Mr Adeniyi Akinlusi, President, Mortgage Banking Association of Nigeria (MBAN), on Wednesday urged exploration of the potentials in the real estate sector to aid economic development and alleviate poverty.
Akinlusi, who made the call in an interview with the News Agency of Nigeria (NAN) in Lagos, said that there were untapped resources in the real estate and construction industry.
He said that more than 50 per cent of the landed property in the country was dead because they lacked the requisite documents.
Akinlusi said that lands could be tapped to enhance access to mortgage/credit facilities and unleash wealth.
According to him, the sector provides a chain of employment to different categories of people, and contributes high to a country’s Gross Domestic Product (GDP).
“But in Nigeria, the reverse is the case; construction and housing contributes below four per cent to the nation’s GDP,” he said.
According to him, the percentage is far from what the industry should be contributing, having accounted for about 60 per cent of the workforce.
“The industry boasts of good professionals, developers in various private and public offices, an array of artisans and other people engaged in various activities at construction sites.
“This is how strong the housing and construction industry is, in terms of generating employment, yet its contribution to GDP is far below average,” Akinlusi said.
According to him, the nation lacks the right regulatory framework to ensure effective operational system in the industry.
The MBAN president said that the industry needed a law to boost housing delivery and development.
He urged that housing and construction researchers should come up with findings on ways to get value for money from construction activities.
“We should encourage exploration and take advantage of the large involvement of professionals in a single construction activity to ensure the right regulatory framework that will propel the industry.
“It is the practice worldwide,’’ he said.
Credit: The Oracle