Operators have called on the central government to use the housing sector as a means of restructuring the country’s economy.
The real estate expert said this at a conference of Land Directors in Federal and State Ministries, Departments and Agencies with the theme “Improving Land Based Revenue of the Federating Units in Nigeria” in Lagos. condition.
The Dean of the School of Environmental Technology and Coordinator, Institute for Land and Community Regeneration, Prof. Olurodimi Khemiki, said housing apart from its primary social function, shelter, can be used as a medium for economic investment.
He said, “Globally, the role of real estate investment in economic growth is recognized as a leading role in any economy. The role of real estate investment in employment generation, housing provision, income distribution and poverty alleviation is paramount.
„Housing is a commercial enterprise driven actively by profit and high speculation, when the primary activity is involved in investing in land/building and other developments including construction of new buildings or provision of infrastructure and services. In a measure of economic activity of a country, gross private domestic investment, physical investment A measure of efficiency is based on the future productivity of the economy.
According to Kemik, the World Bank’s advice on housing in different years considers housing as a major economic development tool with a multiplier effect through the economy. Financial resources.
In the same vein, the Director/Head, Department of Lands and Housing Development, Federal Ministry of Housing and Urban Development, Felix Abba noted that the increasing population in the world in general and Nigeria in particular, has naturally risen. Demand for land.
He stressed, “Our hosts, Lagos State, can readily testify how land has become a key instrument in locally generated revenue, helping to increase government revenue and ultimately improving the macro economy.
„This conference will help key stakeholders with diverse experiences in both the public and private sectors to share ideas on how to develop a model/model for utilizing this precious resource (land) and create an enabling environment to address issues of implementation. Enhance land-based revenue generation and address identified issues. Policies and strategies such as making necessary recommendations on possible solutions.
„Also, in solving these problems we face today, we can look at the experiences of various countries around us and align them with generally accepted global best practices.”
Also, Principal Partner of Godwin Ityoachimin & Co, Godwin Ityoachimin noted the need to review land charges with a view to improving access to land for a larger percentage of the population.
He added, “The practice of arriving at land values (the band of values, based on the valuation mentioned in the allotment deed, is usually misrepresented) should be reviewed in order to generate more revenue. The provision of review including imposition of penalty on non-payment of rent should be strictly enforced.
“Demand notices demanding ground rent should be issued periodically (recent efforts by Federal Capital Territory Minister Nyesom Wike yielded increased revenue on a monthly basis). In addition, political office holders at all levels should exercise the necessary political discretion, especially on property taxation issues.