The managing director of Abdul Metro Group, Dr Adekunle Abdul, has urged the Nigerian authorities to allocate extra inexpensive land to builders as a key step towards decreasing housing prices.
LEADERSHIP studies that Abdul Metro Group is the mum or dad firm of Metro and Citadel Properties.
Nonetheless, talking in Lagos, Dr Abdul emphasised that land is probably the most vital issue driving the value of homes. Based on him, low-cost land would assist construct high quality properties at inexpensive costs.. “Land is the most important issue driving the value of homes. If the federal government may present low-cost land even when it’s removed from metropolis centres, it will assist us construct high quality properties at inexpensive costs,” he mentioned.
He contrasted land prices in several areas, noting that, parcel of land in some locations may price N400 million, whereas related plots in different areas price simply N100 million, this may vastly have an effect on the ultimate housing costs.
The MD additionally revealed that the corporate stays steadfast in its mission to construct not simply properties, however vibrant and absolutely purposeful communities, because it plans to ship 500 housing items.
“For the subsequent five-year section, spanning 2025 to 2030, our objective is to ship 500 housing items, a goal already underway. With about 10 per cent of those items close to completion, roughly 450 properties stay to be constructed as we proceed to broaden our footprint and supply high quality dwelling areas for Nigerians,” he acknowledged.
On funding, Dr. Abdul praised authorities efforts to help builders with low-interest loans however highlighted ongoing challenges with mortgage accessibility, including that, ‘the standard mortgage system isn’t straightforward to entry, and it’s costly. Many potential patrons get discouraged by lengthy processing instances and excessive prices.’
He singled out the government-backed Actual Property Funding Finance (REIF) initiative, which affords mortgages at single-digit rates of interest over 20 years, as a promising breakthrough. ‘If the programme could be effectively carried out, if it really works nicely, it could possibly be one of the best factor to occur to Nigerian housing,’ he mentioned.
Dr. Abdul additionally highlighted the constructive ripple impact of sourcing housing supplies domestically has on job creation in building and associated industries, saying, his firm immediately employs about 145 employees and lots of of contractors, which is impacting hundreds of households. By sourcing constructing supplies domestically, we additional increase Nigeria’s financial system and cut back reliance on imported items, he famous.
Dr. Abdul identified the distinction with heavy importation tendencies, which see international corporations, particularly from China, reaping most advantages. “We’ll cut back reliance on imports by limiting international alternate transactions to necessities like ovens and gear that aren’t but simply produced domestically. Even when objects could be assembled right here, we totally discover native choices first earlier than wanting overseas,” he added.
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