He spoke to the Property & Environment Editor, CHINEDUM UWAEGBULAM on how to revamp the housing industry, curb corruption, and access long-term funding in the real estate sector.
We have also carried out a data survey in some states, precisely in Calabar, Cross River State. We were able to find out the housing status and demand in the state, for instance, the people that may benefit from any housing programme and government policy, especially now that the low and medium-income earners are left behind in housing schemes. We all know that high-income earners have been taken care of in several projects and their demands have been very slow.
The government can’t do this business without us; its role is to provide an enabling environment for the real estate sector to prosper. Recently, I received a letter from the state security services, Special Control Unit Against Money Laundering , which is an arm of the Economic and Financial Crimes Commission . They want to ensure that each estate on the ground has a signboard indicating the owners of the estate.
When this is done, those of us in the supply chain of the low and medium-income earners will be able to provide homes for rent to own houses to civil servants and NHF contributors. We are still calling on the Federal Government to provide intervention funds at a single digit interest rate for us to make the supply chain vibrant and provide affordable housing. I can’t go to the commercial banks and take a loan at 28 per cent interest and you expect me to provide affordable homes.
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