Babatunde Fashola stresses need for change in rent, more

Babatunde Fashola, the Minister of Works, Power and Housing, might have a solution to Nigeria’s bad economy.

Speaking at a Roundtable themed,

Fashola said this could only happen if some things changed, PM News reports.

These things include the way rent is paid, landlord-tenant relationship, property taxes, and so on.

READ: "The way we collect rent is something that must change" - Fashola

The minister said the real estate sector could help turn Nigeria’s economy around once these areas are changed.

“These are some of the habits I spoke of which we must consider, and change.

It is not an accident that the quality of life is better in economies where there is credit in the real estate sector by way of rent payment weekly or monthly in arrears instead of yearly in advance, and also where there is easy access to low interest mortgage loans.

Our housing challenge offers an enormous opportunity to rebuild our economy, but we must answer serious questions honestly, change unhelpful attitudes, be willing to accept responsibilities that come with home ownership such as payment of rates, levies and property taxes, if we are desirous of seizing the opportunities,” he said.

Fashola was represented by Special Adviser on Housing and Urban Development, Abiodun Oki.

Do you agree with Fashola?