The Nigerian Institution of Estate Surveyors and Valuers (NIESV) has called on the federal government to prioritize the social housing program as a measure to mitigate the effects of oil subsidy removal on average Nigerians.
Speaking at the opening session of the 53rd annual conference of the institution in Ilorin on Monday, the President of NIESV, Johnbull Osarumen Amayaevbo, highlighted that industry practitioners are already anticipating defaults in payment and renewal of rents by tenants, whether for commercial or residential accommodation.
Amayaevbo emphasized the need for prompt attention to housing and infrastructure development, stating that the government should partner with the private sector and professionals to design and implement a comprehensive housing program. He added, “The time has come to focus on social housing.”
However, the NIESV president suggested that the government should, in the interim, introduce comprehensive incentives and palliatives to cushion the effects of deregulation on the poor and average Nigerians.
“Prices of goods and services have gone up, and rents would definitely respond accordingly. Meanwhile, inflation is biting hard, causing prices of goods and services to skyrocket.”
Amayaevbo acknowledged that critical sectors of the economy are already feeling the impact, which is expected to subside in the coming months. He highlighted the adverse effects of subsidy removal on the real estate sector, exacerbating the already substantial housing deficit.
The high cost of fuel has led to increased transport fares and building material prices, as producers heavily rely on petroleum for energy. Additionally, the unstable electricity supply and increased transportation costs further contribute to the challenges faced by the industry.
“Industry practitioners are already anticipating defaults in payment and renewal of rents, either for commercial or residential accommodation.”
While recognizing the significant long-term benefits of subsidy removal to the economy, Amayaevbo stressed that sincere implementation is necessary, despite the temporary pains and sacrifices it may entail.
He also expressed the high expectations of Nigerians from the Tinubu administration and reaffirmed NIESV’s commitment to spearheading policy frameworks on housing delivery and infrastructure development.
“We call on the federal government to prioritize and address economic issues as well as those related to national unity, such as corruption, insecurity, armed conflict, food security, and youth empowerment. Of utmost importance, and an area where we will engage more seriously, is the issue of housing and infrastructure development.”
Amayaevbo emphasized the urgent need to address the housing challenge in the country and plan for future housing delivery, highlighting the vital role of housing in promoting healthy living, security, and social well-being.
He urged the federal government to establish a deliberate housing program and implement a robust agenda for housing delivery, including proper institutional frameworks at all levels of government (local, state, and federal) and a private sector-driven mortgage system with full government support in terms of policy and regulatory functions.
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