Operators in the Nigerian real estate development industry, say that there is a need to look at the sources of financing construction of housing to make life meaningful for Nigerians and also make housing affordable for all.
Director of Locke Homes Ltd, Idowu Bakare stated this on Tuesday while presenting the keys to a 3-bedroom flat at the Gold Estate, Ayobo, Ipaja, Lagos to Miss Chioma Joy Oruh who emerged winner in the Win-A-Home-Today lottery organized by the Home Lottery Limited in conjunction with Locke Homes and MTN.
He said the lack of affordable mortgage facilities is a big problem confronting housing scheme in the country. “People haven’t been able to afford the deposits required to secure a mortgage and, put simply, if people can’t buy, builders can’t build.
“That there’s a need for more affordable housing in Nigeria is beyond question. Government needs to ensure new schemes are implemented swiftly and effectively so that as many developers as possible are up and running with them at the earliest opportunity,” he said.
Also speaking at the presentation, Oladayo Oyelaja, who is the Lead advocate for DreamView Enterprise; the activation agency for the Home Lottery Ltd, operators of ‘Win A Home today’ Lottery, said the company is determined to give out more houses through the lottery scheme which is going to be a monthly affair.
According to him, the initiative is strategically designed to advance and compliment government’s target of achieving housing for all citizenry. He said winners are expected every month and everybody can be part of the exercise by just texting “Home’ to 718 on their MTN line and this SMS cost 250naira for a single entry.
He said the procedure for picking eventual winners is strictly monitored to ensure the transparency of the exercise, Speaking further, Oyelaja said regulatory agencies like the Consumer Protection Council, Lagos state lottery board as well as other independent bodies are involved during the draws.
According to him, approval was sought from the Consumer’s Protection Council and also Nigerian Lottery Commission. “You can’t just put up all these together, there are steps and there are procedures to ensure that all the checks and balances are right,” he said.
Director of Locke Homes Ltd, Idowu Bakare in his address said home ownership in Nigeria is incredibly hard. He added that the promo gives those who have no option at all some glimmer of hope.
“We are looking at being a part of the solution to assist the government mitigate housing problems for Nigerians,” he stated.
He said the lack of affordable mortgage availability has been a big problem confronting affordable housing scheme in the country. “People haven’t been able to afford the deposits required to secure a mortgage and, put simply, if people can’t buy, builders can’t build.
“That there’s a need for more affordable housing in Nigeria is beyond question. Government needs to ensure new schemes are implemented swiftly and effectively so that as many developers as possible are up and running with them at the earliest opportunity,” he said.
