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 reducing housing prices.
LEADERSHIP studies that Abdul Metro Group is the father or mother firm of Metro and Fortress Properties.
Nonetheless, talking in Lagos, Dr Abdul emphasised that land is essentially the most vital issue driving the worth of homes. In keeping with him, low cost land would assist construct high quality properties at inexpensive costs.. “Land is the largest issue driving the worth of homes. If the federal government might present low cost land even when it’s removed from metropolis centres, it could assist us construct high quality properties at inexpensive costs,” he stated.
He contrasted land prices in numerous areas, noting that, parcel of land in some locations might price N400 million, whereas related plots in different areas price simply N100 million, it will 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 useful communities, because it plans to ship 500 housing models.
“For the following five-year section, spanning 2025 to 2030, our aim is to ship 500 housing models, a goal already underway. With about 10 per cent of those models close to completion, roughly 450 properties stay to be constructed as we proceed to develop our footprint and supply high quality dwelling areas for Nigerians,” he said.
On funding, Dr. Abdul praised authorities efforts to help builders with low-interest loans however highlighted ongoing challenges with mortgage accessibility, including that, ‘the normal mortgage system is just not simple to entry, and it’s costly. Many potential consumers get discouraged by lengthy processing occasions and excessive prices.’
He singled out the government-backed Actual Property Funding Finance (REIF) initiative, which provides mortgages at single-digit rates of interest over 20 years, as a promising breakthrough. ‘If the programme may be effectively applied, if it really works nicely, it could possibly be the perfect factor to occur to Nigerian housing,’ he stated.
Dr. Abdul additionally highlighted the constructive ripple impact of sourcing housing supplies domestically has on job creation in development and associated industries, saying, his firm straight employs about 145 employees and lots of of contractors, which is impacting hundreds of households. By sourcing constructing supplies domestically, we additional enhance Nigeria’s economic system and cut back reliance on imported items, he famous.
Dr. Abdul identified the distinction with heavy importation traits, which see international firms, particularly from China, reaping most advantages. “We’ll cut back reliance on imports by limiting international change transactions to necessities like ovens and gear that aren’t but simply produced domestically. Even when gadgets may be assembled right here, we totally discover native choices first earlier than wanting overseas,” he added.
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