Housing sector

Forex Crisis Hits the Housing Sector – BSTAN Group

Becky Olubukola, Managing Director of BSTAN Homes, urged the federal government to find solutions to address the housing deficit as well as the exchange rate crisis.

She said it on Friday in Abuja, at a launch ceremony for the National House Fair 5.0, for 2021, according to Punch.

She noted that there is a definite link between house prices, building materials and exchange rate depreciation, especially when considering a heavily import dependent economy that Nigeria operates.

What does the CEO of BSTAN say?

According to her, the rise in the exchange rate had led to an increase in the cost of materials, making life difficult, unsustainable and unaffordable for ordinary people.

She said, “The effect of our naira rate against the dollar at the moment is hitting the housing sector hard; it’s not the right time for us, because the cost of materials has increased. And because of the passion to provide affordable housing, we always do our best even to Nigerians in the Diaspora.

While emphasizing the need for the government to subsidize the housing industry, Olubukola said Nigeria has the capacity to create the materials needed to erect a cheap apartment for every citizen.
BSTAN chief, who has berated the government’s inadequate mortgage system, says the company has finalized plans to give Nigerians 10 plots of land worth N100million as part of measures to depopulate urban areas and increase business opportunities in rural areas.

She said the project was part of the organization’s goal to eradicate slums in urban areas, and she warned that if Nigeria failed to eradicate slums in cities, slum dwellers would cause problems for city dwellers.

She went on to say that SBSTAN would focus on attractive rural areas with infrastructure development and build about 100 affordable housing units.

We must work together, develop the slums; let’s stop using the poor as a tool for political thugs, let’s stop using them as a tool to stay in power.

“True leadership empowers those around it; suppressing the poor is not leadership, keep them to stay as they are one day they will face you and bite you”, she added.

Olubukola said the housing sector has a strong ability to build the nation.

She said, “When you provide shelter for every member of society, you have provided employment, food, businesses in those environments.

“We are offering the concept of subway shelter in all 36 states of the country to reduce migration from rural to urban areas and create a working life, create urbanization in these rural environments and many more.”