A real estate consultant, Mr. Adeyemi Williams, has urged the country’s regulatory bodies to harmonise and implement all pending reforms on housing finance delivery. Williams, a Managing Partner in Adeyemi Williams and Company told the News Agency of Nigeria (NAN) in Lagos that there were about eight housing bills before the National Assembly. He said that these bills were critical to the housing finance delivery in the country.
“There are about eight real estate related bills before the National Assembly and if these bills are passed into law, it will improve housing finance delivery,’’ he said. Williams said that the Central Bank of Nigeria (CBN) and the Federal Mortgage Bank of Nigeria (FMBN) should take a holistic view of the sector and discharge their duties.
He said that the poor state of the Primary Mortgage Institutions (PMIs) must be critically resolved as it was an indication of inefficiency in the system. According to him, the current situation where only two out of 90 PMIs are listed on the capital market shows that the options for raising funds have not been fully exploited. Williams said that commercial banks and insurance companies should be encouraged by the regulatory bodies to commit more of their funds into the housing sector.
“Commercial banks should buy into emerging credit registry firms, while the credit registry firms should deploy efficient systems that will enable fast credit search process,’’ he said. Williams canvassed that the government should reduce the time frame for accessing the National Housing Fund (NHF) loan to a maximum of 30 days. “This is because contributors to the fund are stakeholders or unit holders, thus the approval must be streamlined to facilitate quicker access to mortgage.’’