WHAT ARE THE POSSIBLE SOLUTIONS ON THE BATTLING CHALLENGES OF REAL ESTATE INDUSTRY IN NIGERIA

WHAT ARE THE POSSIBLE SOLUTIONS ON THE BATTLING CHALLENGES OF REAL ESTATE INDUSTRY IN NIGERIA

Among man's basic necessities, the need for shelter comes second after food because everyone needs a place to rest his or her head after the harsh day and also a form of covering when there is an uncomfortable weather

In Nigeria however, there is a housing deficit. Over the years, the Nigerian government has at various times tried different housing policies and programmes to treat the housing problems in the country. Some of these policies are reflected in:

a. Land Use Act, 1978

b. Mortgage Institutions Act, 1989

c. Federal Housing Authority Act, 1990

d. National Urban Development Policy, 1997

e. Housing and Urban Development Policy, 2002

Some of their interventions include:

a. The Nigerian Army Housing Scheme

b. The Nigerian Police Force Housing Scheme

c. The Nigerian Port Authority Housing Scheme

d. Freehold Housing Scheme and Sites and Services Estates

e. Workers Housing Estates

However,even with these interventions, there is still a housing deficit in Nigeria. Most of the challenges centering on the monetary aspect as acquiring houses or going into real estate investment requires a huge start-up capital and considering the present economic downtown, it is not so convenient for most people, also, the laws guiding real estate in Nigeria are more effectively implemented. We also have issues of fraud and selling one house to multiple people discouraging people from going into real estate in Nigeria.

There is a ray of hope as there may be possible solutions to battle these challenges;

1. Research institutes should be encouraged to exploit local raw materials and produce alternative building materials from them so that the cost of building materials will be more affordable.

2. Critical review of rural and urban housing policies should be carried out by the appropriate agencies.

3. The national development plan of Nigeria should put more consideration in the housing problems in Nigerian and also give provision of residential accommodation to citizens the rightful place it deserves.

4. Rural areas should be developed to reduce the migration of people from rural to urban areas

5. The government should partner with cooperative societies and real estate developers to provide housing infrastructure.

6. The federal government should ensure that the Federal Mortgage Bank of Nigeria (FMBN), Federal Housing Authority (FHA), Federal Mortgage Finance Limited (FMF), Urban Development Bank (UDB), and all other relevant agencies perform their roles effectively.

7. The government should also make the process of registration and documentation of property easier. Getting approval for building plans and acquiring Certificate of occupancy should be made easier for legit property owners.

8. Provision of social amenities such as electricity, good road networks and proper drainage systems will go a long way to aid housing development in areas where these are lacking. It will also help to decongest populated cities.

WRITTEN BY: CHAMAN LAW FIRM TEAM

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