The Minister of Works and Housing, Babatunde Fashola, has expressed delight in the capacity of Cosgrove Investment Limited to create jobs and contribute to the development of the economy.
The minister disclosed this during a working visit to both Katampe and Wuye Cosgrove Smart Estates in Abuja.
He said the Federal Government would partner with Cosgrove to establish a National Housing Bond to provide funding support to real estate developers.
“Some of the conversations I have had with the chairman of Cosgrove is how they are financing their budget and how the government can help in terms of interest rate and access to more capital. There are so many people working for Cosgrove and that means job creation.”
He said the government was interested in growing the economy and creating jobs and infrastructure.
“We will go back to do some work on how fiscal policy and monetary policy levers can help the housing sector, and possibly how to create a National Housing Bond that can be accessed by housing developers at very reasonable rates.
“I will engage the Minister of Finance who is in charge of fiscal policy, and she will be able to hopefully engage the Governor of the CBN who controls our money,” he said.
While he said Cosgrove currently provided flexible payment methods for up to twelve months, he said fiscal policy could extend the duration to 10 years or more, thereby enabling low-income earners to own their homes.
On his part, the Chairman, Cosgrove Investment Limited, Umar Abdullahi, said Cosgrove would collaborate with the government through the Federal Mortgage Bank of Nigeria to enhance the affordability of homes as a strategy to tackle the housing deficit in the country.