Estate Valuer Seeks Intervention Fund For Housing

Ahead of the 43rd Annual General Conference of the Nigeria Institution of Estate Surveyors and Valuers (NIESV), the President of the body, Mr. Emeka Eleh, has called on the government to provide an intervention fund for the housing sector and review the country’s mortgage policy.

The establishment of the intervention fund, according to him, is to help rescue the housing sector from imminent danger by providing operators with the resources to complete ongoing and abandoned projects as has been done in other troubled sectors of the economy.

The institution’s 43rd Annual General Conference holds in Benin, Edo State from March 12 to 16, 2013, with President Goodluck Jonathan expected as special guest of honour, while the former Vice President, Africa, World Bank/Minister of Education, Mrs. Obiageli Ezekwesili, will be the guest lecturer.

Addressing the inability of Nigerians to access mortgage facilities from banks, Eleh identified high interest rates as a major challenge in the mortgage banking sector and argued that it would require a special intervention fund from the government for mortgage institutions to provide low interest facilities to property developers and individuals wishing to own properties.

He also canvassed the involvement of conventional retail banks in the administration of the intervention fund in order to ensure wider access to the facility.

“There must be a direct intervention of government in the housing sector as was done to sectors such as banking, aviation and agriculture,” he said, adding that the intervention could be in the region of N50bn so to stimulate the housing industry and create jobs. He pointed out that government’s intervention in the housing sector would reduce unemployment in the country as the industry supported many other subsidiary businesses. According to the NIESV President, an average construction site generates huge formal and informal job opportunities ranging from food retailers, sand and water suppliers, building material suppliers and artisans who work directly at the sites.

On access to mortgage facilities, Eleh canvassed the involvement of retail banks in the disbursement of mortgage funds to be provided by the government by taking advantage of their spread all over the country.

placed and structured to make the mortgage system more effective. The intervention fund to be provided through mortgage and retail banks will force down interest rates and ordinary Nigerians can access housing funds,” he Eleh said.

The 2013 conference, which has as its theme, ‘Infrastructure development and economic empowerment,’ will be formally declared opened on March 14 by the President and will attract the presence of the Edo State Governor, Mr. Adams Oshiomhole.