The Real Estate Developers Association of Nigeria (REDAN) has called for sustained collaboration and cooperation between the association and the Ministry of Housing and Urban Development to boost housing development across Nigeria.
The president of REDAN, Akintoye Adeoye, stated this during the association’s courtesy visit to the Minister of Housing and Urban Development, Arch. Ahmed Dangiwa, on Thursday, March 14th, 2024.
Adeoye reiterated REDAN’s commitment as a pressure group to advocate for policies aimed at enhancing the housing sector.
In addition to advocating for favorable policies, Adeoye stressed the significance of partnership in regulating the real estate sector to curb the excesses of certain developers.
“REDAN is a pressure group, and as a pressure group, we know that we are for advocacy…to better the sector.
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“REDAN is set for collaboration, REDAN is set for partnership, and I would like to seek your indulgence (the minister), particularly in the area of regulation. The activities of developers and players in the sector have to be well regulated to ensure sanity and to ensure that we have a sector that can stand the test of time.”
Speaking further, Adeoye stated the pivotal role of mortgage financing in addressing the housing deficit, urging the capitalization of the Federal Mortgage Bank of Nigeria (FMBN) to facilitate increased access to housing finance.
“Federal Mortgage Bank has to be capitalized. If there is any problem that is affecting housing today in our country, I think with the ranking…, I think mortgage will be number one.
“If we continue to have people that cannot afford homes, even when the supply is okay, the demand has to be fortified…and REDAN will seek for collaboration in this particular area of breathing life more into the Federal Mortgage Bank activities, particularly in the area of funding.
“The extant law provided for injection from banks and insurance companies…this has not been complied with. We hope that REDAN will be able to carry out advocacy in this regard, so that the demand side of housing will have a boost,” he asserted.