‘FG should use pension funds for housing’

Managing Director, El-Salem Nig. Ltd., Mr. Ben Gbade Ojo, stated this at the company’s end of year party in Area One, Abuja.He added that investments in insurance products e.g. life assurance, can pool together long term funds needed for mortgage because commercial bank deposits have high interest and are short term therefore inadequate for mortgages.El-Salem […]

Managing Director, El-Salem Nig. Ltd., Mr. Ben Gbade Ojo, stated this at the company’s end of year party in Area One, Abuja.
He added that investments in insurance products e.g. life assurance, can pool together long term funds needed for mortgage because commercial bank deposits have high interest and are short term therefore inadequate for mortgages.
El-Salem Nig. Ltd. is a high ranking member of the Real Estate Developers Association (REDAN) and won the most outstanding estate developer in Abuja award because of the company’s consistency in high quality mass housing development for Nigerians.
He said mortgage finance is still inadequate because only a small percentage of Nigerians have access and all hurdles impeding the take-off of the new Nigerian Mortgage Refinancing Company should be cleared to ensure its effective take-off in the first quarter of 2014.

Ojo said Nigeria’s manufacturing sector’s slow growth can be transformed through concerted efforts to bridge the housing gap as it will spur massive production of building materials and thus revitalize the sector and provide employment opportunities for Nigerians.