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The Official press statement of Dr Goodluck Ebele Jonathan on the launch of NMRC

Posted by : 3Invest Media In Housing Finance, National
The Official press statement of Dr Goodluck Ebele Jonathan on the launch of NMRC
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His excellency the vice president, excellency the governors and deputy governors here with us for this launch ceremony, members of the national assembly, the coordinating minister of the economy and honorable minister of finance and other members of the federal executive council here with us. Sectors of governments and other senate government functionaries, members of the diplomatic corps, government partners, captains of industries; let us firstly appreciate Aliko Dangote and others here with us, Distinguished ladies and gentlemen.

We are here today to kick start an important transformation of the housing sector in Nigeria through the launch of the Nigerian Mortgage Refinance Company. In fact we have heard from all the speakers and I believe all of us here and those who are watching us are quite excited. The Nigeria Mortgage Refinance Company will support our objective to achieve a broad base and inclusive growth by reworking a sector that has the capacity to provide a social goods namely housing and to also generate jobs. The housing sector is a key component of this administrations transformation agenda that is why in 2012 I convened a presidential retreat in may, of course the coordinating minister mentioned it on the totality of the housing sector and in November I asked the coordinating minister to host a round table on housing finance, the objective was to take a critical look at the sector and recommend ways it could be harnessed to provide shelter for Nigerians and create jobs for our teaming youths.

Today I am very happy to be here with all of us to launch this great initiative to this end I would love to thank the Minister of Finance, the Minister of Land, Housing and Urban Development, the Central Bank of Nigeria, the Development Partners, the World Bank, IFC and DFID as well as our private sector partners, the mortgage and commercial banks for working to make this day a reality.

Ladies and gentlemen, the housing sector is known worldwide for job creation and economic stability. That is why we are focused on the sector, with why concrete actions, directives, salability; the major constraints to its rapid development. The first step we have taken is to create a stable macroeconomic environment that has lowered inflation to about 8% today from 12% at the beginning of last year; recognizing that high inflation is a major impediment to the creation of a sustainable and dynamic property market because of its impact on the cost of money and the cost of goods within the sector.

The next major step we have taken is to create the enabling environment for primary mortgage banks and other financial institutions to offer 15 to 20 years mortgages at affordable rates to Nigerians and of course we have had that from the actors in the sectors themselves. This is the mandate we have given the Nigerian Mortgage Refinance Company, since the ability of banks to deliver mortgage services is limited by the fact that about 80% of all bank deposits are short term loans; of course Peter Obi said that with the percentages, 1% for entering the offices. Know that without government taking this initiative as a nation we can’t get to where we want to go. Land is another important issue we have reexamined, that’s why I am quite pleased that a number of governors are here and many more. In fact the governor of Lagos also represented a commissioner here, just that there were no provision he would have made some comments. Because the issue of Certificate of Occupancy, because for an investor to be sure that yes I have a land to invest is key thing and to achieve this we set up a presidential task force on land regulation, which reviewed our land use acts and came up with recommendations on realistic revisions to better serve the people and expand the housing market.

In this regard, four key enabling steps are necessary:

  • Firstly the implementation of a computerized land registration system that will make it easier for citizens to receive certified titles, ownership and occupancy to verify certificates, transfer income and transact mortgages.
  • Secondly the reduction of land registration cost to users for as low as 2%.
  • Thirdly the governors should consider delegation of consent to speed up the process.
  • Lastly the streamlining of quick completion of the foreclosure processes.

The role of state governors is obviously very critical in this drive to improve land registration systems and facilitate access to land and to have titles for all segments of our population. I am very happy to report that many state governors are very active in the housing sector because we have listened to them and they are committed to facilitating this process some of them are here today because I have already listened to their commitment in improving that sector of our economy which we all know would create jobs and GDP. The minister of housing land and urban development will continue to work to support the state to build appropriate land information systems; of course we’ve listened to the supervising minister who is an architect and a key actor in the building industry.

The Federal Mortgage Bank of Nigeria and other public institutions are beyond work on these components, their efforts will be supplemented by those of private investors who will be able to develop mass and good quality housing and more effectively encourage creatively adapted home ownership options just as rent to own and other variants. It will also encourage specialization in the housing supply chain and the standardized production of components such as the windows, the doors, kitchen cabinets, the roofing materials and others at acceptable prices. As the housing market develops we must ensure that it’s inclusive and that it sustainably reaches the lower income groups. We have heard from those who have directly benefitted and the cause they are giving us that means that this is already working in the country and we have really improved on it. Therefore in addition to our efforts on Mass housing we are also supporting a guarantee mechanism through the World Bank credit to support access to mortgages for qualified participants from lower income households. Unlocking the housing sector would mean the creations of thousands of jobs for painters, builders, electricians, welders and allied small and medium businesses. We must train our young people to take advantage of these emergent opportunities, the issue of training is key and of course the minister of banks housing and urban development’s for quite some time has also been focusing on that, we’ve also asked the ministry of education to look into the issue of skills and of course we listened to Dangote, the forms we’ve approved. We believe that would help our young men and women to develop menial skills in the housing sector so that jobs will be created. People believe that bombs and guns of the Niger Delta and the North are because the young men and women don’t have jobs. We believe the housing sector the way we are going would create jobs for quite a number of them but first skills must be acquired. Its quite unfortunate from experience that in the building sector, skills just like may be putting proper pop or so Nigerians encourage people from outside the country to do it from the information we got even for privately built houses. We have similar things in the agric sector when we interact with young people who are into commercial farming you see that they don’t even have trained people to handle farm tools. So those who maintain their farm tools in their farms come from outside the country. You don’t need to spend four years to get a degree to hold a farm and if they are doing well some of them earn more than first or second degree holders who are on their first jobs. We complain that we don’t have jobs at the same time the people supposed to learn these skills don’t make themselves available; I believe Dangote will help with the funds available and his own commitment so that the body will encourage Nigerians to develop their skills in the private sector to these mass job creation programs of government.

Distinguished ladies and gentlemen Improving access to housing whilst creating jobs is a central thought to this administration and a means to respond to the dreams and desires of many Nigerians; we stand here today at the dawn of a critical initiative that will deliver on our most important objectives. It therefore gives me a great pleasure to launch the Nigerian Mortgage Refinance Company for the good of our people towards a greater Nigeria.

I thank you.

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