‘ Public- private partnerships key to bridging housing affordability gap’
Festus Adebayo is the Coordinator of the Africa International Housing Show. In this interview, he shed light on the housing show starting today at the Moshood Abiola National Stadium, Abuja, and suggested ways to address housing affordability gap among lowincome earners.
The Africa Housing Show ( AIHS) has come a long way, as the 18th edition kicks off today, what’s unique about this year’s forum?
THE 18th Africa International Housing Show is distinguished by several key factors. This year’s edition benefits from a strong collaboration with the Federal Ministry of Housing and Urban Development, a newly established standalone ministry that emerged through dedicated advocacy efforts. Another unique aspect is the participation of a United Kingdom delegation through the UK Department of Trade and Investment. Their involvement will enhance investment, trade development, and skill- building initiatives in Nigeria, which will add an international dimension to the show.
The theme for this year, “Financing the Housing We Need,” is part of what makes the show unique. The theme includes important sub- themes such as addressing the housing gap, promoting resilience and sustainability, and ensuring accountability in housing development. We’ll also examine the operational activities of key institutions like the Family Homes Fund ( FHF) and the Federal Mortgage Bank of Nigeria ( FMBN), focusing on how we can innovate their products to better serve low- income earners, and ensure affordable housing.
What sets this year's forum apart is not only its theme but also the widespread acceptance of its goals among diverse stakeholders. We have support from leading brands such as Dangote Cement, the African Union for Housing Finance, Shelter Afrique, GMH Luxury, Cosgrove, Boing Luxury, Brains & Hammer, and Constrix among others. Also, professional bodies in the housing industry are actively backing the forum.
This year’s event will feature over 21 countries with more than 500 exhibitors and 31 international speakers. We also anticipate the signing of Memoranda of Understanding ( Mous) with foreign exhibitors to boost investment and enhance local production in Nigeria.
In addition, it will provide a platform for young people in the sector through its Under 40 initiative. Recognising that youth are integral to growth, the AIHS aims to empower the next generation of leaders and innovators. By fostering their involvement, the forum seeks to harness fresh ideas and perspectives essential for advancing Africa’s efforts to address housing challenges.
It is also worth noting that on the first day, the UK delegation will host a dinner for leaders in Nigeria’s housing sector, and on July 25th, we will hold a special dinner to recognise those who have distinguished themselves in the housing sector. All these elements combine to make the 18th Africa International Housing Show a pivotal moment for advancing housing solutions in Africa. This year's theme dwells on ‘ Financing the Housing We Need’, why does this focus on financing? With interest rate on the rise, how can we get mortgagefriendly financing for homeowners in the country?
We selected the theme due to the urgent necessity to address Africa's housing deficit, particularly as the continent's population is projected to reach approximately 2.5 billion by 2050, according to United Nations estimates. This rapid population growth increases the demand for affordable and sustainable housing solutions. By focusing on financing, the AIHS aims to explore innovative funding strategies to facilitate the development of adequate housing for the growing population.
With rising interest rates, achieving mortgage- friendly financing for first- time homeowners, especially for low- income earners becomes increasingly critical. This year, the AIHS will play a prominent role in this effort by providing a platform for stakeholders to promote flexible mortgage products, such as those offering lower initial rates or adjustable- rate options. These innovations can make homeownership more accessible. The AIHS will facilitate discussions about enhancing government support, such as subsidies or guarantees, which can help make mortgages more affordable for firsttime buyers.
By bringing together financial institutions, developers, and policymakers, the forum will foster collaboration to create innovative financing solutions, including shared equity programs and community lending initiatives. This theme also recognises the importance of financial literacy among potential homeowners. Participants will be empowered to make informed decisions about their mortgage options. By prioritising financing, the AIHS seeks to mobilise investments from both the public and private sectors, fostering partnerships that lead to impactful and sustainable housing initiatives. There has been the issue of housing affordability among low- income earners, how do we bridge this gap?
Addressing the issue of housing affordability among low- income earners in the continent requires open discussions and collaborative efforts and that is why the AIHS has been facilitating these conversations, by providing a platform for stakeholders to come together and share insights.
By fostering dialogue among government officials, private sector leaders, and civil society organisations, the AIHS encourages innovative solutions and collective action to tackle the affordability crisis.
Also, public- private partnerships are essential in bridging the housing affordability gap. By collaborating with private developers, we can create affordable housing units that meet the needs of low- income earners. Incentives such as tax breaks and subsidies can encourage private investment in these projects, making it feasible to deliver quality housing at lower costs.
Exploring innovative financing solutions is another vital aspect of pushing affordability. Options like mortgage programmes can provide low- income individuals with the necessary funding to secure housing.