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The chairman of Gtext Holdings, Stephen Akintayo, has emphasized the need for Nigeria to facilitate access to single-digit interest loans.
This will enable real estate developers to provide affordable housing in the country. Akintayo made these remarks during a recent global press conference held to celebrate the 16th anniversary of the company in Lagos.
He pointed out that funding remains a significant challenge for developers in the Nigerian building industry and called on the President Tinubu-led administration to initiate projects that would make low-cost housing a reality for many Nigerians.
Akintayo highlighted the easier access to funding in America compared to Nigeria. He also mentioned that the company recently received a $9 million approval for its Houston project, where they plan to build 60 units of single-family homes on a 21-acre land.
Akintayo mentioned that the United States Corporation of Gtext Holdings will be able to lend its Nigerian business some loans. He also mentioned plans to use profits from the U.S. operations to accelerate the construction of houses in Nigeria. This initiative aims to help the Group achieve its 2035 goal of attracting $20 billion into the real estate sector in Africa and delivering on the vision of building 25,000 houses and 200 estate projects.
Regarding the government’s role in bridging the deficit in the housing sector, Akintayo suggested that the government can guarantee private developers by providing off-taking measures that automatically halve the cost. He also proposed that the government can provide free land and some level of funding in a joint venture (JV) model or public-private partnership (PPP) initiative to reduce the cost of building. According to Akintayo, providing free land to private developers will already reduce the cost of building the houses.
Barry Obiomah, CEO of the Stephen Akintayo Foundation (SAF), announced that the foundation will offer N16 million in grants to 16 family businesses to celebrate the company’s 16th anniversary. He also shared the foundation’s mission to uplift one million Africans out of poverty through comprehensive support programs and scholarship initiatives.
