‘Let there be a political will to reform the housing sector’ – MD FESADED

Mr Festus Adebayo, the Managing Director, FESADED Communications Ltd, has advised the Federal Government to develop the required “political will’’ to address housing deficit in the country.
Adebayo gave the advice in an interview with the News Agency of Nigeria (NAN) on Sunday in Abuja.
He said having the political will would enable the government to foster a vibrant private sector for sustainable mass housing development.
“Let there be a political will to reform the housing sector; we are calling on the new government of President Muhammadu Buhari to help us to look into the sector and sort things out’, he said.
The managing director said that the government should put into consideration ideas that would solve the long tenure of loan and equity payment.
He, however, noted that the Federal Mortgage Bank of Nigeria (FMBN) had an understanding with Nigerian Mortgage Refinance Company (NMRC) to address the housing problems in the country.
According to him, the NMRC is in a Public Private Partnership (PPP) arrangement between the Federal Government and the private sector to bridge the funding cost of residential mortgages.
“NMRC promotes availability and affordability of good housing to working Nigerians by providing mortgage lending with increased access to liquidity and longer terms fund in the mortgage market,’’ he added.
He said FESADED Communications Ltd was to promote local content initiatives and self sufficiency in providing affordable housing in Nigeria.
He added that the organisation introduced the Abuja Housing Show and Award to provide platform for both local and foreign players in the real estate industry to showcase their products and services.
Adebayo explained that the show was also aimed at raising awareness among developers, manufacturers of building materials and housing stakeholders on the housing needs of the country.

He said that “the annual show is an opportunity for stakeholders to meet key international players in housing and construction sector.

“Bringing these set of people together would enable them exchange ideas to make the buying public to be aware of houses that are available.’’

The 2015 Housing Show and Award, organised in Abuja by the FESADEB Communication Ltd, had “Delivery of Affordable Housing: Financing Building Technology and Land Issues in Nigeria’’ as its theme. (NAN)