feel free to call 09056000005

Issuance of Certificates of Occupancy for Mass Housing Projects Receives Commendation from Housing Advocacy Group

The Housing Development Advocacy Network (HDAN) has expressed its commendation for the recent policy introduced by the Federal Capital Territory Administration (FCTA), which mandates the issuance of Certificates of Occupancy (C of O) for all mass housing projects in Abuja. HDAN's Executive Director, Festus Adebayo, issued a statement applauding this initiative, highlighting its potential to eradicate "dead capitals" within the country.
 
 
Adebayo explained that "dead capitals" refer to properties lacking legal recognition, rendering them unusable for financial transactions. He praised the FCT Minister, Nyesom Wike, for directing that all such dormant assets in the FCT be endowed with legal titles. According to Adebayo, this aligns with the vision outlined in the Bola Tinubu administration's manifesto.
 
National Housing Programme Portal: How to apply for Nigeria Federal  Government Houses - BBC News Pidgin
 
Nigeria is reportedly burdened with nearly $1 trillion worth of "dead capital" in residential real estate, hindering its potential role as a catalyst for economic development and poverty reduction. A 2018-2019 Nigeria Living Standards Survey (NLSS) report by the Bureau of Statistics (NBS) revealed that 71.4% of landlords sampled across the 36 states and FCT lack property titles, contributing significantly to poverty in the country.
 
Adebayo emphasized the positive impact of this policy on the mortgage sector, foreseeing increased reliance on properties as credit security and substantial revenue generation for both state and federal governments. The HDAN believes that the implementation of this policy could lead to a notable improvement in Nigeria's economy within a year. "The implication of this policy is that, with C of Os, the owners of these properties can have access to finance and this will reduce the level of poverty in the country. It will also affect the mortgage sector positively," stated HDAN.
 
COP 27: FG set for participation, unveils National logo | AIT LIVE
 
Furthermore, Adebayo affirmed HDAN's commitment to supporting commendable policies in the FCT and pledged efforts to create awareness, urging state governors to adopt similar measures in their respective domains. The advocacy group called on President Tinubu to use his influence to encourage state governors to issue Certificates of Occupancy for all houses under mass housing schemes.
 


 
Source: GuardianNg
Quick Links: 

Similar Topics

Lagos State Governor, Babajide Sanwo-Olu, has emphasized the significance of innovation,...

9 days ago Read More

The Association of Private Practicing Surveyors of Nigeria (APPSN), a subgroup of the Nigerian...

9 days ago Read More

Nigeria has been admitted into WorldSkills International, marking a historic milestone in the...

13 days ago Read More

The Federal Government has launched the Ministry of Finance Incorporated Real Estate Investment...

13 days ago Read More

The National Board for Technical Education has inaugurated the Sector Skill Council for...

20 days ago Read More

The Environmental Defense Fund has partnered with Africa Practice to combat climate change in...

21 days ago Read More

The Minister of Housing and Urban Development, Ahmed Dangiwa, has reiterated the crucial role of...

22 days ago Read More

The Real Estate Developers Association of Nigeria has announced initiatives aimed at enhancing...

27 days ago Read More

The Global Environment Facility has approved $3.28m to tackle land degradation in Kebbi State under...

a month ago Read More

The commercial real estate market is currently grappling with several major challenges, including...

a month ago Read More

Real estate development is a key driver of economic growth in any region, and Africa is no...

a month ago Read More

The Federal Government has signed a Memorandum of Understanding with Shelter Afrique...

a month ago Read More

The Federal Government has issued a 90-day deadline for subscribers of the National Housing...

a month ago Read More

The Minister of Housing and Urban Development, Ahmed Dangiwa, has disclosed that plans are underway...

a month ago Read More

A real estate firm, Gestpoint Nigeria Limited, has implored the Federal Government to simplify the...

a month ago Read More

Ahmed Dangiwa, minister of Housing and Urban Development, has said that unlocking Nigeria’s...

a month ago Read More

Experts in the built environment have emphasized that effective urban planning and infrastructure...

a month ago Read More

The Council for the Regulation of Engineering in Nigeria (COREN) has highlighted a legislative...

a month ago Read More

The state of the country’s economy has affected the real estate sector adversely in 2024, a...

a month ago Read More

The Council for the Regulation of Engineering in Nigeria has inaugurated a National Technical...

a month ago Read More