The Federal Government has urged state governments to ensure speedy processing of land title documents in order to stimulate economic activities in the country.
Vice President Yemi Osinbajo made the call on Friday in Abuja in a remark at the 4th National House Fair.
Osinbajo was represented at the event by Mr Abubakar Aliyu, Minister of State for Works and Housing.
He said President Muhammadu Buhari was determined to pull 100 million Nigerians out of poverty in the next 10 years with housing identified as a tool to achieve that.
“As we are all aware, the Land Use Act has technically vested the housing responsibility on States and Local Governments, the custodians of land in the country.
“This presupposes that these two tiers of government must be at the forefront in housing development.
“As a government, we have identified ‘Land Titling’ as a rapid tool for economic development as it creates basis for land taxation, access to credit, increased market value and investment stimulation, amongst others.
“I wish to appeal to state governments to ease-up and quicken the process of issuance of Certificate of Occupancy (C-of-O) and other titles,” Osinbajo said.
He added that in line with the Federal Government’s Sustainability Plan, the Central Bank of Nigeria recently approved the sum of N200 billion for 300,000 household.
Osinbajo said the facility was to enable Family Homes Funds Limited (FHFL) finance the construction of social housing units for low-income earners.
“In like manner, the Federal Ministry of Works and Housing has introduced a programme tagged ‘Affordable Housing Development and Management Initiative (AHDMI)’.
“It is aimed at reducing the housing deficit through collaboration with public and private entities.
“The AHDMI will create a robust housing economy, increase the national housing stock, promote housing cooperatives and management of public-buildings,” he said.
He said that the pilot project was expected to commence in October in Gwagwalada, with the construction of about 2,500 mixed housing units under a Public-Public Partnership.
Osinbajo said that government was using multi-pronged approach to bridge the housing deficit.
On her part, Convener of the fair, Dr Becky Olubukola, President, Bastan Group, said that housing and construction sector, if properly administered, could impact on the economy in many ways.
Olubukola said that financing issues in the sector had remained a drawback requiring immediate intervention.
According to her, the finance issues are traceable to the weak mortgage industry.
The convener called on government to encourage more Public-Private-Partnerships in order to reduce the housing deficit which, she said, had reached 22 million.