More than 70 million Nigerians are struggling to own their own apartments due to the federal government’s inability to deliver a favorable mortgage program, said BSTAN Group Managing Director and CEO Dr Becky Olubukola.
According to her, more than 60% of families spend their annual income on rent, while linking the high cost of construction, land disputes, low incomes and other factors to the 20 million housing deficit in the country.
Olubukola, who said this in Abuja during the Home Titan Network unveiling, said high interest rates on mortgages had made housing unaffordable for the country’s poor and vulnerable.
She further revealed that the group decided to introduce the Home Titan network to solve the housing problem in Nigeria.
Olubukola said: “The devaluation of the naira and taxation is also a housing problem in Nigeria. But today we bring the solution called Home Titan Network and the Metro Shelter Program.
“Home Titan Network helps you leverage your social capital to get a dream home. HTN is the opportunity to own your home in any location of your choice in Nigeria, Africa and the world at large.
“More than 70 million Nigerians are struggling to have their own apartments because the government has not granted a favorable mortgage.
“In addition, over 60% of families spend their annual income on rent, while high construction costs, land disputes, low incomes and other factors are responsible for the more than 20 million housing deficits in the city. the country.”
A few weeks ago, at an event to unveil the National Home Fair 2021, 5.0, Olubukola advised the federal government to find ways to reduce the dollar exchange rate in order to make housing affordable for citizens. and close the housing deficit in Nigeria.
According to her, the increase in the exchange rate has led to an increase in the cost of materials, making it uncomfortable, unsustainable and unaffordable for the common man.
“The effect of our naira rate against the dollar is currently hitting the housing sector hard; now is not the right time for us because the cost of materials has increased. And because of the passion to provide affordable housing, we always do our best, even to Nigerians in the diaspora, ”she said.
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