The President of Real Estate Developers Association of Nigeria (REDAN), Rev Ugochukwu Chime, has disclosed that the challenge to reduce the housing deficit and use it as a formidable tool for employment generation and inclusive economic growth, could only be attained with active collaboration of stakeholders.
He stated this in Abuja, yesterday, on the sideline of a workshop for Real Estate Developers, organised by Real Estate Developers Association of Nigeria (REDAN) with the theme, ‘Enhancing Real Estate Development Through Collaborative Effort’.
He said that though government has focused on making land and finance available as the only solution to affordable housing, the key challenge is a collective understanding of stakeholders’ involvement in the value chain, their roles, responsibilities and expectations, capacity, skillset and competency enhancement.
Chime stated that the aim of the building expo is to further enunciate to stakeholders, the essence of collaboration to upscale the real estate and housing sector of Nigerian economy.
The President sought the need for a forum where all stakeholders involved in housing development like bankers, lawyers, administrators, tax consultants, building material producers, policy makers, developers, estate agents, legislators, government and other members of the real estate and housing related producers, would unite to proffer solutions to problems of finance, land acquisition, foreclosure and factors that would facilitate ease of doing real estate and housing business.
He regretted that the existing legal infrastructure and institutions couldn’t deliver the expected affordable housing in the country, even as he called for the restructuring of real estate sector in tandem with emerging trends and best practices.
On his part, the Managing Director of Federal Mortgage Bank of Nigeria (FMBN), Arch Ahmed Musa Dangiwa, who was represented by Mr Godwin Agabi, maintained that FMBN has been collaborating with Mortgage Bankers Association of Nigeria (MBAN) and REDAN, to ensure that delivery of affordable housing provides employment for Nigerians.
Also, the President of Trade Union Congress (TUC), Comrade Bobbai Kaigam stated that government should provide infrastructure at the project sites to enable contractors reduce the cost of houses.
This, he believed, would lessen the over 20 million housing deficit, saying that workers would continue to fight institutions that offer mortgage loans at double digit interest rate.