(Ecofin Agency) - The Federal Government of Nigeria has revealed plans to commit a sum of N1 trillion ($2.9 billion) to the construction of housing units under the new Social Housing Programme. This aims to fill the housing gap in the country and stimulate economic growth.

Speaking at a Housing Show held at the International Conference Centre in Abuja on Monday, the National Chairman of the All Progressives Congress (APC), John Odigie-Oyegun, explained that the programme would be public and private sector driven.

According to him, the programme which is included in the Economic Recovery and Growth Plan (ERGP) of the government would deliver about 2.5 million housing units constructed using local materials would be completed over a planned period.

The National chairman noted that there are numerous factors affecting the supply of affordable houses in the country. These include “high cost, access to finance, high interest rate, level of available skilled labour and land”. These are being tackled through targeted policy initiative of the existing Buhari administration, he highlighted.

Anita Fatunji