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3rd ASO Housing Exhibition & Conference: FG, States to Reduce Property Transaction Fees

President Goodluck Jonathan has said that the Federal Government and states government are working on how to reduce the current high cost of property transactions by lowering fees charged for consent and registration. Also to be reduced are stamp duties and other charges by by the federal and state governments that prevents property transactions from contributing to the nation’s gross domestic product. President Jonathan said this at the opening of the 3rd ASO National Exhibition & Conference, which began yesterday at the International Conference Centre in Abuja. The president said he was confident that the reduction in property transaction fees and several other viable housing and urban renewal initiatives would move the government “closer towards realising the vision of facilitating the development of 1 million new homes, every year, for the next 10 years.” Other measures, according to the president, who was represented by the Minister of Lands, Housing and Urban Development, Ms. Ama Pepple are; a rapid growth in the nation’s housing stock through the regeneration of a durable mortgage industry. The government, he said was committed to recapitalising the Federal Mortgage Bank of Nigeria (FMBN) and strengthening the Federal Ministry of Lands, Housing and Urban Development as well as strengthen the Federal Housing Authority. “All other institutions of government in the building environment will be similarly reviewed.” There is also a plan to collaborate with ASO Savings and Loans Plc and all other stakeholders to meet a target of delivering a minimum of 500,000 affordable housing units for the nation’s lower and middle income earners by 2016. He said, “With the national housing deficit presently estimated at 12 to 16 million units, our administration recognises the significant role the private sector can play in bridging the requirement gap.” The conference theme: ‘Achieving Affordable Housing Delivery by Creating 500,000 Housing Units by 2016,’ he said was timely, explaining that the provision of affordable mass housing was a priority of his administration. The president said the government had taken the first step in this direction by approving both the National Housing Policy and the National Urban Development Policy, as the coordinating frameworks for an appropriate response to the challenges in the sector. The private sector, he said “is well placed to meet the needs of the zero-income, low income, lower-medium income and the informal sector workers, and by so doing, also facilitate job creation.” The President said, “I would like to emphasise that we will continue our policy of engaging the private sector to play a more dominant role in this sector.” He commended ASO “for stimulating a private sector-led initiative in support of the Federal Government’s resolve to accelerate the provision of adequate mass housing.” He also commended ASO for hosting the conference for key stakeholders to discuss and formulate policies capable of effectively complementing the revised National Housing Policy released last year. The idea, he said was to have a practical blueprint, conceived as a multi-year initiative implemented throughout a –year period by teams of experts. Their goal, he said would be to instigate a sustained objective and fact-based thinking and planning methodology, aimed at creating a new national vision on housing. It is also to prompt a comprehensive review of current legislation concerning housing by federal, state and local governments as well as Lawmakers, among others. Welcoming guests and exhibitors, the Managing Director of ASO Savings & Loans Plc., Hassan Musa Usman said the housing exhibition had become one of the biggest and most important event in the nation’s housing industry. Usman said, “The conference provides a platform to discuss housing and proffer solutions to issues and challenges bordering provision of housing.” He described ASO as the nation’s leading Primary Mortgage Bank “with a primary mission to build mutually profitable relationships anchored on a passion for excellence. Usman said so far had ASO 23 branches and that since it started business, it had created over 15,000 mortgages of over N40 billion as well as financed the construction of several housing estates. He said ASO organises the exhibition and conference to contribute to reducing the nation’s current housing deficit and to also assist Nigerians own homes. The well-attended event had in attendance stakeholders in the housing market, including estate developers, building materials suppliers, architects, interior decorators, among others.