Recession: REDAN President wants FG to embark on mass housing

By Tobias Lengnan Dapam

The President of the Real Estate Developers Association of Nigeria (REDAN), Dr. Aliyu Wamakko has called on the Federal Government to embark on construction of mass housing to cushion the effect of the country’s nose diving economy.

Speaking at the 2nd Jakande Housing Lecture Series (JHLS), in Lagos, Wamakko explained that the position of REDAN was on the basis that housing development does not require an incubation period to yield return on investments.

“It is no longer news that Nigeria has once again entered its second recession in five years occasioned by economic fallout out of the COVID-19 pandemic amongst other things. When America had its great recession in 2008, the stimulus package adopted by both Presidents Bush and Obama to revamp the economy was housing, and this applies to other climes.

“Housing development is an important tool in resuscitating an ailing economy; it creates economic activities that generate massive employment while providing cross-cutting efects on other sectors of the economy.”

He therefore appealed to Government to support the Rural-Urban Housing Initiative, RUHI-774, which he said is targeted at developing a minimum of 100 housing units across the 774 Local Government Areas and the Federal Capital Territory (FCT) Abuja.

“The RUHI-774 Initiative will be 100 percent local content driven thereby creating jobs, grow the economy and narrow the widening housing deficit in the country.”

He clarified that the Initiative has already attracted support from strategic partners, stakeholders and off-takers, as he stressed the need for government’s commitment for its smooth takeoff.

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