Mass housing: Wike’s CofO policy will boost economy

A social housing civil society organisation, Housing Development Advocacy Network (HDAN) has said the Federal Capital Territory (FCT) Minister, Nyesom Wike’s directive that every home in every estate should have its Certificate of Occupancy (CofO) is a welcome development that will boost the economy. The Executive Director of (HDAN), Festus Adebayo, who spoke to Daily […]

A social housing civil society organisation, Housing Development Advocacy Network (HDAN) has said the Federal Capital Territory (FCT) Minister, Nyesom Wike’s directive that every home in every estate should have its Certificate of Occupancy (CofO) is a welcome development that will boost the economy.

The Executive Director of (HDAN), Festus Adebayo, who spoke to Daily Trust in Abuja at the weekend, said the policy would turn dead capital into bankable assets.

He said any property that does not have a title is dead capital and does not add value to the economy.

Adebayo said, “For Wike to have issued a directive that all dead assets in the FCT be brought alive with legal titles is a good development.

“The implication of this policy is that, with CofO the owners of these properties can have access to finance and this will reduce the level of poverty in the country. It will also affect the mortgage sector positively.”

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He said it was unacceptable that Nigeria is reported to hold close to $1 trillion worth of dead capital in residential real estate that should have been used as catalysts for the rapid economic development of the country and reduction of poverty among Nigerians.

“According to a 2018-2019 Nigeria Living Standards Survey (NLSS) report by the Bureau of Statistics (NBS), 71.4 per cent of landlords sampled across the 36 states and FCT are without titles. This is one of the causes of poverty in Nigeria,” Adebayo said.

He said HDAN would use its platforms to create awareness in all states of the federation, adding that the policy would facilitate the development of the mortgage sector and encourage reliance on property as security for credit; generating substantial revenue for the state and federal governments.