REDAN hails FG’s private sector economic sustainability plan



President, Real Estate Developers Association of Nigeria (REDAN), Alhaji Aliyu Oroji Wamakko, has hailed federal government`s Economic Sustainability Plan (ESP) initiated in response to economic challenges caused by COVID-19 pandemic.

Wamakko enjoined the federal government to tap into the huge job creation potentials in the private sector in its efforts towards Nigeria’s economic growth and development.

He stated this on Tuesday in Abuja while reacting to the federal government Economic Sustainability Plan (ESP) being chaired by Vice President Yemi Osinbajo.

According to Wamakko, the federal government’s ESP will assist local businesses and boost job creation to protect the vulnerable.

To succeed in the programme’s implementation, Osinbajo called on the private sector to be proactive in leading the charge against recession and poverty in the country, saying the federal government is not under any illusion that it can do this on its own, urging the private sector to take the bull by the horns and make the economic recovery initiative a reality.

Wamakko commended the new government initiative on housing under the ESP, saying they have an enormous task ahead and should provide an enabling environment for a private sector driven economy to thrive.

He said, “Housing should be private –sector driven through real estate developers who have the potentials to deliver the much-needed houses timely across the nation. Government is not supposed to build houses directly, but rather should provide an enabling ground for real estate developers in doing that.”

According to him, the Economic Sustainability Plan (ESP) will eventually revitalise the country’s micro-economic indices and increase about 1.5 percent of the nation’s Gross Domestic Product (GDP).

In complementing governments` efforts in bridging the nation’s huge housing deficit, REDAN, he said, has concluded plan to roll out 77,400 housing units for low and medium income earners across Nigeria.

Wamakko explained that the planned 77,400 housing units is expected to create about 2.2 million direct jobs and urged  government at all level to assist developers by creating an enabling environment for them  to deliver the housing units to Nigerians.

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