Kingsley U.N Chikwendu
The Managing Director and Chief Executive Officer of the Nigerian Police Force Property Development and Construction Company [NPFPDCC] yesterday said that one of the ways to increase demand for housing in Nigeria is through the availability of funds and provision of massive and affordable access to mortgage facilities over a prolonged tenure that will enable an average income earner to be able to own a home at minimal cost. This she said is against the current prevalent model where intending home buyers have to save up and make full cash down payments before owning a home.
She made this submission at the Media Launch of the National Social Housing Programme [NSHP] in Abuja the nation’s capital.
“One of the key ways to increase demand for housing in Nigeria is through the availability of funds to enable ordinary Nigerians, the average income earner to be able to own a home at minimal cost, as against the current prevalent model where intending home buyers have to save up and make full cash down payments, she explained.
“The way to achieve this is by providing massive and affordable access to mortgage facilities over prolonged tenures. If this is achieved and sufficient awareness is created, like what is being done here today with this event, I am convinced that we would see increasing demand for housing in Nigeria.
“And with growing demands owing to availability and access to affordable housing funds, supply will grow as more developers and other stakeholders will confidently invest in the sector knowing that their returns are guaranteed.
She added that if this and other measures are put in place, it will not only have a knock-on effect on the nation’s economy, it will positively affect other sectors of the economy in contributing to the GDP of the country and will also lead to the creation of more employment for the masses.
“This will orchestrate a ripple effect on the economy at large as more jobs will be created and other sectors like manufacturing, insurance and transportation and will be bolstered, and construction will take its rightful place in contributing significantly to the National GDP beyond its meagre average of 7% in recent years – thus emulating the sector’s contribution to most developed economies around the world like the USA and Australia, she said.
“It is against this backdrop that we have decided to partner with mortgage institutions, especially Nigerian Police Mortgage Bank in the implementation of this National Social Housing Programme, both for the men and officers of the Nigeria Police Force and the general public – all who would be interested in securing a home in this 2,000-housing unit development in Dei-dei, Abuja and other locations across the country. If you are one of such, we sincerely encourage you to take advantage of the National Housing Fund.
“The Federal Government has in its wisdom and commitment to Nigerians availed the fund at a remarkable 6% interest per annum, and if you are a public servant or work in the organized private sector, you’re very likely a contributor already and thereby entitled to secure the fund. So, take advantage of this opportunity to own a home for yourself and your family.
In concluding, she reiterated the ‘unflinching commitment’ of the Nigeria Police Force Property Development and Construction Company Limited, incorporated in September 2015, towards accomplishing its corporate mission of providing decent, sustainable and affordable housing for individuals from all works of life but, with special focus on the officers and men of the Nigeria Police Force, both in and out of service.
