Nigeria: CBN, Stakeholders Plan to Abridge 17 Million Housing Deficit, Call for Reform of Laws Regulating Real Estate

Dec 11, 2018 | Vanguard: All Africa

The Central Bank of Nigeria, CBN, and stakeholders in the housing sector of the economy have agreed to develop mass and affording housing with a view to abridge the 17 million housing deficit confronting the nation.

The Central Bank of Nigeria, CBN, and stakeholders in the housing sector of the economy have agreed to develop mass and affording housing with a view to abridge the 17 million housing deficit confronting the nation. The stakeholders, who reached the agreement during the 2018 Mandatory Continuing Professional Development, MCPD, in Abuja, pledged to work together towards ensuring development and growth of housing sector in order to grow the economy and prevent the nation from relapsing into recession. Recall, a former Deputy Governor of CBN, Mr Godwin Emefiele, recently warned that the weak economic fundamentals currently being shown by the economy were putting the nation's exit from recession under fresh threat. Speaking at the MCPD seminar organized by the Abuja chapter of Nigerian Institution of Estate Surveyors and Valuers, NIESV, with the theme "Post economic recession in Nigeria-harnessing the potentials of real estate sector for a sustainable economic development", the stakeholders collectively resolved that housing sector has important role to play to strengthen the country's economy. In his remarks, the Deputy Governor, Corporate Services, Central Bank of Nigeria, Edward Adamu explained that the bank as part of effort to increase access to affordable housing and address the 17 million housing deficit has in the recent past set up a National Housing and Mortgage intervention fund. Read the full article from All Africa. Source: All Africa