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Stakeholders Call for Recapitalization of Mortgage Banks and Land Reforms in Real Estate Sector

Stakeholders across the real estate sector have underscored the urgency for the Federal Government and the Central Bank of Nigeria (CBN) to inject capital into Primary Mortgage Banks (PMBIs). The goal is to enhance their capacity to finance transactions, provide extended funding to developers and end-users, and foster growth in the industry.
 
This plea was a focal point at the 28th Conference of Directors of Lands in Federal and State Ministries, Departments, and Agencies. Themed "Improving Land-Based Revenue of the Federating Units in Nigeria through Efficient and Effective Land Administration," the conference, held in Lagos, attracted key figures from various sectors, including government bodies, financial institutions, and real estate associations.
 
In a communiqué issued at the conference's conclusion, the stakeholders acknowledged the Federal Government's efforts to formulate a National Land Policy, emphasizing its role in guiding efficient, effective, sustainable, and equitable land distribution. They urged the government to expedite the finalization of this policy.
 
 
The delegates also stressed the importance of automating land titling and registration processes through technology, advocating for the training and retraining of land administration staff. Additionally, they called for a review of land charges to facilitate broader access to land ownership.
 
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Several key recommendations emerged from the conference, including:

1. Strict enforcement and penalties for rent defaulters.
2. Periodic demand for notice requesting ground rents.
3. Encouraging courage among land office holders in the discharge of their official responsibilities.
4. Urging political will from office holders at all levels on property taxation issues.
5. Advocating for the establishment of Land Use and Allocation Committees (LUAC) in all states and council areas for efficient land administration.
6. Calling for the management of fixed assets to be prioritized, with estate surveyors and valuers playing a role in efficient asset management.
7. The need for amendment and enactment of new laws, including the Land Use Act, to stimulate real estate activities.
8. Collaborative efforts among CBN, FMBN, NIESV, REDAN, HOFPAN, and NUC to unbundle estate management courses for effective capacity building in the housing sector.
9. Creation of the National Real Estate Information Centre and partnership with the National Population Commission for comprehensive housing data collection.
10. Strengthening security measures to guard against terrorism, banditry, and other criminal activities that may impact real estate investments.
11. Prioritizing the real estate investment sector in the fiscal budget.
12. Advocating for diversification of the economy to reduce dependence on oil.
13. Ensuring well-defined and regular maintenance of existing infrastructure through appropriate policies and plans.
14. Establishing a functional Research and Development Unit within the Ministry of Housing.

These recommendations collectively aim to address challenges and enhance the efficiency, sustainability, and growth of the real estate sector in Nigeria.

 
Source: GuardianNg
 

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