Mr. Adekunle Abdulrazaq Oyinloye, MD/CEO, Infrastructure Bank Plc, made the revelation when he presented a paper on the housing deficit challenge yesterday at the National Conference on Shelter and Urban Renewal, organized by Daily Trust to commemorate the World Habitat Day in Abuja.
His paper titled, "Housing Deficit in Nigeria: Imperative of Social Housing," explored tenets for viable solutions to housing problems through appropriate and enabling government legislation and policies, unflagging goal to construct quality living environments.
Such solutions, according to him, include responsiveness to local demand and needs, underpin by drive for employment creation, and disciplined promotion of best practices and standards in relation to design, delivery and management.
Oyinloye said while development and implementation of housing solutions for a range of income groups, special focus should be on "key workers" while there should be political will to accompany appropriate and enabling government legislation and policies.
He said policy and legislative formulation should be informed by experiences in other jurisdictions while there should be promotion of private sector participation beyond provision of finance adding that technical knowhow and governance are paramount.
The Infrastructure Bank MD said there should be promotion of access (land and financing) / protection of the masses while the focus should be on Land Use Act; Rental Market Act and foreclosure legislation.
Other areas of focus, according to Oyinloye, should be banking and mortgage lending practices, tax incentives, fiscal policy (cost of borrowing, personal income, subsidy programs, attract private sector, building materials, etc),and professional practices (PMI/financial advisors).