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Nigeria: Poor Land Titling Hinders Documentation, Mortgage Financing-FG
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Leadership (Abuja)
16 June 2008
Posted to the web 16 June 2008
Isaac Aimurie
The Minister of State for Environment, Housing and Urban Development, Chief Chuka Odom has declared, that about 97 per cent of Nigerian land mass does not have title which hinders the processes of land documentation and mortgage financing in the country.
The Minister, however, said the Yar'Adua led administration has developed new policy shift that will ensure private/public partnership in order to facilitate the current housing scheme.
Odom, who spoke at the international workshop on developing real estate investment companies in Nigeria, said with a housing deficit nearing 15 million and the population of over 140 million it is obvious that government alone cannot rise to the challenges of providing housing.
According to him, "Studies have shown that only 3% of land mass is titled and with the remaining 97 per cent untitled the processes of land documentation and mortgage financing in Nigeria cannot take root .We have identified lapses because there certain laws in our housing subsector which make housing delivery very difficult to achieve.
Some of these laws include the concept provision in section 21 and 22 of the Land Use decree. Some of the laws are investors unfriendly. This is because you cannot expect people to come and put money in real estate and they can't get their money back in time.
Chief Odom said the previous administration had introduced different policies in the housing sector but had not involved private hands that help develop the sector, noting that though some policies many didn't success due to government's attempt to single handedly develop the sector.
He said, "you can recall that previous administrations had always sponsored housing sector without the involvement of private developers; whereby government engage in construction of estate just like in the case of Jakande estate or the Shagari low income housing estate."
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The Minister said these policies had succeeded during their time because brought into cognisance the peculiarity of housing problems at that time. But we have to know that the policies were not sustainable because there is no capacity and sustainability adding that "if you look at the FESTAC estate it is in a state of disrepair; the infrastructure has collapsed; and this is because of non-sustainability of the projects by government.
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