Key stakeholders in the housing finance sector are billed to brainstorm on the best way to meet the targets set for mass housing in the country, following the successful launch of the Nigerian Mortgage Refinance Company (NMRC) and the federal government’s mass housing agenda.
The NMRC, a largely private sector-driven initiative being midwifed by the federal government was launched by President Goodluck Jonathan on January 16.
The Special Adviser to the Coordinating Minister for the Economy and Minister of Finance, Mr. Paul Nwbuikwu, in a statement, said the housing finance summit being organised by the Finance Ministry, was aimed at building on the momentum generated by the historic launch of the NMRC and mass housing plan by the president
According to the statement, key stakeholders will brainstorm at the forum titled “Stakeholders Implementation Summit on Enabling Broader Access to Housing Finance for All Nigerians” on the best ways to meet the targets.
The event is expected to bring together important players in the housing and housing finance delivery market at the federal and state government levels, relevant ministries, the Central Bank of Nigeria (CBN), mortgage and commercial banks, construction companies, architects, artisans, and real estate developers, among others.
“The objective is to share ideas on growing the housing sector, and on the best ways and means to achieve this to the benefit of all Nigerians, particularly for those in the middle to lower income segments.
“The launch of the Nigerian mortgage and mass housing strategy, has brought to the fore the great potential of the housing sector as a key driver of economic growth and job creation in the country.
“Specifically, the take-off of the Nigeria Mortgage Refinance Corporation (NMRC) and related programmes underscore the determination of the Jonathan administration to practically transform the sector for the benefit of Nigerians. This event is designed to move this focus some notches higher,” the statement added. Meanwhile, the Seventh Joint African Union (AU) Conference of Ministers of Economy and Finance with the Economic Commission for Africa (ECA) Conference of African Ministers of Finance, Planning and Economic Development, will be held between March 25 and 30, 2014 in Abuja.
Organised by the United Nations Economic Commission for Africa (UNECA) and the African Union Commission (AUC) in collaboration with the Nigerian government, the conference will bring together African ministers responsible for finance, economy and economic development, as well as governors of central banks and key leaders from the private sector.
With the theme: “Industrialisation for Inclusive and Transformative Development in Africa,” the conference’s objective is to provide a platform for policy makers to articulate proposals for speeding up the implementation of the Accelerated Industrial Development of Africa (AIDA) and increase commitment and actions to advance Africa’s industrial development agenda.
“Building on the Joint Annual Session (2013) held in Abidjan, this conference will be an opportunity to identify challenges that need to be addressed at the national, regional, continental, and international levels to promote the coherent industrial development of Africa,” says Carlos Lopes, Executive Secretary of the (ECA).
In 2013, member states were urged to adopt coherent industrial policies, create institutional industrial policy mechanisms and coordinate line ministries to improve policy implementation.
The 2014 Economic Report on Africa, jointly produced by the ECA and the AUC, will also be launched during the meeting. The theme of this year’s report is “Dynamic Industrialisation in Africa: innovative institutions, effective processes and flexible mechanisms.”
Stressing the importance of industrialisation as a “precondition for Africa to achieve inclusive economic growth,” the report offered an institutional framework for designing and implementing industrial policy in Africa. The rationale for industrialisation in Africa is grounded in the fact that most African economies concentrate economic activity in the extractive and commodity-producing sectors. In turn, the capital-intensive nature of the sector and the limited inter-sectoral linkages between the primary sector and other sectors of the economy create limited opportunities for value chain development, value addition and job creation. Moreover, the primary sectors are characterised by low productivity and low wages, which render employees vulnerable to poverty.
While countries are making concerted efforts in this regard, experts recognise that the road to industrialisation is paved with challenges such as productivity and competitiveness necessary to take advantage of globalisation and transform economies. Also, lack of infrastructure and technological advancement are constraints to doing business and undermines productivity.
“Reversing the status quo and making advances in technology or infrastructure will not happen by chance in the continent. Well thought out strategies with adequate allocation of resources in R&D, for instance, are required,” said Lopes.
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The post FG, stakeholders to brainstorm on housing finance appeared first on Royal Times of Nigeria Newspaper.