Developers decry tardy processing process
The Federal Government has been called upon to have mercy on developers in the country by reducing transaction time through timely processing of applications, disbursements and other tardiness that could have negative implication on the value chain of any project.
The call came just as President Goodluck Jonathan assured that the federal government will continue to give priority attention to the housing and urban development sector, knowing full well its importance to the rapid socio-economic development of the economy.
President Jonathan also said his administration will not relent effort until “we provide affordable and adequate shelter to our citizens,” emphasizing that “it’s universally acknowledged that housing is one of the basic needs of man second only to food and water.”
Addressing a huge crowd during the official commissioning of the 324 housing units of Elim Estate, Ibagwa Nike, Enugu in the Enugu East Local Government Area of the state penultimate weekend, Jonathan emphasized, “It does not only have considerable aesthetic value to our living spaces but also constitutes an important element of wealth and job creation, hence it’s a veritable instrument for promoting a just, egalitarian and equitable society.”
Represented by Vice President Namadi Sambo, Jonathan said in some developed societies, housing contributes up to 50 to 70 percent of the Gross Domestic Product in terms of “goods and services arising from housing construction, housing financial services and provision of basic housing infrastructure and services.”
He expressed delight that the 324-unit Elim Housing Estate was funded by the Federal Mortgage Bank of Nigeria (FMBN) within the resources of the National Housing Scheme in partnership with the private sector.
Earlier, the Managing Director and Chief Executive Officer, COPEN Group, a real estate developing firm, Rev. Ugochukwu Chime made a passionate appeal for government’s intervention, and regretted that many projects have been abandoned in the country due to delay in fund release and the attendant cost escalation. He pointed that this could be “quite crippling and demoralizing for all stakeholders.”