Stakeholders in the housing sector of the Nigerian economy have hailed the return of Babatunde Fashola as minister of works and housing following President Muhammadu Buhari’s inauguration of his cabinet Wednesday in Abuja, the federal capital.
Fashola who was a super-minister in Buhari’s first term in office was in-charge of three major ministries rolled into one as ministry of Power, Works and Housing. But his activities in the four years of Buhari’s first outing did not make any significant impact, especially in the housing sector.
“We did not see any traction in his first four years in terms of policies that impacted the housing sector. All we heard were only announcements. I am particularly not optimistic that the next four years will be better, but the element of continuity may help,” said Damola Akindolire, managing director, Alpha Mead Development Company (AMDC) in a telephone interview on Wednesday.
Fashola, he noted, demonstrated capacity judging from his antecedent as Lagos State governor where he proved his understanding of the housing problems with the Lagos Home Ownership Mortgage Scheme (LagosHOMS).
“We expect him to replicate that at the federal level. We also expect that with the ministry of power now taken away from him, thus reducing his burden, he should focus more on housing this time around,”Akindolire stated.
In both housing and works, the federal government initiated quite a number of projects that could not be completed before Buhari’s first term ended. Adele Adediji, President, International Real Estate Federation (FIABCI), Nigerian Chapter, says Fashola’s second coming should be used for execution and completion of those projects.
Adeniji believes that the housing sector under Fashola will do well if the private sector is allowed to provide houses for the Nigerians while the government provides the enabling environment by building infrastructure and also regulating the housing development process.
He also wants the federal government to do something on interest rate on loans so that there would be liquidity in the financial system to enable housing developers to do their job.
MKO Abiola, CEO, Global PFI, does not believe that Fashola had issues managing three ministries in his first term, noting that he created structures in each ministry that would have enabled him to succeed if the environment were right.
He however shares the view that not much was done in his first term, advising that all the minister’s initiatives like the Federal Integrated Staff Housing (FISH) programme should be continued and seen to logical conclusion.
He hailed Buhari’s decision to return the ministers to their former ministries so that those of them that had initiated programmes should complete them while those that did not have at all should start thinking of what to do. “This is not the time for ministers to start learning the ropes,” he posited.
CHUKA UROKO
