Former Minister of Works and Housing, Babatunde Fashola, has emphasized the need for significant improvements in the rent-to-own housing scheme as a crucial strategy to alleviate homelessness in Nigeria.
Speaking at the ongoing 50th-anniversary celebration of the Federal Housing Authority (FHA) in Abuja, Fashola highlighted the financial challenges hindering individuals from outrightly purchasing homes and stressed the importance of expanding rental housing programs.
Addressing the audience, Fashola asserted, “Homelessness is an undignified experience that requires decisive action from political leaders and policymakers. Not everyone can afford to purchase a house, but I firmly believe that providing rental housing for all is achievable, not just based on construction methods but also on rent payment structures.”
He underscored the necessity to sustain and enhance the rent-to-own initiatives initiated in the previous administration, calling for an expansion of such schemes at both federal and state levels. Fashola urged state legislators to enact laws that facilitate convenient rent payments in line with wages and salaries.
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Fashola’s address centered on the theme, “The future of housing in Nigeria and 50 years of FHA: A call to action for political leaders and policymakers from decent and affordable housing.” He emphasized the need for the nation’s housing policy to encompass rental housing, urging the FHA to adapt accordingly in its 50th anniversary celebration, birthing new approaches to home ownership.
Moreover, Fashola proposed various recommendations encompassing financing, housing types, affordability, community involvement, and maintenance. He stressed the importance of operating the FHA as a business entity guided by stringent corporate governance principles aligned with global best practices, suggesting a shift from previous attempts to commercialize or privatize the authority.
Highlighting the target demographic, Fashola suggested the FHA conduct professional surveys to discern the housing needs and payment preferences of individuals aged 25 to 35. He advocated for digital platforms for advertising, sales, and payments to cater to the preferences of this demographic, cautioning that outdated bureaucratic procedures could impede success in engaging with this group of potential buyers.
Fashola’s comprehensive recommendations aim to transform the housing landscape in Nigeria, emphasizing the critical role of enhanced rent-to-own initiatives and modernized approaches in addressing the housing needs of diverse segments of the population.
