As a deliberate attempt to reposition Nigeria housing sector to deliver affordable mass housing, the country’s biggest housing and construction platform, Abuja International Housing Show (AIHS) are working with the Senate committee on Housing to bring to fruition the enactment and reform of outstanding housing bills in the National Assembly.
The flagship housing and construction show recently led a delegation of housing sector operators comprising of real estate developers, town planners and mortgage executives to the Chairman Senate Committee on Housing, Senator Sam Egwu to discuss issues regarding collaboration and the outstanding bills in National Assembly necessary for housing and construction industry development.
While giving a remark at the Senator’s office in National Assembly, the CEO and Convener of AIHS, Festus Adebayo reminded the Chairman of the Committee of his excellent performances in the area of housing when he was the Governor of Ebonyi state. He said that he remembered that as a governor, Sam Egwu did a lot to support the Ebonyi state Housing Corporation in construction of houses for the workers funded by FMBN. Adebayo said he believes that the Senator is in a good position to see to the review of these important bills.
According to Adebayo, it is exciting to have the Senator back in housing – a familiar terrain. He expressed his desire to partner with the committee as the voice of the Nigerian housing industry to ensure that all important bills that will aid development and investment in the real estate sector are successfully passed into law or reviewed where necessary.
Among these bills includes the foreclosure bill; review of land use act of 1978; review of Federal Government Housing Loans Board bill (FGHLB); review of the National Housing Fund (NHF) Scheme Act 1992; review of Mortgage Banks Act 1989 (subsumed in BOFIA); Real Estate (Regulation and Development) Bill 2018; review of Federal Mortgage Bank of Nigeria (FMBN) Act 1993; review of the Trustee Investment Act 1962; review of the Nigeria Social Insurance Trust Fund (NSITF) Act 1993; review of the Insurance Act 2002; review of the Investment and Security Act 1999; review of the Federal Housing Authority (FHA) Act 1990; Climate change adaptation policy; Policy creating the National Council on Housing for sector regulation; Securitization Bill and other affordable housing policies.
In the instance of the foreclosure law, Adebayo said anyone interested in investing in the mortgage sector will surely want to know about the existence of foreclosure law or not.
Adebayo said that urgent passage of the outstanding bills would facilitate rapid investment in the real estate sector and drive the economy.
He encouraged partnership with critical bodies like Mortgage Bankers Association of N igeria (MBAN), Central Bank of Nigeria (CBN) and others to see that these critical bills are passed by the National Assembly.
Adebayo noted that funding has remained one of the most critical challenges for Nigeria’s housing sector, urging the Senator to consider approaches that would ease access to funding low-income housing in the country.
Whether in terms of partnerships, policy developments or securing alternative finance models, Adebayo said that if access to funding could be guaranteed, a lot could be achieved in record time in the sector.
He lamented that mortgages and project constructions were stalled by limited access to cheap funding.
“There is also the need to do more in terms of creating enabling policies around land title documentations, with government playing a larger role in assisting investors and supporting local building industries and materials,” he said.
In his response, the Chairman Senate Committee on Housing, Senator Sam Egwu commended the patriotism of the conveners of AIHS for leaving no stone unturned in ensuring a better housing and construction industry in Nigeria.
He said that the committee is ready to work with the leading advocacy organisation to ensure that the bills are all looked into and that he looks forward to the partnership which will positively reposition the Nigeria housing sector.
He said that it will be necessary for the visiting delegation to meet other members of the committee in order to facilitate more interaction and cooperation. This, he believes, will definitely enable the process that will lead to a housing sector that wouldn’t only create housing, but employment and immense contributions to the country’s GDP.
He expressed the willingness of the committee to support and work with all relevant stakeholders in the sector.
He said the committee is particularly worried about the issue of building collapse and will work with stakeholders to fashion a permanent solution to the issue.
The visiting delegation included Festus Adebayo, CEO and Convener, AIHS; Ugochukwu Chime, President, Real Estate Developers Association of Nigeria (REDAN); TPL Umar Shuaibu, immediate past Coordinator, Abuja Metropolitan Management Council.
In the aftermath of the event, AIHS and REDAN are set to collaboratively mobilise more stakeholders to work with the committee and achieve quicker and better results.
