LAGOS, November 19, 2015: Newly appointed minister Babatunde Raji Fashola (SAN), already has a laundry list on his agenda to reform the Power, Works and Housing sectors. Many experts are eager to see his agenda focus on plans that will tackle the country’s perpetual erratic power supply.
Suggestions from major electricity distribution companies have asserted that the former Lagos state governor should focus his efforts on privatising the Transmission Company of Nigeria (TCN), while blaming the existing power grid for being weak. Internal scuffles within TCN have also been a major source for the stagnation in the development of the country’s power sector.
The President’s attention has also been called to decentralise the three ministries Fashola has been appointed to. Centre for Social Justice (CSJ) propose that appointing added ministers for each sector will serve the country better.
On the housing sector, a 2015 report by leading real estate portal, Lamudi Nigeria, stated that demand for housing in Lagos state far exceeds that of supply. The report, based on data of supply and demand was gathered from almost every neighbourhood in the state in the first quarter of 2015. The report highlights the looming shortage of affordable housing in the state. For example, Lagos Mainland recorded the highest market pressure for housing with demand outstripping supply by 18 times, followed by Surulere (10 times). Further revelations from the report shed light on the crisis of exorbitant housing prices across the state. The average sale price for available property in Lagos Island was N46m per bedroom, more than three times the Lagos median sales price.
Experts on the matter have called for Nigerian mortgage lenders to do more in educating consumers on the available funding options for intending home buyers. Existing programs such as the Nigerian Mortgage Refinance Corporation (NMRC), act as solutions for the government to curb this problem by offering affordable mortgages to all Nigerians.
In addition, appeals to the newly appointed minister to solve the land grabbers and the infamous omo oni le’s are a hot topic of discussion for the newly appointed minister. An unpleasant reality to buying land in Nigeria, many Nigerians will be curious to see this issue finally come to an end.
ENDS.
ABOUT LAMUDI NIGERIA
Lamudi is a leading online real estate marketplace exclusively focused on emerging markets. The website offers an easy to use and secure platform to buy, rent or sell real estate online. Lamudi.com.ng, which started operations in October 2013, has over 30,000 residential and commercial property listings from developers and real estate agents. The company has active offices in Lagos, Abuja, Ibadan and Port Harcourt.
MEDIA CONTACT
Ogo Onichabor
Head of PR – Lamudi Nigeria
Contact +2347068721719
Email – onichabor.ogochukwu@lamudi.com.ng
Skype – Ogo Onichabor
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