The importance of a Certificate of Occupancy C- of -O cannot be overstated. It is a document issued to land owners and property buyers as legitimate proof of ownership. It also spells out what the land can be used for. It can equally be used for many purposes including as collateral.
It is on this merit we urge the federal government and the Minister of Federal Capital Territory (FCT), Mohammed Musa Bello, to issue Certificates of Occupancy (C of O) as part of efforts to spur necessary infrastructural development and tackle the housing deficit in the country.
The issuance of C-of-O would encourage foreign investors in mass housing and consequently stimulate the operations of small and medium-scale enterprises (SMEs) in Nigeria.
We have a housing deficit here in Nigeria of 18 million units and now with the C of O, we will encourage foreign investors to get involved in mass housing because they know that eventually, investors will come up.
This also means that now with the C of O, they can start by bringing that document to the bank- it is bankable. The money is not locked up on their property. They have a facility and that is going to help SMEs small and medium-sized businesses in Nigeria. This is a good investment decision. It makes Nigeria a good investment destination for foreigners and for individuals, It enables them to unlock the value in their homes.
The issuance of C of O to residents would help to unlock the equity inside the property to do business at will. It means we are moving forward, and we’re making a contribution to this housing deficit. Because five to 6,000 units coming here, is going to increase the economy. It is positive in the midst of negative stories.
I am therefore grateful to the FCT minister for making it possible for the River Park Estate to get this very important document, which it is issuing to house owners in the estate.
Paul Odili, Chairman, River Park Estate, Abuja