A building and con
struction expert and Chief Executive Officer, CSC Property and Estate Managers, Dr Atagume Peters, has called for the deployment of the growing pension funds in housing development.
Peters made this call at an event organized by Rotary Club of Port Harcourt Garden City, Rotary International, District 9140, Nigeria, on Sunday.
He asserted that taking into consideration the capacity of the workforce in Nigeria, participating in contributory pensions, the funds should be nothing less than N51 trillion (fifty one trillion naira), which he said could be profitably invested in housing, saying the amount needed to bridge a housing deficit of 700,000 units.
He noted that property is a stable investment, “if you invest in property there is no fear that you would lose your investment, it is the most stable investment I know”.
He further said, “when the Pension Reform Act was reviewed in 2014, and provided opportunities for increased investments in infrastructure and housing development and expressed optimism that the present administration would understand the need for the pension fund in housing development.
He expressed the hope that the matter of bridging the housing deficit experienced in the country would be treated with a holistic approach with interventions through policy making and political will.
He added that if pension fund is well directed, it could be the solution to the country’s housing needs, while providing a secure investment and job opportunities.