The International Finance Corporation has identified the increasing rate of the World’s population as part of indices fueling the unmet demand for housing globally.
This was as the finance agency called for collaborations with the private sector to ensure the provision of affordable housing for low- and middle-income earners.
A Senior Investment Officer of the corporation, Godfrey Tapela, stated this in his presentation at the 17th Africa International Housing Show ongoing in Abuja.
According to him, IFC has invested $1.4bn in 57 housing projects in over 14 countries to help increase the supply of affordable and quality housing so that more low and middle-income households become homeowners.
He said, “Housing is a basic need of every human. Demand for shelter is needed most of the time fueled majorly by the increasing growth of the World’s population. Housing is a challenge globally and this means we can’t build enough houses to catch up with the demand every year.
“But, the best way to make an impact in terms of moving the sector is to work together to address our housing deficit rather than work alone in silos.
“IFC is part of the world bank group to deal with the private sector to address a lot of the economic challenges faced today in the world and we have our presence in financing projects to make housing affordable for all.
“We also provide long-term funding for housing projects and collaboration is needed to deepen investment in the sector.”
Speaking earlier, the Managing Director of Nigeria Mortgage Refinance Company, Kehinde Ogundimu, tasked stakeholders in the housing sector to collaborate towards developing reliable housing data for the adequacy of homes in the country.
According to Ogundimu, stakeholders in the housing sector need to assess the adequacy of housing production in the country in relation to population growth and job creation, without which knowledge and sustainable progress will be difficult.
“We discuss Machine Learning (ML) and Artificial Intelligence (AI) all the time, but without data, there would be no ML or AI. So, the importance of data cannot be over-emphasised.”
“Data is arguably the most crucial commodity in today’s world; it has become a new currency. This is why, at NMRC, we take data very seriously, as it is essential for addressing significant needs.
“Moreover, we must identify houses for those who need assistance or support. Understanding neighbourhood variations, especially those facing gentrification, destabilisation or decline, is crucial. We also need to know the number of houses for older adults. The kind of housing they need is different from the type of housing that younger people need,” he stated.
Meanwhile, the Managing Director/Chief Executive Officer of Shelter Afrique, Mr Thierno-Habib Hann, has revealed that its debut 46 billion bond issuance in Nigeria’s capital market will deliver 1, 100 housing units and create an estimated 5, 000 jobs.
Mr Hann, who attributed Nigeria’s housing deficit to a lack of investment in data to guide policy-making, said the bond, oversubscribed to N64.3 billion, was floated as part of efforts to close the deficit.
He said, “Shelter Afrique has successfully completed its debut 46 billion (US$110.7 million) series one fixed rate senior unsecured bond issuance in Nigeria’s capital market under its 200 billion (US$481.3 million) bond issuance programme in April 2022.
“The dual tranche bond issuance was 60.7% oversubscribed with the order book peaking at 64.3 billion (US$154.6 million), enabling Shelter Afrique to exercise the ‘green shoe’ option and raise an additional 6 billion (US$14.4 million) more than the original 40 billion plan (US$96.3 million).
“The proceeds from the bond issuance are expected to deliver an estimated 1,100 housing units and create an estimated 5,000 jobs in the country. This is a testament to Shelter Afrique’s commitment to supporting Nigeria to achieve its social and economic development objectives.”
