The president advised state governors to delegate land consent
President Goodluck Jonathan on Thursday advocated for the computerization of land registry as a means of assisting land administration in the country.
The President said this will ease the cost of house construction and sale by private developers.
Mr. Jonathan said this while speaking at the presidential launch of the Nigerian Mortgage Refinancing Company (NMRC), a vehicle for funding the cost of residential mortgages and promoting affordable housing for Nigerians .
While calling for a reduction in the cost of land registration, the president stressed the need for the streamlining of quick completion of the foreclosure processes. He advised state governors to consider delegating land consent in their states to speed up the process of land acquisition.
President Jonathan further disclosed that his administration has taken steps to create a stable macroeconomic environment that has lowered the rate of inflation from 12 per cent to 8 per cent last year as well as reducing all impediment to a sustainable and dynamic housing market.
“The Nigerian Mortgage Refinance Company was established to support our objective towards. The housing sector is a key component of this administration’s transformation agenda. That is why we conveyed the presidential retreat in May last year.
” And in November, I asked the Coordinating Minister to host a roundtable on housing finance. The objective was to take a critical look at the sector and recommend ways that could be harnessed to provide shelter for Nigerians and create jobs for our teaming youth.
“The housing sector is known worldwide as an avenue for job creation and economic stability. That is why we are focused on the sector and the concrete action we have taken I alleviating the major constraints to its rapid development.
“The first step we are taking is to create a micro economic environment that will lower inflation from 12 percent to 8 percent,” he said.
He said government is carrying out these measures because of its understanding that high inflation constitutes a major impediment to the creation of a sustainable and dynamic market.
“The next major step we have taken is to create the enabling environment for primary mortgage bank and other financial institution to offer real mortgage facilities to Nigerians at affordable rates,” he said.
The ceremony witnessed the signing of two major agreements. The first was between the Ministry of Lands, Housing and Urban Development, and Shelter Afrique; while the second was a subsidiary agreement between the Ministry of Finance, Central Bank of Nigeria, and World Bank on the occasion.