Homeownership still a major challenge to Nigerians — NIESV

Homeownership is a great challenge to citizens in both the rural and urban areas, the Nigerian Institution of Estates Surveyors and Valuers has said. According to the Vice Chairman, Faculty of Housing, NIESV, Mr. Biodun Odeleye, the problem comes from the high cost associated with land acquisition, building materials, taxes and statutory charges. He added that solutions to the problems would form the basis of discussion at the faculty’s National Housing Summit holding in Lagos on Thursday, November 6, 2014, with the theme, ‘Housing as a catalyst for economic development’. “Our economy is no doubt growing; in fact, it is one of the fastest growing economies in the world as of now. “The growth, therefore, has to be holistic, affecting every facet of the economy. Housing has remained one of the biggest challenges of our economy in view of the massive shortage in the system,” Odeleye said. He noted that the summit would focus on housing as a factor for accelerating economic growth as well as highlight the importance of housing in the present economic age, and how it could alleviate poverty and unemployment in the country. “A greater percentage of the social and economic life of our nation takes place in houses; hence, the necessity of housing to the health and well-being of the nation cannot be overemphasised. “This summit shall expose new ways by which our nation can successfully rise above housing and home ownership challenges through a careful appraisal of case studies beyond the Nigerian borders,” he stated. Odeleye added that the summit, which is expected to have professionals in the built environment and others in attendance, would feature the Singaporean Minister of Housing, Dr. Lin Lan Yuan, who would speak on the topic: ‘An exposition of Singapore’s homeownership scheme, what imperatives for Nigeria.’ Other speakers are a former President of NIESV, Mr. Bode Adediji, and Managing Director, Nigerian Mortgage Refinance Company, Mr. Sonnie Ayere.