President Goodluck Jonathan has called for the computerisation of the country’s land registry to enhance proper land administration.
Jonathan made the call at the launch of the Nigeria Mortgage Refinance Company Plc at the banquet hall of the Presidential Villa.
He said that the launch of the company was in line with his administration’s efforts at tackling housing deficit.
Jonathan said that the Public Private Partnership-led initiative would eliminate the financing barrier to house ownership in the country.
He advised state governors to consider delegating land consent in their states in order to speed up the process of land acquisition.
The president said his administration had created a stable macro economic environment that resulted in the lowering of inflation rate from 12 per cent to eight per cent last year.
He added that the development had also enhanced sustainable and dynamic housing market.
“The housing sector is known worldwide as an avenue for job creation and economic stability. That is why we are focused on the sector and the concrete action we have taken in alleviating the major constraints to its rapid development,” he said.
The Minister of Finance, Dr Ngozi Okonjo-Iweala, said it would take three to four months for the company to start operations.
She said the government expected that by the end of June, Nigerians would begin to access the loans.
Muhammed Sada, the minister of mines and Steel Development and Supervising Minister of Land, Housing and Urban Development, said the country had 17 million house deficits.
He attributed the housing deficit to lack of proper financing of the sector.
The launch also featured the signing of two major agreements between the Ministry of Lands, Housing and Urban Development and Shelter Afrique.