Lagos

A big per centum of pension and coverage finances should be invested in lodging to help in the rapid development of the sector in Nigeria. This is the counsel of lodging experts in separate interviews with the Tuesday in Lagos.

The experts urged authorities to emulate advanced economic systems where pensions and life coverage finances are invested to finance housing. Mister Bunmi Ajayi, a former President of the Association of Professional Bodies of Federal Republic Of Nigeria (APBN), remarked that the major job facing the lodging sector was securing long-term funds for funding lodging project.

"The major challenge facing the mortgage establishments at the minute is getting long-term finances for mortgage financing," he said.

He said, however, that Federal Republic Of Nigeria could defeat the job if pension and life coverage funds were invested in lodging projects, owed to their long-term nature of maturity. Mister Goke Kupolati, Managing Director, Skye Mortgage Bank, said that pension and life coverage finances were the long-term investments needed do the mortgage industry present mass lodging in the country.

He asked authorities to mandate the pension finances directors and coverage companies to finance lodging schemes. Mister Thai Oyafemi, Head, Network Distribution and Channels Management, remarked that following the short-term nature of investings in Nigeria, investors, including coverage companies, were always chasing such as for speedy returns.