Abuja: Casalavoro Limited, a prominent company in real estate and hospitality, has highlighted the significance of government land incentives and partnerships in addressing Nigeria's pressing housing deficit. The Group Chief Executive Officer of the company, Williams Olatunbosun, emphasized these points during the unveiling of Casalavoro Residence in Wuse 2, Abuja, on Saturday.
According to News Agency of Nigeria, Olatunbosun stressed that reducing the cost of land and property development could play a pivotal role in encouraging more developers to participate in the housing sector. This, he argued, would ultimately lead to more affordable housing solutions for the Nigerian populace. He outlined the company's vision of becoming the world's most sustainable African investment firm, contributing to solutions for Nigeria's housing challenges through profitable, durable, and long-term investments across Africa.
Olatunbosun articulated the need for government support, noting that the high costs associated with land and development are major hurdles in reducing housing expenses. He proposed that government intervention through lower land costs and strategic partnerships could significantly reduce housing costs, potentially halving them if land prices alone were lowered by 50 percent.
He further shared that Casalavoro Limited's calculations indicate the feasibility of creating impactful housing solutions with a budget as modest as 50 million naira, emphasizing affordability and flexible payment plans. This approach would allow individuals access to long-term financing options, enabling them to pay for homes over a span of 20 years.
The recent increase in the National Housing Fund (NFH) mortgage loan limit to N50 million per applicant by the Federal Mortgage Bank of Nigeria (FMBN) was highlighted as a positive development that would enable more Nigerians to own homes. Olatunbosun revealed the firm's ambitious goal of providing 10 million housing units over the next decade, with current operations in Lagos and Abuja and plans for expansion.
Casalavoro Limited's vision for these new communities includes self-sufficiency and energy efficiency to reduce electricity costs for the masses. Olatunbosun called for government support, including tax reductions and access to finance, to empower entrepreneurs and facilitate expansion.
Attah Ahiaba, Chairman of Casalavoro's Board of Directors, echoed the firm's commitment to delivering quality housing aimed at sustainability and reducing Nigeria's housing deficit. He emphasized the importance of partnering with the government to lower housing costs by decreasing land expenses, benefiting low-income earners.
In collaboration with Casalavoro Limited, John Adewumi, Managing Director and CEO of MJ Havens Limited, expressed the desire to introduce luxury elements into the apartment business in Abuja. Adewumi also underscored the need for more government support to foster the growth of medium and small-scale businesses, thereby boosting the economy.