The Honorable speaker of the Nigerian house of assembly Hon Yakubu Dogara has said that lowering cost of building materials will significantly contributes to making housing affordable for Nigerian.
He made the statement on the occasion of the 11th Abuja housing show at the international conference center, Abuja on Monday.
The speaker said, ‘‘To provide affordable housing to Nigerians will also require lowering the cost of building materials.
‘‘It is in this regard that we should not relent in research, development and education to improve building methods and cost effective locally produced building materials.
‘‘I understand that the National Building and Road Research Institute has recorded some successes in the development of cost effective building technologies and materials.’’
He added, ‘‘we should patronise and encourage others to do more. Happily we are becoming self sufficient in cement production but the prices should come down to encourage Nigerians to build houses.’’
The speaker assured Nigerians that the lawmakers will do their best to make policies that will make housing affordable for the vast majority.
He said, ‘‘ Indeed, there is no gain saying that decent and affordable housing in Nigeria has become a luxury that vast majority of Nigerians cannot afford. This should not be the case as housing remains one of the basic necessities of life which governments all over the world strives to ensure that it is a right that citizens must enjoy.
‘‘While I urge the federal and states government to be pragmatic in addressing Nigeria’s housing shortfalls, the National Assembly has a major role to play to enhance access to decent and affordable housing.
‘‘This I can assure you that we shall look into it before the expiration of the 8th National Assembly. I will repeat for emphasis that a comprehensive legislation to deal with how mortgages are processed and accessed in Nigeria have become necessary.
‘‘We must design a mortgage system that captures those in the informal sector of the economy where majority of Nigerian operate. We need to take advantage of the newly signed laws: The Secured Transactions in Movable Assets Act, 2017 (also called Collateral Registry Act) and the Credit Reporting Act, 2017 to reach the ordinary Nigerian who do not have very significant collaterals often demanded by banks.
‘‘The new laws have the capacity to deepen the financing sector, creating a wider pool of assets that can be utilised as collateral for loans or other obligations required to be collaterised.’’