Housing Finance, Affordable Mortgages And Social Housing Are What We Need In Nigeria
Channel: Prof. Yemi Osinbajo
Date: 2023-02-10

#HousingEstate #Odu'a #Nigeria #Diaspora #Osinbajo 

Commissioning Of Estate Built By UK-Based Diasporans Inspired By VP Osinbajo To Invest In Nigeria



A group of UK-based Nigerian professionals and investors who are partnering with the Odu’a Investment Company Limited to build a big housing estate in Ibadan say they were inspired to come home and invest at a meeting in London years ago with Vice President Yemi Osinbajo, SAN, even as he details required steps to address Nigeria’s huge housing deficit.
 
 
The VP spoke at the commissioning of the Westlink Iconic Villa - a joint venture project of Odu’a Investment Company Limited and Chapter Four Estates Management Limited owned by UK-based Nigerians, on the requirements for addressing the housing deficit in Nigeria. He said a more lasting solution lies in ensuring adequate housing finance, affordable mortgages and available social housing. 
 
 
“There is a significant housing deficit, 17 million, which should ordinarily be a major economic opportunity not just for house ownership but also for the many jobs and manufacturing opportunities that housing brings. The missing link is not the market, nor is it the number of ideas for private development. Housing finance, affordable mortgages and social housing are what we need,” the VP noted.
 
 
Continuing, Prof. Osinbajo said “every developed economy has had to grow, usually, with government support, mortgage schemes. What needs to be done is that government must provide the capital to derisk single-digit mortgage lending by banks.”  
 
 
Citing examples in the US where government-sponsored enterprises have been instrumental to the growth of the housing sector, the VP said “the role of government is crucial.”

 
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Oluyemi Oluleke Osinbajo is a Nigerian Lawyer and Politician who is the current Vice President of Nigeria, in office since 29 May 2015.

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