The Chairman, Board of Directors, Bilaad Realty and Coordinating Trustee of the Bilaad Development Trust, Dr. Sadiq Suleiman Abdullahi, has called for a shift in the way housing is financed in Nigeria. He made this statement during the Company's Gem Hunt 5.0 event in Abuja, which had the theme "From Roots to Riches: Building Nigeria's Next Generation of Entrepreneurs". Dr. Abdullahi identified three critical pillars that must be addressed to make housing affordable in Nigeria.
According to Dr. Abdullahi, the first pillar is ethical finance, which involves concessionary finance that is revenue-based, rather than conventional finance with predatory debt. He noted that the cost of finance in Nigeria is high, and that no amount of financial engineering can make houses cheaper if the cost of finance is not addressed. The second pillar, he said, is alternative building technologies that take into account cultural nuances and the different needs of various regions.
The third pillar, Dr. Abdullahi said, is an all-inclusive mortgage system that incorporates the informal sector and all forms of earners. He noted that currently, many Nigerians are priced out of the mortgage market due to high house prices and restrictive mortgage terms. For instance, someone earning ₦150,000 to ₦200,000 per month cannot afford a mortgage due to the high cost of houses. An all-inclusive mortgage system would help to address this issue.
Dr. Abdullahi also spoke about the Gem Hunt 5.0 project, which aims to promote entrepreneurship in Nigeria. He said that the project is critical in addressing the challenges faced by Medium, Micro, Small and Medium Enterprises (MSMEs) and the informal sector, which contribute significantly to Nigeria's GDP and employment. The project seeks to provide funding, access to the digital economy, and mentoring to young entrepreneurs.
The Gem Hunt project, now in its fifth edition, focuses on building Nigeria's next generation of entrepreneurs. Dr. Abdullahi noted that many young entrepreneurs have good ideas but lack access to funding and other resources. The project aims to provide them with the support they need to succeed. This includes funding, participation in the digital economy, and mentoring by established business people.
Emmanuel Bassi Usman, CEO of Bilaad Realty Limited, also spoke at the event, highlighting the importance of promoting entrepreneurship in Nigeria. He noted that Nigeria is facing a brain drain, but that the country also has the opportunity to create wealth and bridge the unemployment gap by building entrepreneurs. The Gem Hunt project, he said, is critical in promoting entrepreneurship and contributing to economic development.
The event provided a platform for young entrepreneurs to showcase their ideas and innovations. It also highlighted the need for a more inclusive and supportive environment for entrepreneurship to thrive in Nigeria. By addressing the challenges faced by MSMEs and the informal sector, the Gem Hunt project aims to contribute to Nigeria's economic growth and development.
Key points
- Dr. Sadiq Suleiman Abdullahi proposes three critical pillars for affordable housing in Nigeria: ethical finance, alternative building technologies, and all-inclusive mortgages.
- The Gem Hunt 5.0 project aims to promote entrepreneurship in Nigeria by providing funding, access to the digital economy, and mentoring to young entrepreneurs.
- The project seeks to address the challenges faced by MSMEs and the informal sector, which contribute significantly to Nigeria's GDP and employment.
