About 67 to 69 percent of people in Nigeria do not have access to formal financing that will let them start building or improving a home.
Traditionally, more people in Nigeria build incrementally, as their resources allow, so housing is a process, not a product. These families cannot afford a long-term, traditional mortgage. Instead they build in stages – creating a makeshift shelter and then eventually replacing it with permanent materials and expanding it. Small, short-term loans can fund the steps in this process with payments that are affordable for families with little money who want to improve their living situations.
However, the federal government of Nigeria have continue to neglect and show lackadaisical attitude towards this aspect of the economy. You can't just understand why there is not enough synergy between the state government and the federal government of Nigeria to tackle this issue. Just last month, the governor of Lagos State in the person of Babajide Sanwolu issue an ultimatum to squatters in various places in Lagos. To go where?
Why can't the state government and the federal government of Nigeria have a partnership to provide technical assistance to leading financial institutions in the country to develop housing microfinance products and services to serve people living on less than US$1 per day. This initiative should target people who want to improve their housing conditions progressively. Through these financial institutions, families can access small, short-term loans with affordable payments that can fund their incremental building process.
This project if funded, can helped more than 40,000 families in Nigeria access loans to secure adequate housing and so improve their living conditions.
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