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Stakeholders Urge Federal Government to Harness Housing Sector for Economic Revitalization

 
During the recently concluded Conference of Directors of Lands in Federal and State Ministries, Departments, and Agencies, industry operators advocated for the Federal Government to leverage the housing sector as a catalyst for rejuvenating the country's economy. The conference, themed "Improving Land-Based Revenue of the Federating Units in Nigeria through Efficient and Effective Land Administration," took place in Lagos State.
 
Professor Olurotimi Kemiki, the Dean of the School of Environmental Technology and Coordinator of the Institute for Land and Community Resilience, emphasized the potential of housing as more than just a social necessity, asserting that it could serve as a medium for economic investment. Recognizing the global significance of real estate investment in economic growth, he highlighted its role in job creation, household shelter provision, income distribution, and poverty alleviation.
 
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Kemiki stressed that housing, as a commercial enterprise driven by profit and speculation, plays a crucial role in a nation's economic activity. He referred to the World Bank's perspective, which considers housing a macroeconomic development tool with a multiplier effect through the economy, leading to higher productivity at the national level.
 
Felix Appah, the Director/Head of Department of Lands and Housing Development Department at the Federal Ministry of Housing & Urban Development, acknowledged the escalating global and Nigerian population, emphasizing how land has become a vital tool for generating internal revenue. He pointed to Lagos State as a testament to how effective land utilization contributes to government income and stimulates the macroeconomy.
 
The conference aimed to foster an environment for key stakeholders from the public and private sectors to converge and exchange ideas on creating a model for harnessing land resources. The discussions focused on tackling challenges related to the implementation of policies and strategies to improve land-based revenue generation. The participants also explored the experiences of neighboring countries and global best practices to find feasible solutions to identified problems.
 
Godwin Ityoachimin, the Principal Partner of Godwin Ityoachimin & Co, stressed the importance of reviewing land charges to enhance access to land for a larger segment of the population. He recommended a thorough review of the procedure for determining land values, strict enforcement of provisions for reviews, and the issuance of periodic demand notices for ground rents. Additionally, he called for the exercise of political will by office holders at all levels, especially concerning property taxation issues.
 
Source: PunchNG

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