The government, not the private sector, should provide affordable housing, says an expert

Real estate mogul, public speaker and CEO of GTEXT Holdings, Dr. Stephen Akintayo has stated that affordable housing globally is not the responsibility of the private business sectors but of state and federal governments who will partner with private developers and offer appropriate incentives such as land and funds to help subsidize housing for the masses.

Akintayo, during a discussion with the media to mark the 16th anniversary of GTEXT Holdings, while responding to questions on how the company can help provide mass housing to those who cannot afford it, noted that private developers can only work with state governments and federal landowners. provide shelter to its residents because developers are unable to provide affordable housing without providing many incentives from the government, its agencies or philanthropists.

He noted that with the right environment and government incentives, GTEXT Homes could deliver one million units a year, translating to four million units within four years.

Akintayo, through the Stephen Akintayo Foundation, has provided grants to hundreds of business owners in Nigeria over the years, assured that the government will give him the crisis-ridden Sambisa forest, and he will turn it into a skyscraper like Dubai.

“I have answered this question several times regarding affordable housing. You have to follow what works. For example, what does affordable housing look like in the UK? A private developer goes ahead and builds a housing estate or housing unit, and then the government comes in – we call it public housing, the government pays for the housing subsidies.

“In some other parts of the world, like Rwanda, they also do this. The government will give the land to a private developer. This already reduces the costs of building a house. Also (the government) has granted the company some off-take funds, which is also a form of financing. So, with the provision of funds, land and other incentives, housing prices will come down and become affordable for the middle class,” Akintayo said.

To him: “I also said that if President Tinubu builds four million housing units in four years, I can ensure it. Take this to him. I can provide this whether we need to bring in guests from abroad (expatriates). Just give me land! Look at what is happening on the Lekki Coastal Highway, do the same joint venture with us and see what happens if we don’t literally build millions of houses.

“All these uncertainties we talk about are largely due to the fact that our forests are largely unguarded. Nothing has been done. I’ve said it before on Channel TV: give me the Sambisa forest and I will build skyscrapers there. Dubai did. You see what we also did in Dubai, the Dubai miracle in one year, we became the largest Black-owned brokerage firm in Dubai. We learned a few things in Dubai about how to deal with real estate in other parts of the world.

“And if you provide development to these areas, some of these people, terrorists, will become workers when we see them. And turn the tables. This is how cheap apartments are made. With security and Baba, Chief Mike Okiro on board at GTEXT Homes, with his knowledge and experience we can build affordable housing for customs, police and other security agencies. We have land across the country that can partner with us and build affordable homes. They will give us land, inject some capital, and we will build affordable housing,” he said.

GTEXT Holdings CEO Bukola Lukman noted that the company, having acquired green and smart properties in four countries – notably Houston, Texas, the United Kingdom and Dubai, and now entering Ghana, has spread its tentacles into southeastern Nigeria, outstanding Aba, Enugu, Asaba, pre-premiere in Owerri and already in Abuja. The company plans to relocate to Kaduna.