The Coordinating Minister of the Economy and Minister for Finance, Dr. (Mrs.) Ngozi Okonjo-Iweala, has said that making home ownership an accessible dream for Nigerians will contribute greatly to Nigeria’s Gross Domestic Products (GDP) from the current 3.1 per cent of the rebased GDP to the high teens of emerging and developed economies such as Malaysia and the United States.
Speaking at the launch of 10,000 Mortgages Scheme in Abuja, the Minister said the scheme will also lead to more jobs being created and to a greater economic inclusion.
“It is estimated that for every new house built three direct and eight new indirect jobs are created. Unlocking the housing sector will mean the creation of thousands of jobs for architects, builders, plumbers, welders, electricians, painters and other artisans in allied small and medium scale industries.
“Third, the housing sector also provides social benefits by contributing to community and nation-building. We know that home-ownership often gives citizens a true stake in their communities. After owning a home, many citizens tend naturally to be concerned about the provision of public goods in their communities – from schools, to clinics, to security.
“To further enhance access, we have also reviewed that other key constraint to home ownership – land availability – and of simplifying the processes for obtaining a C of O and of property registration. Homes can only be built on land. People will apply for mortgages only if they can be assured of security of tenure that their investments can be used as savings later by themselves and their loved ones,” she said.
The minister added that the Federal Government has initiated plans to beat government bureaucracy. Her words: “To cut through the bureaucracy associated with these processes, we initiated a Pilot States Scheme with some state governors and the FCT Minister who have committed to supporting the NMRC initiative and to collaborating with us towards creating the enabling environment for mortgage origination to be refinanced by NMRC in key areas under their jurisdiction: property registration, enforcement of mortgage property, access to serviced land.”
According to her, the scheme is one of the highpoints of President Goodluck Jonathan’s administration, while urging Nigerians to buy into it.
“Enhancing home ownership while creating jobs and growing the economy remains a critical thrust of the administration of President Goodluck Jonathan.”