Mr. Adeniyi Akinlusi, President, Mortgage Banking Association of Nigeria (MBAN), called for exploration of the potential in the real estate sector to aid economic development and alleviate poverty in Nigeria. Akinlusi said that there were untapped resources in the real estate and construction industry. Also, Akinlusi said that lands could be tapped into in order to enhance access to mortgage or credit facilities and unleash wealth.
According to him, the sector provides a chain of employment to different categories of people and contributes high to a country’s Gross Domestic Product (GDP) but in Nigeria, construction and housing contribute below four percent to the nation’s GDP. The percentage is far from what the industry should be contributing, having accounted for about 60 percent of the workforce.
Akinlusi mentioned how strong the housing and construction industry is, in terms of generating employment, yet its contribution to GDP is far below average.According to him, the nation lacks the right regulatory framework to ensure effective operational system in the industry.The MBAN president said that the industry needed a law to boost housing delivery and development. He urged that housing and construction researchers should come up with findings on ways to get value for money from construction activities.
In his words, we should take advantage of the large involvement of professionals in a single construction activity to ensure the right regulatory framework that will propel the real estate industry.
Source: The Oracle