Fashola made the disclosure in Lagos at the maiden edition of Real Estate and Housing Lecture organised by City People Magazine.
The lecture was entitled: “Moving the Real Estate Sector Forward, My Thought, My Experience.’’
He said that policy framework for standards, capacity and knowledge of developers, and purchasing power of home seekers were integral to solving housing deficit in Nigeria.
Fashola identified mortgage financing and government support through incentives as also integral to providing affordable housing to the teeming population of Nigerians.
He added that the 2016 budget provided some incentives.
He said that there was a provision of N35 billion for housing in the 2016 budget and that the government had both long and short term plans on how to execute the project.
He said that government was testing the workability of mass housing initiative and if found effective, hopefully, more funds would be allocated in the 2017 budget.
“Our objective is to use this year’s budget, that N35 billion to prove the efficacy of this concept in the short term, and this concept can work,’’ he said.
The minister explained that nations like the United Kingdom and Singapore achieved success in real estate development with the support of government and the mortgage institutions.
He advised developers to revisit the idea of private hostels, an initiative which was adopted by religious organisations in the past.