'More funds should be pumped into the real estate sector to promote housing revolution'

Modern Shelter Calls for Government Intervention in Affordable Housing

Abdulmalik Mahdi, Managing Partner Modern Shelter Systems, has said that more funding should be directed into the real estate sector to promote the housing revolution and boost the nation’s economy.

Mahdi, called for the government’s intervention in the real estate sector, adding that the power and agriculture sector have enjoyed the government’s intervention in the area of provision of funding.

He said the government can help in the process of getting approval for affordable lands and single digits mortgage financing.

Abdulmalik, however, stated that since other sectors have Bank of Industry and Bank of Agriculture, they are highly capitalized, therefore, the Federal Mortgage Bank of Nigeria needs to be adequately supported and more provision should be made for real estate funding in the country.

According to him, if government patronizes the real estate sector, employment opportunities and economic growth will be achieved.

“At least 7 to 10 industries are directly affected by real estate; from carpentry to tiling and cement. Since the government is giving direct interventions, real estate companies should be given the opportunity because this will ensure mass employment of labour.” He concluded.