Expert advocates commercial banks’ involvement in housing sector

The high cost of building materials will soon drop, President, Real Estate Developers Association of Nigeria (REDAN), Mr.
Ugo Chime, has predicted.
To this end, he also disclosed that the real estate sector would soon experience a boom as a result of the efforts of the association to interface with BUA and Dangote cement to make the commodity affordable.
Chime spoke on `Real Estate Management’ at an empowerment programme organised by a religious body in Enugu recently.
Chime attributed the recent successes to the ability of REDAN leadership to convince the Federal Government that real estate could contribute more to Nigeria’s economy if given the necessary support.
“Real estate in Nigeria contributes just about seven per cent to the economy while it contributes 20 per cent and 70 per cent to Ghana and UK’s economy respectively.
“So, we have convinced the Federal Government that real estate can contribute more than its current seven per cent to the economy with the needed support.
“This conviction is yielding results, amongst which the successes we recorded in the past weeks.
“Developers should expect a reduction in prices of building materials in coming weeks, housing schemes in different states and reduction in housing loan interests.
“We’ve been able to conclude a meeting with manufacturers of BUA and Dangote cement and they are interested in making everyone own affordable home.
“This will lead to a reduction in prices of building materials and any