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…Delivers 1000 homes at Greater TAF City in Port Harcourt
TAF Africa Global, a real estate investment and development company with footprints across Africa, has said that incentives such as tax breaks and a functional mortgage system have the capacity to reduce the cost of housing in Nigeria.
Mustapha Njie, MD/CEO, Greater TAF Nigeria/TAF Africa Global, who stated this in Port Harcourt, Rivers State, recently, added that measures or policies that could reduce the cost of construction materials can also bring down the cost of housing.
Njie, a Gambian national with strong presence in Nigeria’s real estate market, spoke at the recent commissioning of 1,000 housing units delivered by his company in partnership with the Rivers State government at Greater Taf City in Port Harcourt.
The 1000 housing units are the first phase of the 20,000 units planned for the Taf City. This, in turn, is part of the vision of Taf Africa Global to deliver one million housing units across Africa.
“Today, we commission the first 1000 homes built. But this is only the beginning. It is a foundation for thousands more homes for businesses to thrive, families to flourish, and a legacy of sustainable development. We are honoured to walk this path with you, Your Excellency, as we gear towards TAF Africa Global’s vision of building one million homes in Africa,” he said.
Describing the Greater TAF City project as a vision of dignity and prosperity for Rivers people, Njie said it had not only materialized in the first 1000 keys to new homes but had also earned recognition as one of the best public-private partnership housing initiatives in Africa.
“This project’s impact resonates beyond our borders. Because of the innovative public-private partnership model you pioneered here, last year in Zanzibar, the African Union for Housing Finance (AUHF) recognized this project as the Most Innovative PPP in Affordable Housing in Africa,” he revealed.
Over the years, in Nigeria, successive governments have made efforts to tackle the country’s housing challenge to no avail, while output by private developers remains inadequate, hence the need for drastic measures to reduce the cost of housing and ramp up supply to meet growing demand.
“Cost of housing is primarily directly proportional to the cost of construction. Therefore, if the cost of construction/building materials drops, it will have a direct impact on reducing the cost of housing. The government could offer tax breaks and other targeted incentives to players in the construction industry’s value chain.
This will ultimately reduce construction costs. More mortgages should be provided to home buyers to increase effective demand and consequently put developers in a position of enjoying economies of scale,” Njie noted.
TAF Global’s vision of constructing one million housing units in Africa and its public-private partnership (PPP) drive underscore its readiness to help solve Nigeria’s housing problem.
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The company seems to know the urgency of this task, given the increasing demand for housing in Rivers State in particular and the nation in general. It is therefore not resting on its oars in the quest to complete the Greater TAF City project.
Njie says they are poised to sustain the success achieved in delivering Phase 1 as they construct more homes until the entire target is achieved. “The project is an ongoing one. So, work didn’t stop upon getting to 1,000 homes. We are aiming at completing a few more thousand units in the coming years,” he disclosed.
TAF Africa Global’s achievements so far did not come easily, as high cost of building materials, inflation, and general economic meltdown were some of the challenges the company faced in the course of delivering Phase 1 of the Greater TAF City project.
But, the challenges notwithstanding, established reputation, goodwill, quality service delivery, and clientele confidence continue to open multiple doors of patronage for the company, giving it an edge over economic realities.
“We have a strong brand, given our records of consistent delivery on our promises, which makes us enjoy significant patronage and therefore better economies of scale,” he said.
The success of Phase 1 of the Greater TAF City project has already earned commendation for Rivers State Governor, Siminalayi Fubara, as a pointer to his promise of ensuring the project’s realization at all costs.
“Let me thank our partner and assure him that we will continue to support him to make sure that we complete the 20,000 housing units. I know that a lot of people will be shocked that this project got to this stage, but you should understand the person you’re dealing with.
We’re committed, we’re determined, and the interest of Rivers State is above our personal interest. So, if that is our model, this is just the beginning,” Fubara assured/.
A journey of 1000 miles, they say, begins with a step. With TAF Africa Global having already embarked on its one-million- homes-for-Africa journey, hope is high that Africa’s housing problems will, one day, become history.
