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Viewing cable 08LAGOS259, NIGERIA: FEDERAL, STATE SOLUTIONS TO ADDRESS NATIONAL

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Reference ID Created Released Classification Origin
08LAGOS259 2008-07-16 07:35 2011-08-25 00:00 UNCLASSIFIED Consulate Lagos
VZCZCXRO8000
RR RUEHMA RUEHPA
DE RUEHOS #0259/01 1980735
ZNR UUUUU ZZH
R 160735Z JUL 08
FM AMCONSUL LAGOS
TO RUEHC/SECSTATE WASHDC 0021
INFO RUEHUJA/AMEMBASSY ABUJA 9707
RUEHZK/ECOWAS COLLECTIVE
RUCPDOC/DEPT OF COMMERCE WASHDC
RUEATRS/DEPT OF TREASURY WASHDC
UNCLAS SECTION 01 OF 02 LAGOS 000259 
 
SIPDIS 
 
STATE PASS USAID FOR NFREEMAN, GBERTOLIN 
DOC FOR 3317/ITA/OA/KBURRESS 
DOC FOR 3310/USFC/OIO/ANESA/DHARRIS 
DOC FOR USPTO-PAUL SALMON 
TREASURY FOR RHALL, DPETERS 
STATE PASS EXIM FOR JRICHTER 
STATE PASS OPIC FOR DERB, ZHAN, MSTUCKART, JEDWARDS 
STATE PASS TDA FOR LFITTS, PMARIN 
 
E.O. 12958: N/A 
TAGS: EINV EAID EIND EFIN NI
 
SUBJECT: NIGERIA: FEDERAL, STATE SOLUTIONS TO ADDRESS NATIONAL 
HOUSING DEFICIT, BUT MORE REFORM NEEDED 
 
Ref: A) Septel Lagos 258 
B) 07 Lagos 621 
C) 07 Lagos 553 
D) 07 Lagos 549 
E) 07 Lagos 472 
 
1. (U) Summary: Federal and state governments have adopted policy 
solutions to encourage more private sector participation in housing 
construction and delivery throughout Nigeria.  While some states, 
including Lagos, have taken the lead in pioneering housing financing 
and construction schemes, existing housing construction projects are 
stalled, signaling that the housing gap will be hard to close in the 
short to medium term future. End Summary. 
 
National Policy: Bigger Role for Private Sector 
--------------------------------------------- -- 
 
2. (U) In 2002, Nigeria's National Housing Policy (NHP) was adopted 
to promote private sector-driven mass-housing by improving the 
availability and accessibility of land. Unlike the 1982 and 1991 
housing policies, NHP 2002 incorporates the private sector as the 
engine of housing development and delivery, representing a major 
shift in the government's approach. 
 
3. (U) Housing experts from Pison Housing Company, a Nigerian firm, 
told EconOff several months ago that one major component of the NHP 
2002 is already in force. NHP 2002 eliminated the Housing Ministry's 
home building mandate and charged the Ministry with policy 
formulation and creation of an enabling environment for investors in 
the housing sector. The Federal Housing Authority (FHA), the 
Ministry's construction arm, is charged with the responsibility of 
building homes with the private sector.  Pursuant to the 2002 NHP 
policy, Lagos State Government (LASG) recently advertised the "New 
Private Estate Developers' Scheme". Under this program, LASG will 
make available to developers parcels of land ranging from 1 to 25 
hectares on which to develop housing. 
 
4. (U) However, additional reforms are needed.  Francis Sheen, 
Executive Director of U.S.-based TransAtlantic, told Pol-Econ Chief 
July 8 that two bills have been introduced in the National Assembly 
that will address inadequacies in the system that prevent the 
expansion of housing construction and finance.  The first bill 
provides the legal framework for securitization of mortgages and 
establishes a system of non-judicial foreclosures in the event of 
mortgage defaults.  The second bill modernizes Nigeria's land use 
regime, and provides for, among other things, a new system for 
dealing with resources found in and under the land.  Both bills 
reached second reading in February, and Security and Exchange 
Director General told Ambassador June 3 that the National Assembly 
has promised to take up issue more vigorously in its upcoming 
session.  No subsequent action has been taken on them. 
 
Lagos Streamlines Land Registration and Titling 
--------------------------------------------- -- 
 
5. (U) In the absence of national land use reforms, the Lagos State 
Government has made efforts to streamline the registration and 
titling of land, Mohammed Santuraki, Managing Director of First Bank 
of Nigeria Mortgages told EconOff on May 28.  While there is 
"seeming clarity" about the process, "much uncertainty" remains as 
developers actually go through the process.  For instance, obtaining 
approval for a housing project can take anywhere from one to six 
months, he lamented.  He believes overcoming these challenges will 
be tougher in Lagos given the high demand for housing and the high 
cost of land. 
 
Lagos' Mortgage Division, Land Registry Established 
--------------------------------------------- ------ 
 
6. (U) Lagos State Government (LASG) also has set up a Fast-Track 
Mortgage Division in the High Court of Lagos State and created a 
Mortgage Registry and separate Mortgage and Survey Desks in the 
Directorate of Land Services. (Note: With respect to these 
initiatives, Sheen said the "machinery" has not been put in place to 
execute their mandates.  Santuraki claimed he had not heard of these 
initiatives, and if implemented, the banking sector had not felt 
their effects. End Note) 
 
Lagos Establishes Loan Securitization Scheme 
 
LAGOS 00000259  002.2 OF 002 
 
 
-------------------------------------------- 
 
7. (U) TransAtlantic Chairman Mike Williams told EconOff, in other 
past conversations related to this issue, that the company plans to 
build a mixed-use community that includes 4,000 to 5,000 low to 
high-income housing units, primary and secondary schools, and retail 
shops in Ilasan, a community located about 40 minutes drive outside 
of Lagos' commercial center. (Note: TransAtlantic uses the Nigerian 
Federal Government's definition of low-income housing, i.e. housing 
costing between Naira 2.5 million to 5 million (USD 20,000 to 
40,000. End Note) The construction in Ilasan would create 
approximately 2,000 local jobs, Williams estimated. TransAtlantic 
will partner with the Lagos Building Investment Company Limited 
(LBIC), a primary mortgage institution and private-public venture 
supported by the Lagos State Government.  Under this partnership, 
LBIC would offer potential buyers home loan financing, provide 
TransAtlantic the estate property, and thereby own 30 percent of the 
project. In light of Nigeria's housing laws, TransAtlantic will 
utilize Asset Backed Commercial Paper (ABCP) conduits.  In using 
ABCP, LBIC would purchase individual loans from Nigerian banks, 
securitize them, and sell them to investors in order to replenish 
the banks' credit line. 
 
Police, Military Housing Programs Stall 
--------------------------------------- 
 
8. (U) However, public and private housing projects with promise 
have faltered.  TransAtlantic's Sheen told EconOff that state 
governments received appropriations from the Federal Government in 
early 2008 for a police housing program. That program has fallen by 
the wayside as state governments failed to allocate land and to see 
through the projects. TransAtlantic had planned on building 100,000 
housing units for the Nigerian police in each of Nigeria's 36 states 
as part of the program, he said. 
 
9. (U) The Nigerian military had devised a similar housing scheme 
for its retirees in partnership with United Bank for Africa (UBA). 
Under this program, 20 percent of the government's allocation to a 
retiree's pension would be diverted to payments on a mortgage for a 
period of 15 to 25 years.  Conceived four years ago, the scheme took 
off in 2007 with the construction of 50 houses in Kogi State, but 
has been grounded since because the military has not been paying its 
retirees either pensions or post-service separation incentives. 
 
10. (U) Private low-income housing projects in Kaduna, Rivers, and 
Anambra states have stalled as well, Sheen said. The state 
governments have allocated the land for the projects, but U.S. 
investors have not moved forward with the discussion.  TransAtlantic 
hopes to conduct a second housing feasibility study in partnership 
with the U.S. Overseas Private Investment Corporation to update one 
done approximately five years ago. 
 
Developers Run Gauntlet of Extra-legal Taxes 
-------------------------------------------- 
 
11. (U) Despite advances in other areas, private developers continue 
to suffer at the whim of government officials, First Bank's 
Santuraki said.  In Lagos State, government officials frequently add 
on additional levies, and developers have to absorb some of the 
costs and hope to pass the remainder onto the customers.  This is 
easier to do with prime property, he noted. 
 
12. (U) Comment: State governments need to realize any effort made 
at reducing bureaucratic bottlenecks and streamlining policies at 
the state level will be undermined by a lack of accountability and 
transparency in the system.  Moreover, patchwork housing development 
schemes will only be a drop in the bucket in terms of the national 
housing deficit.  Without real reforms to existing land and housing 
policies, good business sense will deter private investors and 
developers from making long-term investment. End Comment. 
 
13. This cable was cleared with Embassy Abuja. 
 
BLAIR