Feature: To attract Diaspora Investment into Nigeria, a Housing Programme is Crucial

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By Ayo Akinfe

If President Tinubu is serious about attracting diaspora investment into Nigeria, he has to come up with a housing programme that looks something like this

[1] As from October 1 2024, every state government and the FCT authority is compelled to construct a minimum of 10,000 housing units a year

[2] Every one of our 774 local government areas is compelled to construct at least 1,000 housing units a year

[3] All government ministries, agencies, departments and parastatals are compelled to offer mortgages to any employee who has spent up to three years in service

[4] Low-cost housing loans will be offered to those who work in the informal economy by the Federal Mortgage Bank of Nigeria. These will be done through their trade associations like the Market Traders Association and the National Union of Road Transport Workers

[5] International property developers who come to Nigeria to build housing units will be offered 99 year land leases by state governments

[6] Before permission is given for any church or mosque to be built, the development must include at least 10 housing units

[7] Nigeria’s housing minister is empowered to seize any empty property which serves as a third of fourth home to a wealthy individual and convert it into social housing

[8] From henceforth, 10% of all monies recovered by the EFCC and ICPC will be spent on the provision of low-cost housing

[9] In rural areas, banks will be empowered to attach housing addendums to farming loans so farmers can construct houses in a bid to stem the rural-urban migration deluge

[10] Nigeria’s churches and mosques will be granted a licence to float a lending house known as House of God Bank. It will offer mortgages and housing loans to their lowest paid members at an interest rate of no more than 5%

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