EmogInspiration

I attended the recently concluded Lagos Economic Summit.
You will be surprised at the plans that already exist to transform
Lagos into a model mega city. In one of the sessions, the Lekki
master plan was unveiled and I discovered that a bridge could be
built linking Lagos to Warri. If this is done, it will take 4 hours to
get to Port Harcourt from Lagos. I don’t think it will cost as much
to do this compared to the excess money that was paid in error to
revitalize the power sector. All it takes is a political decision.

In the past, owning a home normally takes years of service. You
save to buy the land, then you save to build, before you can think
of living in it. This is gradually coming to an end. I was excited
when I heard that the Lagos State Government launched a N40bn
mortgage scheme propelled by four banks. The aim of this scheme
is to help the medium and low income earners own a house of their
own.

The interesting factor about this scheme is that it is not exclusive to
the public sector alone. The private sector can also take part in it as
long as you have proof that you have a steady income. This is a step
in the right direction of making Lagos a mega city. The convenience
of the scheme makes it affordable and will positively affect the lives
of Nigerian’s. This will also have an effect on other sectors of the
economy. The construction industry will witness a lot of activity as
a result of the empowerment of individuals.

There will be high demand for building materials, interior decorations
such as art works, plumbing materials among others. There will also
be job opportunities for surveyors, estate valuers, architects, insurance
experts and lawyers. Poverty is a major housing problem, this scheme
will help to reduce this problem.

Mortgage will help to empower individuals and make them self
sustaining. Its funny that 3 years ago, there was no such thing as
mortgage. The mortgage industry is worth 45 – 50 trillion Naira.
The mortgage industry will also help reduce corruption. If every
one can own a home, then there will be no need to loot Government
funds.

The mortgage industry will also be positively affected by these activities.
Aso savings and loans Plc as well as Union homes savings and loans are
the only two mortgage companies quoted in the Nigerian stock market.
Watching the trend of Union homes since the release of their annual
report, they have been on the rise. This goes to show that the mortgage
industry which is closely related to real estate is the next gold mine in
investment.

A city reflects the way its houses were financed. Mortgage has changed
our way of life, it is also necessary for the change we desire.