REDAN, CBN brainstorm on real estate data collation

The Real Estate Developers Association of Nigeria (REDAN) Tuesday  conveyed a stakeholders meeting in  Abuja  to proffer solutions to the problem of collating data for the real estate and housing sector in Nigeria. Stakeholders in attendance included  directors from the Central Bank of Nigeria, the Federal Ministry of Power Works and Housing, the Federal Mortgage […]

The Real Estate Developers Association of Nigeria (REDAN) Tuesday  conveyed a stakeholders meeting in  Abuja  to proffer solutions to the problem of collating data for the real estate and housing sector in Nigeria.

Stakeholders in attendance included  directors from the Central Bank of Nigeria, the Federal Ministry of Power Works and Housing, the Federal Mortgage Bank of Nigeria, members of the Building Materials Producers Association of Nigeria (BUMPAN), and the Mortgage Banking Association of Nigeria (MBAN). 

Addressing the meeting which is the 1st in the series of harness ideas, President to REDAN  Chime  Ugochukwu, a surveryor, noted  that “Data is important in planning, policy and business decisions, and execution of tasks.”

He said: “At various local and international fora, it has been adduced that Nigeria has a housing deficit of between 10 – 17 million units, depending on who is making the assertion, although no empirical studies are available to support this claim.”

“We are disturbed of this scenario, more so that both local and foreign enquiries on housing data are directed to REDAN. This is not healthy for the progress of this economy, and it is our desire to change the tempo.”

Contributing, Dr. Olowofeso, Deputy Director Statistics Dept of CBN assured the meeting that the bank was keen on getting reliable data for the real estate sector and was therefore poised to work assiduously with REDAN and other critical stake holders on the scheme. 

Lending the voice of the Federal Ministry of Power, Works and Housing, Director of Lands Rev. Olurotimi O. Onabanjo and Director of Public Private Partnership Arc. Eucharia Alozie affirmed the ministry’s preparedness to ensure that the Real Estate Data Collation scheme is carried to logical end, with resultant effect helping in policy formulation. BUMPAN representative Alhaji A. B. Huthman said  that the successful execution of the scheme would promote business as needs and effective demand would be aligned.

The meeting resolved that other stakeholders be invited to form the fulcrum of the think-tank for the scheme. Meanwhile, a Technical Working Committee chaired by Mr. Mike Mba of the Central Bank of Nigeria was mandated to coordinate the collation of Institutional Data needs of organizations identified for the scheme. 

The meeting ended with a call on critical strategic partners to support the idea, a task which  will  take the economy to higher pedestal. 

The success of the scheme, according to Rev Chime, will fulfill REDAN’s mission and advocacy of housing sector harmony, institutionalization and professionalism.