Lagos - An Estate Consultant, Mr Adeyemi Kadiri, says the poor attention being paid to the housing sector is placing accommodation beyond the reach of the common man.
Kadiri, the Managing Director, Kadiri Associates Ltd., made the observation in an interview with the News Agency of Nigeria (NAN) on Wednesday in Lagos.
He said that several initiatives by government to boost the housing sector had failed.
"There are about eight real estate related bills before the National Assembly and if some of these bills are passed, they will help to improve housing delivery in the country.
"But the bills are unattended to and some of the bills have been with the National Assembly in the last 10 years," Kadiri said.
According to him, these pending reforms bills are critical to sustainable housing delivery and should been passed into law urgently.
The expert urged the Central Bank of Nigeria and the Federal Mortgage Bank of Nigeria to be more proactive in their duties.
"The operation of the Primary Mortgage Institutions must be critically reviewed as there are indications of inefficiency in the system.
"PMIs should approach foreign investors for strategic alliances that will enhance their capacity to deliver credit to the housing sector more effectively," he said.
Kadiri said that commercial banks and insurance companies should be encouraged by the regulatory bodies to commit more of their credits and funds into the housing sector.
According to him, reducing the mortgage processing period under the National Housing Fund to a maximum of 30 days instead of months will be ideal.
He said that since contributors to the fund were unit holders, approvals should be streamlined to facilitate quicker access of mortgages by them.
Kadiri urged the Federal Government to review the operations of mortgage institutions to enhance transparency to the benefit of all.