Lagos, March – Prof. Timothy Nubi, Head, Department of Estate Management, University of Lagos, has urged the Federal Government to reposition the mortgage system in the country to check high rents.
Nubi told the News Agency of Nigeria (NAN) on Thursday in Lagos that rent would continue to rise across the country if demand for houses outstripped supply.
He said that mass construction of affordable houses was the only solution to the high cost of rent.
“The truth is that there is no functional mortgage system in Nigeria, and mass house production cannot be achieved without a sound mortgage structure and other credit facilities in place.
“Let the government restructure and strengthen the mortgage system to position it for better service delivery,” he said.
Nubi appealed to the Federal Government to build affordable houses by empowering registered developers as alternative means of checking cost of rent.
According to him, until the government embarks on constructing huge number of affordable houses, the problem of housing deficit will continue to stay with the nation.
He stressed that mass housing was more economical because it remained the only viable way to crash the high cost of accommodation in the country. (NAN)