Abuja – November 20, 2023 – Viewpoint Housing News.
An advocacy group – Housing Development Advocacy Network (HDAN) has applauded the Federal Capital Territory Administration (FCTA) for its new policy of granting Certificate of Occupancy (C of O) to all mass housing developments in Abuja.
Festus Adebayo, the Executive Director of HDAN, stated in a statement that the strategy will eradicate dead capitals from the nation. Dead capitals, in Adebayo’s opinion, are properties that lack legal standing and are unfit for use in financial transactions.
It is a positive step forward that the minister has ordered that all dead properties in the Federal Capital Territory be given legal titles. We see this as a component of the Bola Tinubu administration’s platform, and we are pleased that Nyesom Wike, the minister of the Federal Capital Territory, has initiated it.
According to reports, Nigeria possesses about $1 trillion in dead capital in residential real estate, which might have served as catalysts for the nation’s quick economic growth and decrease in extreme poverty.
The Bureau of Statistics (NBS) reported in its 2018–19 Nigeria Living Standards Survey (NLSS) that 71.4% of the landlords sampled in the 36 states and the Federal Capital Territory (FCT) lacked titles. which is One of the reasons for Nigeria’s high poverty levels.
According to him, this kind of legislation would support the growth of the mortgage industry, promote the use of real estate as a form of credit security, and bring in a sizable sum of money for the federal and state governments.
The organization predicted that Nigeria’s economy will grow in less than a year if the new strategy is put into effect.
This programme implies that the owners of these properties will have access to financing through C of Os, which will lower the nation’s poverty rate. It will also have a favourable impact on the mortgage industry. added HDAN.