FG urged to use housing sector to improve the economy

He stated this at the 5th Building & Construction Economic Round-Table (BCERT 5), organized by the Quantity Surveyors’ Registration Board of Nigeria (QSRBN) in Abuja.He said that the housing and construction sector has also created capital formation and wealth in the economy and has the unique capacity to generate high multiplier effect and employment on […]

He stated this at the 5th Building & Construction Economic Round-Table (BCERT 5), organized by the Quantity Surveyors’ Registration Board of Nigeria (QSRBN) in Abuja.
He said that the housing and construction sector has also created capital formation and wealth in the economy and has the unique capacity to generate high multiplier effect and employment on a very large scale.
He said that the ministry  is leading the drive on Lands and Housing reforms to make land readily accessible to Nigerians for the provision of shelter for themselves and their families
He commended the QSRBN for its foresight and responsiveness to contemporary issues relating to the built environment by choosing the theme “Construction Arbitration for Quantity Surveyors and other Professionals” which according to him, “will, no doubt contribute to raising the standard of knowledge of not only Quantity Surveyors as required of the board by the establishing law, but other professionals in the building and construction sector.” 
He said that  the ministry has  provided  the enabling environment for investors to invest in the Housing sector of the economy, saying  they  are willing to partner with genuine investors to radically increase the housing stock and bridge the country’s yawning housing deficit of 17 million units.
He said, “ It is not unusual that disputes may arise among parties to various contract agreements arising from the ministry’s development initiatives. It is my belief that arbitration will be handy in the resolution of such disputes.”
He assured that the ministry is ready to provide the required support for QSRBN activities and operations in order to enhance the efficiency of the board.  “The QSRBN equally deserves commendation for making BCERT -5 open to all construction professionals as well as lawyers who work in the industry. This is because collaborative efforts among such professionals will produce the synergy needed to drive the industry’s rapid growth and development.  Generally, disputes are inevitable in every field of human interaction and the construction sector is no exception. Litigation has been the traditionally known method of resolving disputes. However, arbitration has developed into a preferable alternative dispute resolution method in this sector as a result of the increasing costs and delays associated with litigation processes. Besides, some disputes are so sensitive and confidential in nature that the disputants may prefer settlement in the privacy provided by arbitration rather than in the public glare of the courts.”