Former Minister of Works and Housing, Babatunde Fashola has advocated for the expansion of rent-to-own schemes to address the growing issue of homelessness in Nigeria.
Addressing the ongoing 50th-anniversary celebration of the Federal Housing Authority in Abuja, Fashola highlighted the financial constraints that prevent many Nigerians from purchasing homes outright.
He emphasized the need for both federal and state governments to expand rent-to-own programs as a viable solution to this challenge.
“Homelessness is a deeply undignifying experience that demands resolute action from political leaders and policymakers,” Fashola stated.
“While not everyone can afford to purchase a home, I firmly believe that rental housing for all is achievable, not only through construction methods but also through innovative rental payment structures.”
He urged the preservation and enhancement of rent-to-own initiatives introduced during the previous administration.
“Instead of allowing these programs to fade away,” he advised, “we should explore opportunities to expand rent-to-own schemes at both federal and state levels. Additionally, we must advocate for state legislators to enact laws that make rent payments convenient and aligned with wages and salaries.”
Fashola also emphasized the need for Nigeria’s housing policy to prioritize rental housing and called upon the FHA to recognize this shift.
He proposed that the agency should adopt a business-oriented approach governed by stringent corporate governance principles in line with global best practices.
“FHA must acknowledge that the primary market demand stems from individuals between the ages of 25 and 35,” Fashola suggested.
“Conducting a comprehensive survey to understand their needs before designing and constructing housing units would be highly beneficial.”
He further recommended that FHA conduct a survey to determine the preferred payment methods of this younger demographic and integrate digital platforms into their advertising, sales, and payment processes.
“If FHA expects these individuals to navigate outdated bureaucratic procedures to purchase homes, the success of their initiatives is at risk,” he cautioned.
