Estate surveyors and valuers in the country have advised the Nigerian government to deploy part of the nation’s huge pension funds worth over eight trillion naira to the real estate sector as this will reduce the funding gap in the sector and assist even pensioners own their homes.
The chairman estate surveyors and valuers registration board of Nigeria Nweke Umezuruike at the meeting with new industry professionals in Lagos said investing the pension funds in mortgage financing will help reduce the housing gap in the country.
He added that reforming the mortgage laws in the country will enable Nigerian own affordable homes at cheaper rate.
The forum also expressed the need for Nigeria to have a valuation standard that meets global practice noting that it will instill public confidence in the valuation process in Nigeria.
Professionals in the housing sector were charged to obey the ethics and standards as this will discourage quackery and reduce building collapse in the country.