One of Nigeria's prominent real estate development companies, NISH Affordable Housing Limited, has declared that creating and advancing innovative housing solutions for low and middle-income earners is essential for boosting the nation's housing supply and addressing the persistent shortage.
Cooperative Approach to Home Ownership
During an exclusive discussion with The Guardian, the Chief Executive Officer, Dr Yemi Adelakun, revealed that the company has secured land and initiated development on an affordable housing estate. He confirmed that the first 100 housing units are almost finished and will be handed over to subscribers before the next housing summit.
Adelakun explained that this project aims to empower potential homeowners through cooperative frameworks that enable them to combine savings and enhance their negotiation power when engaging with investors, developers, and other housing sector participants.
Demand-Driven Housing Strategy
Drawing from years of industry experience, the CEO emphasized that delivering affordable housing must follow a demand-oriented approach that accounts for the requirements, financial capacity, and actual demand of those seeking homes.
"Mortgage financing must also be affordable and accessible, particularly for low-income earners in the informal sector," he stressed.
Regarding NISH's vision for shaping Nigeria's affordable housing future, Adelakun stated: "We will intensify efforts to enlighten and empower prospective homeowners toward sustainable and adequate housing." He added that their focus includes digitizing finance and development processes to improve transparency and operational efficiency.
Affordable Housing Summit Initiatives
Speaking about this year's Affordable Housing Summit, Adelakun clarified that the initiative, which launched in 2017, represents a private sector-driven endeavor to investigate and execute innovative solutions that can revolutionize Nigeria's housing finance system.
The objective, he noted, is to make housing more accessible, affordable, and inclusive for all income categories. "We are adopting creative financing mechanisms for sustainable development and to stimulate effective demand for low-cost housing," he affirmed.
Adelakun also highlighted the importance of promoting sustainable living in existing estates where homeowners have access to water, sanitation, hygiene, power, and other fundamental infrastructure.
The housing sector presents significant opportunities for various stakeholders including investors, developers, homebuyers, renters, cooperatives, financiers, sponsors, insurers, telecommunications companies, payment providers, utilities, and professionals throughout the construction value chain.
NISH Affordable Housing Limited has reaffirmed its dedication to narrowing Nigeria's housing gap through strategic collaborations, innovation, and inclusive financing that enables citizens to acquire decent homes.
