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Stakeholders urge FG to revisit the home completion loan scheme

Following the just concluded 10th Abuja Housing Show (AHS) and Construction Industry Exhibition in Abuja, stakeholders have made recommendations urging the Federal Government (FG) to revisit the home completion loan scheme.

They reasoned that there is an unexplored opportunity in the Mortgage sub-sector of the housing industry in the country.

They ascerted that the scheme was a key to unlock housing microfinance and leverages on incremental development that is employed  by most  Nigerians in the acquisition of new homes and renovation of existing structures , adding that the scheme is expected to catalyse demand.

Participants at the show, which was organised by FESADEB Communications Limited, recommended that state governments create opportunities for partnership with the Nigerian Mortgage Refinance Company (NMRC) in order to develop a satisfactory enabling environment for housing delivery.

They further recommended that state governments restructure their housing ministries and other relevant ministries to minimize the bottlenecks that hinder housing production on a large scale for Nigerians at not more than N3 million.

They also recommended that mortgage institutions take advantage of off takers provided by cooperatives with the consideration that cooperatives have a history of organised funds collections with assumed recovery process, demanding that partnerships between  cooperatives and Real Estate Developers Association of Nigeria (REDAN) be facilitated.

Furthermore, they said Nigerians in the Building Industry could take advantage of the potentials in the robust market in the Diaspora, reasoning that it would strengthen the profiles of indigenous companies through grants from the World Bank aimed at developing the building industry.

They pointed out that an affordable housing was a panacea for creating jobs for the ever increasing job market, stressing that government need to be involved in affordable housing by providing cheap land to reduce cost by 25 per cent, while provision of infrastructure would further reduce cost by another 25 per cent.

The show which lasted three days had in attendance, the Senate President,  Bukola Saraki, ministers, state governors and housing commissioners from various states.

Source: The Tide

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