Business
Edo Promises To Tackle Housing Sector Challenges
Governor Godwin Obaseki of Edo State says his administration will tackle the lingering challenges confronting the housing and real estate sector in the state, to ensure affordable houses for people living in Edo.
The governor, made the promise recently in Benin night while delivering his closing speech at the end of a 2-day workshop on Housing/Real Estate.
The workshop, entitled, “Quest for Adequate and Sustainable Real Estate for Edo People” was organised by the state government.
Obaseki, said the problem facing the state in the housing and real estate sector was that of violation of law and order by the people, noting that, the system would not work effectively without people abiding by the laid down law and order.
According to him, the state has law governing land but that over the years, people took laws into their hands, violating property laws, invoking jungle law and indulging in appropriating land to themselves.
He also said that, the present administration in the state was ready and open for housing business and had commenced the process of developing the Benin Master plan to clean up the system,
The governor also said his administration had taken housing issue very serious and would implement the outcome of the workshop and make housing for the people a reality.
“We have the human capacity, we have the unique opportunity in terms of our location.
’Our location has given us greater opportunity as the entire key ingredient needed to create a modern society exists in our state.
“We have the capacity to drive major economic growth of the state.
‘’I am very confident that the quality of participants that gathered for this workshop has the experience to help the state move to the desired level in the area of housing,” he said.
The Chairman of the workshop, Alhaji Ali Magashi, said the essence of the workshop was to create a road map for the governor to have a well integrated and planned housing development for the state.
He said, ‘’There is need to start with planning; you need an urban planning and urban renewal.
‘’You need to open up new estates, provide land for developers to put money and create financial structures for people of the state to get their new homes”.
He commended the state government, for the workshop and called on the governor to ensure implementation of the outcome of the workshop to achieve the desired result.
The facility will be disbursed through participating Microfinance Institutions (MFIs), which will in turn extend the loans to their customers, particularly SMEs, as they directly interface with businesses at the grassroots level.
The Executive Director of COMCIN, Mr. Micheal Ogbaa who represented the Chairman, Dr. Iredele Oyedele (FCA, FCCA), said the initiative is designed to strengthen micro-lending institutions and expand access to finance for grassroots entrepreneurs, particularly women and youths in the informal sector.
Ogbaa explained that COMCIN does not lend directly to individuals but works through its network of microfinance and cooperative institutions, which in turn provide loans to end users.
“We came together to advocate for the microfinance ecosystem. Commercial banks often exclude people at the grassroots, but our members are positioned to reach them. This facility will empower them to do more,” he said.
He noted that the loan scheme offers low interest rates and flexible repayment plans, making it more accessible to small business owners.
According to him, about 90 percent of beneficiaries are expected to be women, who play a key role in sustaining families and driving economic activities at the local level.
“Our focus is on traders, service providers, and players in the informal sector. These are the real movers of the economy. By supporting them, we are strengthening families and contributing to national development,” he added.
Ogbaa disclosed that eligible SMEs with proven integrity and business track records could access up to N5 million each through participating micro-lending institutions. The rollout has commenced in Lagos and will extend to Abuja, Enugu, and other regions, including the South-West, South-East, and North-East.
He said 12 micro-lending institutions have already benefited from the scheme, while 85 applications are currently being processed under the pilot phase.
“Our target is to reach at least 100,000 SMEs nationwide. We are building a platform that connects funding partners with credible micro-lending institutions, creating a reliable channel for financial inclusion,” Ogbaa said.
He added that COMCIN is also working to attract larger funding pools from development finance institutions and private investors, noting that successful implementation of the pilot phase would boost confidence and unlock more capital for SMEs.
“We have seen encouraging testimonies from early beneficiaries. As we demonstrate transparency and efficiency, more institutions will be willing to channel funds through us,” he said.
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