Affordable housing a big challenge in Nigeria – Inyangete

Nigeria is facing a significant challenge when it comes to affordable housing, according to Charles Inyangete, the CEO of the Nigeria Mortgage Refinance Company. In a recent interview with CNBC Africa, Inyangete highlighted the pressing need for more affordable housing in the country, emphasizing that the key to making housing more affordable is to build the right kind of housing stock. He pointed out that simply focusing on numbers is not enough; the type of housing being built is crucial. Inyangete noted that many of the large houses in places like Abuja are not affordable for the average Nigerian, highlighting the need for housing options that are within reach for people based on their income and earning capacity. To address the affordable housing challenge, Nigeria needs to prioritize the construction of houses that align with people's financial capabilities. Inyangete stressed that until this approach is taken, the housing deficit in Nigeria will persist. One of the key barriers to affordable housing in Nigeria is the current lack of housing stock that is within financial reach for the average citizen. Inyangete underscored the importance of building houses that people can afford based on their income levels. He pointed out that many of the existing houses in cities like Abuja are out of reach for most Nigerians, making it essential to prioritize the construction of affordable housing options. In order to address the affordable housing challenge in Nigeria, Inyangete suggested that the country needs to build approximately 800,000 houses per year. This ambitious target aims to close the housing gap and ensure that more Nigerians have access to housing that fits their financial capabilities. By increasing the supply of affordable housing, Nigeria can make significant strides in improving the living conditions of its population. Inyangete's remarks shed light on the importance of not just focusing on numbers but also on the type of housing being built. He emphasized that the key to addressing the affordable housing challenge lies in constructing houses that align with people's earning potential. By rethinking the approach to housing construction and prioritizing affordability, Nigeria can make meaningful progress in providing adequate housing for its citizens.