The Federal Government has said it is ready to create an enabling environment for increased private sector investment in housing and urban development.
This was as it deepened collaboration with the International Finance Corporation as part of strategies to enable private developers to access funding through IFC mechanisms and increase access to affordable housing for Nigerians.
Earlier, the minister represented by the Minister of State, Tijjani Gwarzo, had expressed concerns that the country was yet to maximise its partnership with the body, especially in the area of housing and urban development.
He noted that the focus and priorities of the new government require an enhanced and expanded partnership with the IFC through special funding for private developers in the country.
Speaking further, the Minister reeled out the action plan of the ministry to include strengthening the institutional capacity of agencies under its supervision including the Federal Mortgage Bank of Nigeria and the Federal Housing Authority, increasing the supply of decent and affordable housing, establishing a National Social Housing Fund, and implementing land reforms to enhance easy and cost-effective access to land.
Others include establishing Building Materials Manufacturing Hubs across the country, implementing a Nationwide Urban Renewal and Slum Upgrading programme, as well as the development of New Cities that are integrated, and inclusive using a demand-driven strategy that will ensure prompt offtake of units built.
