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Experts to discuss housing shortages

EXPERTS will converge on Abuja, between December 01 and 02, to discuss ways of finding lasting solutions to housing crisis in the country.

The forum, an initiative of BusinessinAfrica Events is tagged, 'Affordable Homes for All and Mortgage Banking' and scheduled to hold at the Musa Yar'Adua Centre, Abuja.

The forum intends to discuss strategically noble objective of a home for everyone, and it embraces experts from primary mortgage institutions, housing financiers, manufacturers of housing components and construction companies in order to fashion out ideas that will accelerate the expected boom in Nigeria's mortgage banking sector.
Christian C Udechukwu, the Managing Director of the organizing outfit noted that his firm intends to contribute towards achieving the housing for all vision by creating a forum for dialogue towards providing solutions to the challenge of affordable and comprehensive housing in Nigeria. The initiative, he said, is aimed at providing new prospects for mortgage companies, architects, engineers, financiers, strategy analysts, investors, policy makers, legislators, regulators, estate developers, landscape designers, environmentalists, consultants, financial advisers, government officials, bankers, construction companies, infrastructure providers, and policy makers to proactively work towards delivering the goal of a home for everyone. Udechukwu stated that the Central Bank of Nigeria (CBN) research has shown that 95 per cent of homes are financed from private savings.

“The security of a "home" and the wealth creating opportunities which home ownership can provide is something everyone should have a right to enjoy”, he said. Explaining further, he disclosed that, Mr Chuka Odum, Federal Minister of Housing and Mr Abdulsalam Ahmed, Managing Director, Federal Mortgage Bank are confirmed amongst a line up of distinguished local and international speakers.

“Through the expected outcomes of this event, it is intended to contribute to the attainment of the Financial System Strategy FSS2020 report objectives on the mortgage banking industry which have recommended that Nigeria should adopt an engineered growth approach as opposed to a sequential approach towards achieving the following strategic goals: to have one of the safest and vibrant mortgage markets among the emerging economies and to use the mortgage market as a major agent of positive social and economic change in Nigeria; to establish safe and viable mortgage market in Nigeria by setting up infrastructure and institutions within 5 years; to fully integrate mortgage market into the capital market and increase the ratio of mortgage securities in the capital market to 20 per cent by 2020 and to increase home ownership in Nigeria to 30 per cent by 2020; to increase the ratio of mortgage loans and advances to total loan portfolio of financial sector to 30 per cent by 2020; and to increase share of housing loan and advances to 15 per cent of GDP by 2020”, he said.

The conference is being co-sponsored with the Federal Mortgage Bank of Nigeria, Abbey Building Society, to mention just a few.