Stakeholders in real estate sector value chain have reinforced the need for the Federal Government and Central Bank of Nigeria (CBN) to re-capitalise Primary Mortgage Banks (PMBIs) with a view to positioning them to finance transactions, provide long-term funding to developers and end-users.
They stressed the need for the government to provide easy access to land and promote partnerships with private sectors, while encouraging mortgage banks to provide finance at affordable rates.
They made the call at the 28th Conference of Directors of Lands in the Federal and States Ministries, Departments and Agencies with the theme “Improving Land-Based Revenue of the Federating Units in Nigeria through Efficient and Effective Land Administration” in Lagos.
The conference also attracted directors of Lands in the Federal Capital Territory, representatives of Estate Surveyors and Valuers Registration Board of Nigeria (ESVARBON), Nigeria Institute of Estate Surveyors and Valuers (NIESV), World Bank of Nigeria (CBN), Mortgage Refinance Company Plc (NMRC), as well as Federal Mortgage Bank of Nigeria (FMBN) and Federal Housing Authority (FHA). The meeting was chaired by the Minister of Housing and Urban Development, Ahmed Dangiwa.
In a communiqué issued at the end of the conference, the delegates noted the effort of the Federal government to formulate and come up with a National Land Policy, which will provide guidance to efficient, effective, sustainable and equitable distribution of land resources for greater prosperity and enjoined the government to conclude it.
Delegates also stressed the need for the automation of land titling and registration, which involves the use of technology to replace manual process with greater efficiency and ease, training and retraining of land administration staff at all levels of government and the need for the review of land charges with a view to enhancing access to land by a greater percentage of Nigerians.
They called for strict enforcement and imposition of penalty on rent defaulters, as well as expressed the urgency to periodically demand for notice requesting ground rents. They noted the need for land office holders to be courageous in the discharge of their official responsibilities.
The delegates further urged political office holders at all levels to exercise political will on issues of property taxation and the need for Land Use and Allocation Committees (LUAC) to be established in all the states and council areas as a panacea for efficient land administration.
“There is a need for governments at all levels to take the management of fixed assets seriously, which represents an important resource for the delivery of its services and attainment of its objectives. Estate surveyors and valuers should be part of the government to ensure efficient and effective management of its fixed assets. There is a need for the amendment and enactment of new laws including the Land Use Act that will stimulate real estate activities,’’ it stated.
The forum noted the need for the CBN, FMBN, NIESV, Real Estate Developers Association of Nigeria (REDAN) and Housing Finance Professionals Association of Nigeria (HOFPAN) to work together and with the National Universities Commission (NUC) to unbundle estate management course to enable courses such as housing finance, property market, land management, property investment, facilities management, urban development and management with a view to building capacity that will serve the housing sector effectively.
The forum called for the creation of the National Real Estate Information Centre and partnership with the National Population Commission (NPC) in ensuring the collection of comprehensive, reliable and relevant housing data. It called for the security of investment and the government to strengthen its safety strategies to guard against terrorism/banditry and other criminal activities that would render investments non-profitable.
“The real estate investment sector should be prioritised in the fiscal budget of the government, as well as stressed the need for the synergy between the Ministry of Lands and other ministries such as works, transport, Environment, budget and planning among others.”
They further want the economy to be diversified to discourage overdependence on oil with a view to strengthening the economy, ensure well-defined and regular maintenance of existing infrastructure through appropriate policies and plans, as well as the need for the Ministry of Housing to have a functional Research and Development Unit.
Other recommendations made include the need for strategic advocacy and sensitisation that will encourage birth control, especially among low-income earners, Public Private Partnership (PPP) mechanism that gives access to private sector finance and a rejig of the usual long-term contractual arrangements of the PPPs that makes it susceptible to uncertainties, which are difficult to manage.
