By Ezra Ukanwa
Abuja residents have urged the Federal Government, and Minister of Federal Capital Territory, Mohammed Musa Bello, to issue certificates of occupancy, C of O, as part of efforts to spur necessary infrastructural development and tackle housing deficit in the Federal Capital Territory, FCT.
This was as they said issuance of C-of-O would encourage foreign investors to invest heavily in mass housing and consequently stimulate the operations of Small Medium Scale Enterprises, SMEs, in Nigeria.
The chairman of Riverside Park Estate, Paul Odili, during the weekend, made this call at a press briefing and issuance of C-of-O to homeowners in the estate which, recently, was approved by the FCT Minister, in Abuja.
According to him, we have a housing deficit here in Nigeria of 18 million units and now with the C of O, we will encourage foreign investors to get involved in mass housing because they know that, eventually, investors will come up.
“This also means that now with the C of O, they can start from bringing that document to the bank means that it is bankable. The money is not locked up in their property. They have the facility and that is going to help SMEs small and medium sized businesses in Nigeria. This is a good investment decision. It makes Nigeria a good investment destination for foreigners and for individuals, It enables them to unlock the value in their homes”, he added.
However, he applauded the FCT Minister for authorizing the C-of-O that was given to estate homeowners.
On his part, the vice chairman, Adrenaline Ogun, said that the issuance of C of O to residents, would help to “unlock the equity inside the property to do business at will. It means we are moving forward, and we’re making a contribution to this housing deficit. Because if you think five to 6000 units coming here, if every mass housing project is doing that is going to increase the economy. It is positive in the midst of stories that are so negative.”