World Bank to collaborate with real estate developers of Nigeria (REDAN)

chika ebuzor

May 13, 2015 6:28 PM

Stressing that the World Bank is ready to collaborate with the Real Estate Developers of Nigeria (REDAN) to improve housing development in Nigeria.

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In a bid to find a lasting solution to the lingering housing challenge in Nigeria, World Bank representatives met with members of the Real Estate Developers of Nigeria (REDAN) in Abuja recently.

The team, led by Mr. Michael Wong discussed various issues hindering the real estate sector In Nigeria, ranging from the need for construction finance, to construction of affordable housing in Nigeria.

In his response, the National President of the Real Estate Developers of Nigeria (REDAN)-Rev Ugochukwu Chime said: “The World Bank Guarantee Fund Scheme for Developers and the resolve of the association to partner with the in-coming administration of General Muhammadu Buhari which proposes to build one million housing units annually was discussed. The need to comprehensively address the Bills on Housing related laws with the National Assembly especially the foreclosure law, were noted as essential ingredients to create the enabling environment for housing and real estate business in Nigeria. The association will work closely with the in-coming executive and legislative as well as other arms of government to create the critical mass of impetus needed by the housing sector.”

The World Bank rep also added that 'In coordination with the efforts of like-minded organisations like GEMS (DFID)/Project Implementation Unit of the World Banks, we will come up with workable manuals and documents that will aggregate the essentials for practitioners in the housing delivery chain.'

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chika ebuzor