THE Stock Exchange Commission (SEC) yesterday said issuance programmes worth N790 billion were registered with the commission to bridge the housing deficit in the country.
Its Executive Commissioner Operations, Mr. Temidayo Obisan who made this known, also said N70 billion worth securities were issued to fund the housing sector.
He spoke at the Housing Investment Forum by the Ministry of Works and Housing Development and Signature Advisory.
Speaking on: “The role of Securities and Exchange Commission in the proposed National Housing Bond”, Obisan said: “The capital market has shown capacity to bridge housing deficit as issuance programmes worth N790 billion were registered with the commission while over N70 billion worth of securities were issued to fund the housing sector.”
He added that leveraging capital market to fund housing sector will deepen the market and provide much needed funding for the sector.
The Commissioner also explained that SEC has established a robust framework to facilitate securities issuances to provide the much needed funding for housing needs in Nigeria.
On the benefit of the proposed housing bond, Obisan said the Federal Government can access large capital from markets at a lower rate.
The commission, he therefore, said has played and will continue to play a leading role in developing the capital market to support the housing sector as well as other critical sectors in the economy.
The Minister of Works and Housing had in September announced the idea of a housing bond to provide the needed funding to bridge the housing deficit in the country, as it is the general believe that lack of access to long-term financing was the main obstacle to affordable housing in the country.
The investment forum which comprises both the private and public sector is expected to fashion out the modalities of the bond.
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