The Housing Development Advocacy Network, (HDAN), has given a bright appraisal of the performance of the Tinubu-led administration in the housing sector, stating that solid foundations are being laid for sustainable development in the industry.
Speaking during a Press Conference in Abuja to commemorate Tinubu’s one year in office, the Executive Director, Housing Development Advocacy Network, Festus Adebayo, extolled the leadership virtues of the Tinubu-led administration. He stated that salient steps are being taken to lay solid foundations that will drive continued growth in the Sector.
Adebayo further stated that irrespective of various challenges, the performance in the first year is only an indication of better days ahead in the industry. Adding that in view of the leadership strides of the Minister for Housing and Urban Development, Arc. Ahmed Dangiwa, there is renewed hope for the Industry to flourish.
He said “we must commend President Tinubu for strides in the Housing industry. Also worthy of commendation is the approval of the establishment of the Reform task teams working in different capacities for the development of the sector. However, it is imperative for the Federal Government to revitalize the mortgage sector”.
“ With the recent Elevation of the Monetary Policy Rate (MCR) to an interest rate of 26.25%, it will be difficult for any private mortgage bank to do business. This puts a lot of pressure on the Federal Mortgage Bank and Family homes funds to provide mortgages for the realization of home ownership in Nigeria” He further emphasized.
Explaining the need for better strategies to be used in the delivery of affordable housing, Adebayo further opined “we are also calling on the government to provide incentives for first time homeowners. In lieu with initiaves such as the Student Loan Policy currently being implemented by the federal government, there is no better time for such initiatives also be implemented in a similar vein for the housing Industry”.
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Adebayo further called for all stakeholders to partner with the Federal government to reposition the sector for sustainable growth. He Emphasized that with the continued growth of the Real estate industry, it had become imperative to put in place initiatives and structures that will further propel advancement.
The Housing Development Advocacy Network (HDAN) is a pioneer Civil Society in the Real Estate industry and has continued to advocate the cause for Affordable housing in Nigeria.
