Jonathan Says Nigeria Needs N56 Trillion to Bridge Housing Deficit

President Goodluck Jonathan says Nigeria needs N56 trillion to bridge the country's 17 million housing units deficit.

Jonathan stated this at the 53rd General Assembly of the Nigerian Institute of Architects (NIA) in Abuja.

The shortfall alone minus infrastructure, according to the President, would require more than N56 trillion, at an average cost of N3.5 million per housing unit to remedy.

The President, who was represented by the Minister of Works, Mr Mike Onolememen, said the task if achieved, would improve on the nation's prevailing home ownership rate of 25 per cent.

He said his administration was aware of the conditions and the challenges facing settlements as the demand for infrastructure, basic services and housing was on the increase.

"Housing associated facilities are grossly inadequate and millions of citizens live in substandard environments or slums plagued by squalor and lacking basic amenities of life.

"To reverse this trend, my government recently announced plans to establish the Nigeria Mortgage Refinance Corporation (NMRC).

"This corporation is intended to provide funding for the housing and construction sector.

"It will be PPP initiative to partner with the Federal Government, Nigeria commercial banks and savings and loans institution with World Bank which is providing concessional credits of $300 million."
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