Stakeholders want reduction in housing loan

Stakeholders  in the  building sector  have called for reduction  in the interest rate on housing loans to encourage investment in the industry. They said the current 20 per cent interest rate on housing/investment loans by most commercial banks in the country is discouraging to the investors. They stated this at a three-day Abuja housing and […]

Stakeholders  in the  building sector  have called for reduction  in the interest rate on housing loans to encourage investment in the industry. They said the current 20 per cent interest rate on housing/investment loans by most commercial banks in the country is discouraging to the investors.
They stated this at a three-day Abuja housing and investment expo with the theme: ‘Building Wealth Through New Opportunities’.
Speaking at the event, Mr. George Martins said the nation’s 1978 land use degree, which puts stiff conditions for acquisition and use of land in the country should be reviewed to attract investment to bridge the over 17 million housing deficit in the country.
Vice President of Abuja Chambers of Commerce, Johnson Somadina-Anene expressed worry over high capital flight in the building industry occasioned by poor or unskilled artisanship in Nigeria. Somadina-Anene therefore called for training and retraining of Nigerian artisans to domesticate housing delivery in the country.   
Minister for Power, Works and Housing, Babatunde Fashola said the federal government is partnering with the private sector to deliver cheap and affordable housing. Represented by Architect (Mrs.) Eucharia Onomisi-Alozie, Director, Engineering Services (Housing) in the ministry said the federal government is working acidulously to bridge the housing gap in Nigeria. She said  that the government would soon unveil its housing plan to Nigerians in the housing sector.