Babatunde Fashola, former Minister of Works and Housing, has urged the government and stakeholders to enhance the rent-to-own scheme as a strategic move to curb homelessness in Nigeria.
News About Nigeria reports that Fashola made this call during his keynote address at the 50th-anniversary celebration of the Federal Housing Authority (FHA) in Abuja on Thursday.
Identifying financial constraints as a major hurdle for many people to outrightly purchase homes, Fashola emphasised the need for an expansion of rent-to-own programs at both federal and state levels.
He stressed that the goal should be making rental housing accessible to all, aligning it with the nation’s focus on homeownership.
“Homelessness is the most undignifying experience for a human being and must be confronted with the necessary resolve by political leaders and policymakers. The sad but painful truth is that not everybody will be able to afford to buy a house,” Fashola said.
The former minister highlighted the significance of rent-to-own initiatives, which, he insisted, should not be allowed to wane but should instead be improved upon.
He called for advocacy for state legislators to enact laws that synchronise rent payments with wages and salaries, promoting convenience for renters.
Fashola, addressing the theme ‘The future of housing in Nigeria and 50 years of FHA’, said that the nation’s housing policy should pivot towards rental housing.
He urged the FHA to adopt a business model grounded in strict corporate governance principles, aligning with global best practices.
In addition, Fashola recommended a professional survey to understand the housing needs of potential buyers, particularly those aged between 25 and 35.
He stressed the importance of embracing digital platforms for advertising, sales, and payments to cater to the preferences of this demographic.
