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FG urged to adopt real estate policy

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By Abraham Adekunle

A first-time buyer policy will bridge Nigeria’s housing deficit.

Stephen Akintayo, chairman of Gtext Holdings, has urged the government to initiate a first-time buyer policy in the real estate sector to bridge Nigeria’s housing deficit currently estimated to be about 20 million. Such a policy will allow both the Central Bank of Nigeria (CBN) and the Federal Government to stand as guarantor for anybody who requires a house. Under the policy, developers would provide between five to ten percent on their first house, the government would bring in 20 percent, and then the lenders can bring in the remaining 70 percent.

Recently, during the launch of Jasper Smart City Housing Scheme in the Ibeju-Lekki area of Lagos, he noted that affordability has nothing to do with private developers but everything to do with the government and its policies. This is why, he said, there is a need to start the policy known as first-time buyers policies. Nonetheless, he is optimistic that President Tinubu would champion initiatives that will turn the real estate industry around. He believes that the president has a clear understanding of the real estate ecosystem.

Housing deficit in Nigeria has worsened over the years.

Access to affordable housing has remained elusive to Nigerians. There has been an astronomical rise in the cost of building materials. Recently, news correspondents interviewed a number of people on this issue and the consensus seems to be that politicians have no interest in making corrective policies that can change the sector. The people believe that this apathy seems to be because the lawmakers can afford any standard of building regardless of its cost and maintenance.

Over the years, number of houses needed in Nigeria has continued to increase. In the 1990s, it was less than ten million, but it had risen to 12 million and 14 million in 2007 and 2010 respectively. By 2019, the figure had increased to 20 million units. The Federal Mortgage Bank of Nigeria currently pegs the number at 28 million as of January 2023. As the cost of building materials continues to skyrocket, more people are left without a home.

Launching of Jasper Estate an opportunity to celebrate Akintayo.

Meanwhile, the recently launched scheme, which is under rapid construction, is planned as fully equipped green and smart homes that will not only be off the national grid but also be powered only by renewable energy. The launch of the housing scheme also serves as an opportunity to celebrate the chairman on his recent nomination as the Forbes Best of Africa Leading Real Estate Company called Gtext Homes, a subsidiary of Gtext Holdings. The scheme is tagged as the future of sustainable housing.

He revealed that the estate will have modern amenities such as clinics, parks, a sports center, and more. The project is also close to the Lekki Deep Seaport, Dangote Refineries, and golf courses. This makes it a prime real estate investment. Akintayo said that he believes his Forbes nomination is in recognition of the good work that his company has done in the industry. “I am encouraged and humbled,” he said. He said that there are greater days ahead.

Gtext Homes CEO affirms firm’s commitment to building reliable homes.

However, he acknowledged that the award is meant to boost the team’s hard work. He said that Gtext being awarded at this level shows that nothing is impossible. He said that it serves as an encouragement for others despite the challenges that comes with conducting business in Nigeria. Finally, the CEO of Gtext Homes, Farouq Usman, re-affirmed the company’s commitment to building smart and reliable housing as well as some additional services the company offers to its clients. He said that the journey of building 25,000 green and smart homes has begun at Jasper Smart City Ibeju-Lekki.


Related Link

Gtext Homes: Website

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