The Supervising Minister of Housing, Land and Urban Development, Musa Sada, at a media briefing, explained that the Public-Private Partnership would need to be improved upon. He said that the Federal Government was focusing on making housing affordable in Nigeria.
Sada lamented the high cost of mortgage system in the country, which encouraged inflated cost for houses.
“People have not been able to afford houses in Nigeria because it is a cash and carry situation. Nowhere in the world do you acquire houses through cash and carry, even in African country.
“What happen is that you get a mortgage system whereby you will be able to own a house and pay for it sometimes for over 15 to 20 years.
“There should be an arrangement whereby, as long as you are servicing your mortgage, you will have your house until you finish the payment,” Mr Sada.
He was, however, optimistic that the newly established Nigerian Mortgage Refinancing Company would reduce mortgage by bringing in more finance for housing in the country.
At the presidential launch of the company in January, President Goodluck Jonathan decried the short tenure of loans to Nigerians by commercial and mortgage institutions.
He said that he would do all in his powers to alleviate the constraints to rapid housing development in the country.
State governments were urged to improve land registration systems in their states to enable Nigerians have access to land titles. since the call, some state government have started the issuance of electronic Certificate of Occupancy to land owners.