Expert urges Nigerian govt to invest pension funds in housing sector

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A real estate expert and coordinator of the Abuja Housing Show, Festus Adebayo, has called on the federal government to invest unclaimed dividends in the Pension Fund into the housing sector.

He made this call while speaking to reporters in Abuja on Monday, where he explained that investing in the real estate sector would reduce Nigeria’s unemployment rate by 50 per cent.

Mr Adebayo, who is also a legal practitioner, accused the President Muhammadu Buhari-led government of poor performance in the housing sector. He stressed that Nigeria’s housing sector could improve its economic fortunes if given the needed attention.

“What we are saying here is that housing is the new way to gear up Nigeria’s economy. In the last three years that President Buhari government came into office, I can tell you that housing has not witnessed so much increase in terms of performance.

“We have been hearing of it diverted, if those monies were put in housing, we call them idle funds, there are unclaimed dividends, in that account that it is kept, who is benefiting from it? They should look into the unclaimed dividends and use it for housing.

“The kind of attention we are saying is that there are laws in the National Assembly that are waiting for attention. If these laws are not passed like the Land Use Act which is still in the hands of the National Assembly, how do we work on these laws so that the problem of access to land and mortgage can be addressed?

“Once we don’t address the issue of land, we can never witness an effective mortgage system in Nigeria,” he said.

His call came shortly after the Minister of Power, Works and Housing, Babatunde Fashola, warned government agencies in the housing sector that the provision of affordable housing policy of the Buhari-led administration must be delivered to the people.

Mr Fashola had said the agencies must be repositioned in order to deliver service to Nigerians.

Speaking on the forthcoming Abuja Housing Show, Mr Adebayo said it is expected to address mortgage refinancing as well as how Nigerians can leverage on existing opportunities to own their houses.

This year’s event which is the 12th in the series would bring together over 250 exhibitors from about ten countries and major players from the World Bank, he explained

The 12th Abuja Housing Show is expected to focus on the of provision of affordable housing for Nigerians.

The event is scheduled for July 16, 2018, at the International Conference Centre, Abuja and would be declared open by the Vice President, Yemi Osinbajo.

The Speaker of the House of Representatives, Yakubu Dogara, top government officials, and other dignitaries are expected to grace the event.

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Godwin Okafor is a financial journalist, Internet Social Entrepreneur and the Founder Naija247news Media Ltd He has over 16 experiences in journalism, which cuts across traditional and digital media. He started his journalism career in Business Day, Where he was a senior editorial graphic artist, before he left to start Naija247news, An Online Financial Newspaper in 2010. He has won series of awards and he is the chairman of Emmerich Resources Limited, the publisher of Naija247news.com and also sits on the board of Students In Business Awards, (SIBA).

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