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PMIs need support of banks for housing finance

Yinka Kolawole
Primary Mortgage Institutions (PMIs) require the support of banks in order to be able to adequately fund housing development in the country.

Promoter of Home & Office Exhibition, Mrs.Alero Edu, made this remark in Lagos at the 10th edition of the exhibition organised in conjunction with NTA Properties Investment Company Ltd.

Edu, who is the Head, Consultant, PR Distinction, asserted that the sector would do well if they enjoyed constant facilities from banks, adding that universal banks in the country need to assist players in the property sector with loans to boost their productivity.

“If Nigeria is to achieve her dream of providing housing for all in the near future, the Primary Mortgage Institutions require the support of banks, as they cannot deal with this challenge alone,” she stated.

She said that the exhibition was evidence of the growing sophistication of Nigeria for very high quality decor, a manifestation of the need for a medium where professionals in the industry, dealers and manufacturers of home and office furniture and related businesses could converge to showcase their goods and services.
In a related development, plans have been concluded to host the 10th edition of the Lagos Housing Fair billed for next month, by Beachland Resources Limited, in partnership with Radio Lagos/EKO FM.

Chairman, Planning Committee of the fair, Mr. Moses Ogunleye, noted that the theme for this year’s exhibition tagged, “Appropriate Materials in Housing Delivery”, underscores the need to produce quality houses for the populace.

“As we all know, building materials as real input in housing production are critical to the drive for qualitative and quantitative housing development, hence the need to continuously beam the searchlight on critical issues affecting the Nigerian housing sector,” he said.

Ogunleye noted that there is need to re_examine material sourcing, usage and assemblage as well as adaptability and suitability of materials, adding that issues of health and safety in usage and application of building materials also requires adequate attention which the fair is set to address.
“Nigerian has recorded a lot of poor quality housing projects leading to either decay of buildings earlier than expected or outright failure. There have also been buildings which are constructed with no adherence to due diligence in terms of material usage. So, we should be particularly concerned with the need to explore all avenues for promoting new or alternate materials. This is because, a great benefit accrues to our economy, as production of new materials either as entirely new or as modifications will expand the sector.

“No doubt, the preponderance of inappropriate or substandard materials has been the bane of housing sector for so long. Worried by this, the board of the Lagos Housing Firm felt that there is a need to stem the tide. This must be so to prevent the translation of the decay being experienced in the nation’s economy to the building construction sector,” he stated.

Participants expected at the fair include manufacturers or dealers of different building materials, real estate developers, multi_lateral organisation, embassies/high commissions, government agencies and professionals in the sector.


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