Harness Housing for Economic Drive, Operators Urge Government

Operators have urged the Federal Government to harness the potential of the housing sector for economic revitalization. This call was made during the Conference of Directors of Lands in the Federal and State Ministries, Departments, and Agencies held in Lagos State, with the theme “Improving Land Based Revenue of the Federating Units in Nigeria through Efficient and Effective Land Administration.”

Professor Olurotimi Kemiki, the Dean of the School of Environmental Technology and Coordinator of the Institute for Land and Community Resilience, highlighted the significant role housing could play as a medium for economic investment, beyond its primary function of providing shelter. He emphasized the global recognition of real estate investment in driving economic growth and its impact on job creation, income distribution, and poverty alleviation.

Kemiki pointed out that housing, being a commercial enterprise driven by profit, contributes to economic activities through investments in land, building, and infrastructure. He emphasized the measurement of a nation’s economic activity, citing the gross private domestic investment as a key indicator of future productive capacity.

Citing the World Bank’s perspective, Kemiki underscored housing as a macroeconomic development tool with multiplier effects on the economy. This includes higher productivity at the national level through the reinvigoration of underutilized labor and the efficient utilization of materials and financial resources.

Felix Appah, the Director/Head of Department, Lands And Housing Development Department, Federal Ministry Of Housing & Urban Development, highlighted the increasing global and Nigerian population as a natural driver for land demand. He acknowledged the vital role of land in generating revenue for Lagos State, emphasizing its contribution to growing government income and boosting the macroeconomy.

The conference aimed to create a conducive environment for stakeholders from both the public and private sectors to share ideas on generating a model for harnessing the invaluable resource of land. Appah encouraged participants to draw inspiration from the experiences of other countries and align them with globally accepted best practices.

Godwin Ityoachimin, the Principal Partner of Godwin Ityoachimin & Co, stressed the importance of reviewing land charges to enhance access to land for a larger percentage of the population. He proposed a review of the procedure for determining land values to capture more revenue, strict enforcement of review provisions, and penalties for rent defaulters. Ityoachimin also suggested issuing periodic demand notices for ground rents and emphasized the need for political will, especially regarding property taxation, at all levels of government.

In conclusion, the conference served as a platform for diverse stakeholders to address challenges in land administration, revenue generation, and the implementation of policies to improve land-based revenue. The discussions aimed to formulate recommendations for feasible solutions, drawing on global experiences and best practices in land management and administration.