14 September 2011

Nigeria: Housing - Fashola Seeks Abrogation of PMI Act

Ikeja — Lagos Governor Babatunde Fashola on Tuesday in Lagos, urged the Federal Government to abrogate the Primary Housing Mortgage Institution (PMI) Act and to replace it with an enabling law to foster mass housing.

He gave the advice while inaugurating the 362 units Sir Michael Otedola Housing Estate at Odorangushi in Epe near Lagos.

The new estate, built on 9.60 hectres of land includes 86 units of one bedroom apartments ,90 units of two bedroom flats and 160 units of mini-apartments.

The governor noted that the problems of housing was not in building them but in the absence of initiatives that promoted mass housing as well as made it available to the masses.

Fashola said that without initiatives aimed confronting encumbrances to mass housing such as poor mortgage system, high cost of building materials, unfavourable foreign exchange, giving citizens access to decent accommodation would continue to be a mirage.

He urged the Federal Government to come up with the law as matter of urgency, adding that it should be tailored to addressing the mass housing challenges.

"With competing demands for other social services, we are convinced that the future for mass housing delivery should be private sector-driven with government strengthening the operational environments and legal framework for such participation.

" The result is that the public gets quality and affordable houses while the private sector gets new business opportunities," he said.

The governor said the new Sir Michael Otedola Housing Estate was one of those conceived and executed by the government to widen access to decent accommodation in the state.

He said the estate which would be given out to residents on Rent To Own (RTO) basis would enable occupiers to live in them and own them after fulfilling all the obligations of a 20-year mortgage plan.


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