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Nigeria’s government has begun a nationwide scheme to build 20,000 homes before 2004, ‘The Guardian’ reported, quoting Works and Housing Minister Tony Anenih.
Opening the 30th annual Conference of the Nigerian Institute of Estate Surveyors and Valuers in Lagos on Thursday, he said the Obasanjo administration recognised housing as the second most essential human need after food.
“That is why we have initiated this project,” he said.
Government plans to build 5,000 homes each year over the next four years and “intends to review, strengthen and streamline where necessary, a number of institutional frameworks and policies that impact on property development and investment”.
These include the National Housing Fund, the Federal Mortgage Bank, Federal Mortgage Finance Limited, the Urban Development Bank, the Federal Housing Authority, the Land Use Act and the proposed Nigerian Urban and Regional Planning Commission.
He said the government would use inexpensive, locally-produced building materials to reduce costs and to keep the estimated value of a two-bedroom detached bungalow to about 500,000 naira (US $4,911).
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