Stakeholders in the Nigerian housing sector have called on the federal and state governments to give real estate developers and housing cooperatives tax holidays.
Also, they called on the government to subsidise land prices for them and make provision for adequate mortgage finance at single digit interest rate through mortgage banks.
These were part of the resolution of participants at the 3rd Nigeria Real Estate Summit and Expo held in Abuja.
In a communique issued by the Convener of the summit, Mr. Steve Ike, the stakeholders also called for the introduction of new technologies for speedy and cost effective housing delivery in the country.
The communiqué reads in part “Federal and state governments should provide enabling environment for sustainable development of affordable houses for Nigerians by providing land at subsidized prices to developers and housing cooperatives, and by providing adequate mortgage finance at single digit interest rate through mortgage banks and other incentives to attract investors.
“New building technologies for speedy and cost effective delivery of affordable housing should be encouraged through government incentives like pioneer status and tax holidays.
“In order to sustain anticipated revival of the Nigerian housing sector, government at all levels should take steps to demonstrate strong ‘political will’ to drive the sector. The Federal Government should also lead the way to mobilize higher levels of stakeholder participation to achieve desired results.
“Government housing finance policies and institutions should be streamlined and coordinated for maximum impart. The Federal Mortgage bank, Nigeria Mortgage Refinancing Company, Family Homes Fund, Nigeria Housing Finance Programme and other such programmes should reconcile their role and policy thrust.
“Fresh impetus must be given to ongoing efforts to entrench social housing in Nigeria and the options for funding this must be expanded beyond direct funding by government to attraction of corporate social responsibility investments.
“There was a unanimous agreement that Housing finance was one of the most critical factors in housing delivery in Nigeria.
The average total cost of delivering houses in Nigeria is at present from high due to a combination of reasons including costs related to land for housing, building materials, construction funds, ancillary infrastructure, etc.”
