Access to long-term financing, key to housing development –Expert

The Chairman, Lagos Branch of the Nigerian Institute of Building (NIOB), Mr Adelaja Adekanmbi on Monday urged the Federal Government to boost housing delivery through improved long-term financing.

Adekanmbi told the Journalists in Lagos that finance was vital to effective housing delivery in the country.

He said the amount of required capital needed for growth and sustenance of real estate industry was not available locally, saying there were no viable sources through which operators could source funds.

According to him, there is need for government to boost the financial capacity of property operators to enable the industry to grow and enhance its contribution to the nation’s Gross Domestic Product (GDP).

He said that it was difficult to use short-term loans to finance long-term projects.

“The developer will be short-changed in the process and will not be able to recoup his funds on time.

“This is why we are canvassing for the provision of long-term finance that the operators can easily access.

“It will provide much relief in terms of funding to the sector,” Adekanmbi said.

He also called on stakeholders in the sector to develop value chain approach to reduce the cost of building houses, so that estate developers would be able to provide affordable houses for people.