Osinbajo urges financial market experts to tackle Nigeria housing problem

Yemi Osinbajo

By Deji Elumoye

Vice President Yemi Osinbajo tasked the country’s financial market experts to work with the government to tackle Nigeria’s housing problem.

He therefore tasked the experts to develop a suitable housing program model that will significantly transform the large-scale housing sector and close the housing gap in the country.

Osinbajo made the call yesterday at the State House, Abuja, when he welcomed the leadership of the FMDQ group led by its CEO, Mr. CEO, Mr. Bola Onadele.Koko.

FMDQ is Africa’s first vertically integrated financial market infrastructure group, strategically positioned to provide registration, listing, listing and rating services; integrated trading, clearing

& central counterparty, settlement and risk management for financial market transactions; custodian of securities, as well as data and information services, in debt capital, foreign exchange, derivatives and equity markets through its wholly owned subsidiaries.

Economic experts have put the housing deficit in Nigeria at between 18 and 22 million housing units, while the ratio of mortgage finance to GDP in the country is only 0.5%, 31% in South Africa and 2.0% in Ghana and Botswana.

Speaking after listening to a presentation by the CEO of the FMDQ, Osinbajo said: “I like the point you raised about the National Master Plan for Housing. I firmly believe that if we can solve the conundrum of the sector, we can make things work. “

According to him, “in our ESP we have something on social housing, but one of the critical issues is how to market these houses, how we can provide the financing so that people can afford to buy them. These are houses which are in the order of about 2 million naira or 2.5 million naira.

“But there are still constraints in that we just don’t have anything like a workable housing finance model, I think it’s time for us to do that. Seems like it has always eluded our ability to find a real solution to the problem. “

Regarding the possibility of having a model that will work, Osinbajo noted that “everyone recognizes that we are going through a very difficult time. But I agree with you that the breadth and immensity of our potentials gives the almost intuitive impression that we are doomed to be successful.

“I have no doubts in my mind that with the right mix of political initiatives, we can do these things. And your description of what needs to be done, like attracting capital and keeping it, is so important because ultimately the capital will go where it’s best treated.

“And if we are able to attract it (because we have the market, we have everything going for us), even in the worst times, despite the situation, you find that there is still a lot of interest.”

Earlier in his remarks, Onadele said the visit aimed to brief the vice president on the transformation underway at FMDQ and the need for government support to develop the financial market for the benefit of Nigerians and the economy.

While applauding the efforts of the Buhari administration to create an enabling environment for transformation, Onadele identified areas of interest for investment in the market, including housing finance and raising capital for projects in the transport sector.

He reiterated the FMDQ’s commitment to fulfill its strategic roles of

a market organizer, catalyst for capital formation, advisor to governments and regulators and diplomat in financial markets, to support the development and implementation of innovative solutions aimed at attracting capital to boost productivity in Nigeria, reduce the unemployment, fill infrastructure

gap and support Nigeria’s achievement of the United Nations Sustainable Development Goals.

Onadele also asserted that one of the main priorities of the FMDQ was to support the development of trade in Nigeria, postulating that trade is the lifeblood of every nation, and that the markets for money, capital and flourishing and liquid exchange was a sine qua non in the development of Nigeria

commerce, industry and commerce. He indicated that the FMDQ has demonstrated its agenda in this regard by setting up FMDQ private markets, to promote the inclusion of private companies in capital markets, and provide access to long-term private capital to small businesses. , averages,

and large companies.

Also yesterday, in another meeting with stakeholders in Nigeria’s oil and gas industry under the auspices of the Independent Petroleum Producers Group (IPPG), the group praised the vice president’s peace efforts in the Niger Delta in 2016 which ensured peace and investment security in the region at a time when the nation suffered a recession.

IPPG President Mr. Abdulrazak Isa said Osinbajo has been a big supporter of the association, saying that “your unprecedented intervention has helped to resolve the security situation we are facing in the region. of the Niger Delta. Since that time, we have not recorded any attack incidents on our facilities. “

While soliciting support from the federal government to secure investments in the sector, Isa revealed that the crisis resolution model deployed by the vice president in 2016 will be replicated by IPPG to deal with emerging security threats to oil facilities. and gas in the south-east.

Also speaking, the group’s immediate past president, Mr. Ademola Adeyemi-Bero, added that since the vice president’s intervention when he visited oil-producing communities in the eight states of Delta, Rivers, Akwa Ibom , Edo, Bayelsa, Imo, Abia and Ondo, “we have not had a single shutdown of our facilities.”

In response, the vice president assured the group of the Buhari administration’s commitment to the security of life and property, noting that the government is open to suggestions that would lead to a permanent resolution of the crisis.

Osinbajo also called for collaboration between the federal government and other stakeholders in the oil and gas sector to advocate for a just energy transition on the global goal of net zero emissions by 2050.

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