A chartered accountant, Emmanuel Acha Igwe, has called for the establishment of a construction bank in Nigeria.
Igwe, who is the Deputy General Manager and Head of International Trade Group Zenith Bank, said this in Abeokuta, Ogun State, during the investiture of the 11th Chairman and inauguration of the executive committee of the Nigerian Institution of Estate Surveyors and Valuers (NIESV), Ogun State branch.
Speaking on the theme, “The Effects of the Unification of Foreign Exchange on Real Estate in Nigeria,” Igwe noted that the establishment of a construction bank would drive adequate funding for infrastructure as well as the development of the real estate sector.
The banker noted that Nigeria should take a clue from other developed countries in establishing a construction bank.
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He expressed worry that the rising inflation in Nigeria due to the instability in the foreign exchange market would make the affordable housing policy of the government a mirage.
He said, “Nigerians should prepare. The concept of affordable housing, if care is not taken, is going to be a mirage unless some steps are taken to address the issue of foreign exchange and inflation on the cost of mortgage in Nigeria.
“There are three primary sectors of the economy; food, shelter, and security. Talking about housing, most of the components of housing are imported and because of the scarcity of exchange to bring down those inputs, that is why the cost is going up and up.”
