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Housing deficit: Expert advocates installment payment platform for building materials purchase


An estate in Abuja
A real estate manager, Mr Kingsley Theophilus, on Friday canvassed the need for manufacturers of building materials
to develop an instalmental payment platform for low income earners to boost housing delivery in the country.
Theophilus, who also the Chairman, African Shelter Support and Empowerment Initiative, told the News Agency of Nigeria (NAN) in Lagos access to
building materials such as cement, roofing sheets, steel and planks would help low income earners to own houses.
He noted that many low income earners were willing to own houses but for the inability to access funds to pay for the materials.
According to him, an instalmental payment platform, where buyers can conveniently pay within a specified period of time will help housing
“Nigerians are known for piecemeal form of building construction becasue of lack of funds. This is the reason why it takes an average
Nigerian many years to complete a building.
“But if there is an instalment payment platform where prospective homeowners can access the building materials and make the
payment later, many people will build houses, resulting in reduction in the nation’s housing deficit,” Theophilus said.
On high cost of building materials, Theophilus identified lack of government support and incentives to manufacturers as the major and urged the Federal Government to encourage local manufacturers by creating an enabling environment for them.
“The local manufacturers need steady power supply, adequate security, credit facilities and tax holiday and waiver to encourage them to
excel,” he said.
Theophilus, however, urged manufacturers to be more innovative in producing quality materials that would attract local patronage.
He said majority of local manufacturers were not creative enough, adding that they need to come up with varieties and raise the quality of the
building materials and furniture that could compete internationally.
According to him, it is the inability to get the desired products locally that made most Nigerians to go for imported furniture and building
“Obviously, Made in Nigeria products are stronger, less expensive and can last for a long time.
“But since most Nigerians go for imported goods, local manufacturers can as well adjust to compete internationally,” he said. (NAN)

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