Nigeria has a housing deficit of over 15 million homes and a recent World Bank document revealed that there is a need to produce 700,000 housing units annually for the next 20 years to overcome this deficit. With such a huge housing deficit Rivers State is seeking for sustainable solutions.
In Rivers State, we have adopted a Public-Private Partnership (PPP) approach with a Housing policy that would enable the public get quality and affordable houses while the private sector gets new business opportunities. To this end, a Housing Policy has been put in place. Under the Rivers State Housing policy, the State provides opportunities for affordable housing that enable the supply of diverse types of houses at affordable prices. We provide land subsidy to private developers and a shared equity scheme where a percentage of the units provided on each project is set aside for affordable housing to be sold under the scheme.
In partnership with the private sector we have embarked on projects that are expected to provide over 3,000 housing units in the Greater Port Harcourt City Area, the Rainbow Town, and Golf Estate projects. The housing deficit in Rivers State translates into vast investment opportunities in residential, commercial as well mixed development.
There is also the option of infrastructure alone on a PPP basis so that the public can buy serviced plots of land covered by a Certificate of Occupancy from the State.