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Issuance of Certificates of Occupancy for Mass Housing Projects Receives Commendation from Housing Advocacy Group

The Housing Development Advocacy Network (HDAN) has expressed its commendation for the recent policy introduced by the Federal Capital Territory Administration (FCTA), which mandates the issuance of Certificates of Occupancy (C of O) for all mass housing projects in Abuja. HDAN's Executive Director, Festus Adebayo, issued a statement applauding this initiative, highlighting its potential to eradicate "dead capitals" within the country.
 
 
Adebayo explained that "dead capitals" refer to properties lacking legal recognition, rendering them unusable for financial transactions. He praised the FCT Minister, Nyesom Wike, for directing that all such dormant assets in the FCT be endowed with legal titles. According to Adebayo, this aligns with the vision outlined in the Bola Tinubu administration's manifesto.
 
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Nigeria is reportedly burdened with nearly $1 trillion worth of "dead capital" in residential real estate, hindering its potential role as a catalyst for economic development and poverty reduction. A 2018-2019 Nigeria Living Standards Survey (NLSS) report by the Bureau of Statistics (NBS) revealed that 71.4% of landlords sampled across the 36 states and FCT lack property titles, contributing significantly to poverty in the country.
 
Adebayo emphasized the positive impact of this policy on the mortgage sector, foreseeing increased reliance on properties as credit security and substantial revenue generation for both state and federal governments. The HDAN believes that the implementation of this policy could lead to a notable improvement in Nigeria's economy within a year. "The implication of this policy is that, with C of Os, the owners of these properties can have access to finance and this will reduce the level of poverty in the country. It will also affect the mortgage sector positively," stated HDAN.
 
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Furthermore, Adebayo affirmed HDAN's commitment to supporting commendable policies in the FCT and pledged efforts to create awareness, urging state governors to adopt similar measures in their respective domains. The advocacy group called on President Tinubu to use his influence to encourage state governors to issue Certificates of Occupancy for all houses under mass housing schemes.
 


 
Source: GuardianNg
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