Expert calls for review of Land Use Act

He said that financing is a challenge to estate development, adding that throughout Nigerian history the funding is always inadequate. “Typically, civil servants become eligible with less than a decade to leave service. The FMBN is the only bank that can offer loans to developers for mortgages at 10 percent and to individuals at 6%. […]

He said that financing is a challenge to estate development, adding that throughout Nigerian history the funding is always inadequate.
“Typically, civil servants become eligible with less than a decade to leave service. The FMBN is the only bank that can offer loans to developers for mortgages at 10 percent and to individuals at 6%. There are also the challenges of time to complete businesses related to housing and property with a one – stop – shop approach heavily reliant of information Technology (IT). Difficulties in getting construction permits or approvals in Nigeria takes 16 procedures which take an average of 465 days.
Other important challenges include tax issues at various levels of housing development with taxes reaching 35% of final costs, difficulties in enforcing contracts with the absence of foreclosure laws in Nigeria.”
He called on the government to review policies relating  to the built environment and allow for infrastructure to facilitate the development of estates ranging from recapitalization to reducing the time for conducting business and obtaining permits.