, Omeife indicated that Malaysia's housing policy represented a comprehensive endeavor that seamlessly integrated quality, expedient construction procedures, and cost-effectiveness in housing provision.
According to Omeife, this approach, set in motion by the government, constituted a meticulously structured fusion of housing developments. He further detailed that the policy was meticulously designed to establish robust, interconnected housing communities where individuals from various income strata, including high, middle, and low-income earners, coexisted harmoniously within designated layouts.
In a typical land layout, the development blueprint encompasses a mix that caters comprehensively to all sectors of society. With the government as the driving force behind the project, land is made available at no cost to developers, who then devise diverse housing designs, incorporating a mandatory allocation of 30 percent of the layout reserved exclusively for the low-income demographic.
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