‘Housing policy should be overhauled to make it more proactive’

Experts are calling for a new housing policy that would speed-up housing delivery through regeneration, and tailored towards effective demand of the nation’s various income classes and economic groups.

They mentioned the need for an overhaul in the national housing policy.

They also recommended that the retirement savings of workers should be used to fuel a surge in house building in the country, while current activities of housing delivery agencies need to be integrated into a holistic delivery framework.

The submission was made by the Managing Director, CMB Building Maintenance and Investment Company Limited, Mr. Kelechukwu Mbagwu and the Director, Centre for Housing Studies, University of Lagos, Prof. Timothy Nubi during the opening of a two-day workshop for researchers and lecturers, organized by the centre on the theme “Contemporary Issues in Teaching, Learning and Practicing Housing.

Mr. Mbagwu, who chaired the ceremony, said the national housing policy should be overhauled to make it more proactive. “We need a very proactive national housing policy from the new government.

The existing policy should be changed.    “It is not enough to give incentives, the economy is in doldrums and our main stay, oil, would not sustain us for a long period.

It’s time for government to look for new ways to reinvent the will and housing has been tried and proven as a sustainable means, if government can boost housing construction and infrastructure, they will not only be encouraging the recovery of the economy, but providing a very basic need.”

He also announced a donation of N5 million and scholarships to enable the centre equip policy makers, lawmakers, formal housing providers and potential housing providers with the appropriate education specifically targeting profitable, affordable housing provision.

The Centre pioneers new ways of housing provision and management, reviews current and emerging practice in the housing industry and support those who have the responsibility for proffering policies to manage the housing situation in Nigeria.

Mbagwu urged private developers to tap into offshore funding for a single interest rate as Nigerian banks can’t provide the need support in housing development.

“You developers should know by now that it got to be offshore funds, as our banks don’t have the products. From personal experience, borrow too much from Nigerian banks; you will surely get into trouble.

We need single digit interest rate and we need programmes that will give you leeway to recoup your money.  We also have to develop capacity,” he said.

He said that the NMRC idea was a laudable, but its implementation has been faulty, as the mortgage banks that are supposed to provide support to private developers to deliver completed houses under the scheme have not provided the funds.

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