Reform of the mortgage laws is the best way to achieving affordable homes for all Nigerians, the Chairman, Estate Surveyors and Valuers Registration Board of Nigeria, Nweke Umezuruike, has said.
Umezuruike, who spoke at the meeting the board and other stakeholders held recently in Lagos, explained that the reform will also enable Nigerians to own homes at cheaper rates.
He said by investing the pension funds in mortgage financing, it will help reduce Nigeria’s housing gap.
To this end, the Estate Surveyors and Valuers also advised the federal government to deploy part of the nation’s huge pension funds worth over eight trillion nairas to the real estate sector.
They strongly believe that the pension funds will reduce the funding gap in the sector and assist even pensioners to have affordable homes.
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.
Also, professionals in the housing sector were charged to obey the ethics and standards as it will discourage quackery and reduce building collapse in the country.
The group also called on government to empower surveyors and valuers in terms of capacity building and the manpower to embark on a large scale monitoring of activities of quacks who sabotage the profession.