The president of the Real Estate Developers Association of Nigeria, Aliyu Oroji Wammako, yesterday urged the Federal Government to recapitalise the Federal Mortgage Bank of Nigeria to be able to continue providing the mortgage needed for affordable housing for all. He was commenting on a part of President Muhammadu Buhari’s 2020 Democracy Day speech that the administration`s pursuit of affordable housing for the low and middle-income earners had received a boost.
According to him, a way-out of the present economic woes caused by the COVID -19 pandemic is a policy framework that will encourage building of more houses to boost employment opportunities for the youth. Wammako said REDAN would soon come up with a programme to assist the government in increasing the micro economic indices by creating employment at the local level.
He suggested that the Central Bank of Nigeria’s COVID-19 intervention fund be properly channelled into building construction “which has the multiplier effect of massive employment creation.” He said the housing sector could generate 2.5million direct and 3.5 million indirect jobs for professionals and artisans as well as strengthen the revitalization of the macro -economic indices.
He suggested that the Central Bank of Nigeria’s COVID-19 intervention fund be properly channelled into building construction “which has the multiplier effect of massive employment creation.” He said the housing sector could generate 2.5million direct and 3.5 million indirect jobs for professionals and artisans as well as strengthen the revitalization of the macro -economic indices.
He added that proper funding of the real estate sector would stem rural-urban migration and increase the national housing stock. Daily Trust
