Mortgage and finance Round Table 2012
Presently in Nigeria, as it is in many parts of the world, the economy is in the low ebb, recession which enveloped our universe seems not to be in a hurry to give in, regulations in all sectors of the economy are getting stiff, particularly in key sectors, consumers are fast making a fast purchase among several alternatives, cost of power, housing and health is rather sky-rocketing thereby making living more difficult and almost unbearable. It is therefore a realistic time for Government at Federal, State and local levels to get on more serious strategies to combat the lull and retain their perception and estimation among the citizen. The need to refresh the knowledge and experience of top economic/resource managers who require a fresh insight into the issue of managing and perhaps repositioning their respective industries is essential. This is basically because the growth and sustenance of their brands, like a beautiful garden flower depends on how much watering is done. It is based on the above fact that the co-coordinating minister for the economy and Hon. Minister of Finance, Dr Ngozi Okonjo Iweala and the Hon Minister of Lands, Housing and Urban Development, Ms A.I Pepple, CFR, jointly organized an hosted a one day conference on Mortgage Finance at the Transcorp Hilton, Abuja, on 3rd
The conference has in attendance the coordinating Minister for the economy and Hon Minister of Finance Dr Ngozi Okonjo Iweala, Hon Minster of Lands, Housing and Urban Development, Ms A.I Pepple, CFR as hosts, Hon. Minister for Finance, Senator Bola, Managing Director Federal Housing Authority (FHA), representative of the Federal Mortgage Bank Of Nigeria, President, Mortgage Banking Association Of Nigeria, representative of the World Bank, Mr. SPO Fortune Ebie, Rtd General Reis, Publisher, Global Homes Magazine, Mrs. Roni Akins.
Others included representatives from Mortgage Bank Association of Nigeria (MBAN), Real Estate Developers Association of Nigeria (REDAN), NIPC and other eminent Industry personalities across the country.
THE OBJECTIVES These are:
- To harness and coordinate the entire gamut of existing prominent players in the Mortgage Finance sector for a talk to revisit the operational strategies for better performance and delivery
- To focus on Mortgage and Finance Institution for the purpose of providing for, and encouraging good Mortgage and Finance services for Nigerians.
- To tap from practical and scholastic experience and knowledge of renowned Finance magician, Dr Ngozi Okonjo Iweala who attends to the subject and dwells on synchronization and synergies of global strategies to local interests and possibilities.
- To share the experiences of Mortgage Financing originalities and teachers of Mortgage Institutions focusing on a number of critical issues on Housing Development in Nigeria, of particular emphasis which is Mortgage Finance this remains a serious challenge.
- To seek to ponder on how to explore and improve accessibility to Mortgage Finance in order to stem the present trend whereby most home owners in the country rely solely on their personal savings to build their houses.
- To come up with an agreement regarding how the Mortgage Finance system should be restructured to ensure improved access to affordable housing supply, Mortgage Financing, Land availability and title registration, among others, to jump-start a new phase of housing delivery in Nigeria.
Meanwhile, unscheduled papers were presented with key-notes address by the two hosts Ministers at the event on ‘developing and maintaining financial distinction in an economic recession ‘. And ‘passion for building sustainable and affordable housing development in Nigeria’. In addition, the Minister Ms A.I Pepple stated that the roundtable has being convened to enable stake-holders reflect on various challenges facing the housing industry and at the end of the meeting, it is expected that efforts would have been set in motion on key initiatives and implementable actions on affordable housing supply, mortgage financing, land availability among others to jump-start a new phase of housing delivery in Nigeria. She also hinted that in anticipation of the approval of the Revised National Housing and Urban Development policies by the Federal Executive Council (FEC), the Federal Ministry of Lands, Housing and Urban Development will soon embark on the development of a comprehensive housing and urban development sector road map in order to ensure that the challenges in this sector are no longer addressed through a piece meal approach but systematically and sustainably.