20million Housing Deficit: SEC Seeks Real Estate Stakeholders’ Collaboration

The Securities and Exchange Commission (SEC) is ready to partner with stakeholders in real estate investment to reduce Nigeria’s estimated 20 million housing deficit.

The Director-General, SEC, Lamido Yuguda, who disclosed this recently at a meeting with the Nigerian Institution of Estate Surveyors and Valuers (NIESV) in Abuja, said the Commission values NIESV’s services to the capital market and the nation, adding that there was room for more partnership between the SEC and NIESV.

In his words:  “There is a renewed focus on real estate investment trust now; we are getting to see how the sector contributes more to our gross domestic product by facilitating the trading of assets in the real estate sector. I think there is a huge room for collaboration; you have a very big role in the real estate sector.

“Nigeria’s population is growing fast and we need everyone in Nigeria to have a roof over their heads. We do not want people to end their careers living in rented accommodation; people need to own their own houses because there is a lot of security and social value in owning your own house.

“You are very important as you operate in an area that is very important to our economy. You have a crucial role to play in the capital market, especially as we focus on the real estate investment trust sector. You also have a huge role to play in the larger housing sector as at the moment we have not been able to harness the full potentials in that sector.”

For his part, the President and Chairman of Council, NIESV, Emmanuel Wike, called for greater collaboration with SEC while commending the commission’s management for contributing immensely to the growth of the capital market and the economic development of the country.

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