Business
Nigeria Needs 720,000 Housing Units For MDG – FMBN
The Managing Director,
Federal
Mortgage Bank of Nigeria, Mr Gimba Kumo, says Nigeria needs to produce 720,000
housing units annually to meet the Millennium Development Goal by 2015.
Kumo stated this last week in Enugu in a message he
delivered at a workshop organised by the South-East zone of the Real Estate
Development Association of Nigeria (REDAN).
Kumo, who was represented by the Controller of the bank in
Enugu, Mr Chris Ibuzo, said Nigeria required N56 trillion funding to attain the
target.
Quoting the National Bureau of Statistics, Kumo said that
the national housing deficit stood at between 12 million to 14 million and 17
million.
“The challenge is huge and any effort aimed at addressing it
is definitely significant.’’
He said that the bank created the Estate Development Loan
(EDL) to instigate the development of massive housing stocks in the economy,
and meet the home ownership needs of Nigerians.
Kumo also said that the EDL would remove the constraints of
accessing titles to land by individuals as well as foster the development and
operation of a robust mortgage market for estate developers.
In his paper entitled: “Accessing Suitable Land for Real
Estate Development: Problems and Prospects’’, an Estate Developer, Mr Ugo
Chime, regretted that many people were not aware of mortgage facilities in the
country.
According to him, out of the N94 billion mortgage funds
released by the Federal Government, the South-East had not accessed up to N5
billion of the fund.
Chime called for intensive awareness campaigns and
sensitisation to enable the masses access the fund.
In his paper entitled: “Sources of Finance for Real Estate
Development: Problems and Prospects,’’ Mr Elijah Onyeagba of Aso Savings,
Abuja, called for the amendment of the Land Use Act.
He said that the Act gave absolute ownership of land to
state governments in trust for the people, thus making it difficult for people
to access land in many parts of the federation.
The workshop attracted estate developers from the South-East
zone as well as captains of industries.
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