SEC To Partner Real Estate Stakeholders On Housing Deficit

The Securities and Exchange Commission has said it will be collaborating with stakeholders in real estate investment to reduce the country’s housing deficit.

The Director-General, SEC, Mr Lamido Yuguda, said this during a meeting with the Nigerian Institution of Estate Surveyors and Valuers in Abuja.

According to a statement, Yuguda said the SEC values the service that NIESV provides to the capital market and the nation.

He added that there was a large room for greater collaboration between the commission and the institution.

He said, “There is a renewed focus on real estate investment trust now; we are getting to see how the sector contributes more to our gross domestic product by facilitating the trading of assets in the real estate sector. I think there is a huge room for collaboration; you have a very big role in the real estate sector.

“Nigeria’s population is growing fast and we need everyone in Nigeria to have a roof over their heads. We do not want people to end their careers living in rented accommodation; people need to own their own houses because there is a lot of security and social value in owning your own house.

“You are very important as you operate in an area that is very important to our economy. You have a crucial role to play in the capital market, especially as we focus on the real estate investment trust sector. You also have a huge role to play in the larger housing sector as at the moment we have not been able to harness the full potentials in that sector.”

The President and Chairman of Council, NIESV, Mr Emmanuel Wike, commended the SEC management for the contribution the capital market was making to the economic development of the country.

He was quoted as soliciting the strengthening of collaboration between SEC and NIESV.