Please Can Somebody Tell Me Where To Get Funding?

I got talking to a friend of mine over the festive public holiday as to what the present banking and economic situation holds for our beloved country Nigeria. Sometime about the middle of the year he had course to seek for some vacation on the premise that nothing is happening in the bank where he works and in the sector generally as everything has suddenly quite. He happens to be in a credit related unit of the Bank and granting of credit is going extinct in most of the banks now. So in his innocence he initiated a discussion with the “Oga” as to allowing him for his vacation at this time. You want to know what the “Oga” said I am sure. He was told a lot is happening in the banking world at the moment contrary to his judgement. He was told must banks are working extra hard to shore up their position in preparation for the common year end in December 2009 and that if a bank can do without a staff during this time, they may never need such staff again.  

My take is, if that was the thinking before “tSanumi” then you can imagine what it is now. It means the economy may remain in this state of paralysis for a long time to come. Foreign investors are yet to bring back their investments, the serious and developed economies of the world are just about now to resolving their global melt down challenges, the effect of all these has eaten deep into the fabric of our fundamentals as a nation. And now, the Banks need to deal with  common end of year and the effect of “tSanumi”. The question I ask myself is, where and when will businesses now get funding with all these occurrences?

This is why I must appreciate the innovation the Real Estate Developers Association of Nigeria (REDAN) body is bringing into the funding of the 400,000 housing units annual project. Funding is recognised as a critical part of the project and plans are being worked out on how to achieve it. If truth be told, mass housing is not an attractive venture for any businessman because it is more of sweat than sweet especially without rebate or other forms of support from the Government. The good thing in REDAN’s case is that the Government of the day at the federal level is committed to supporting it. Recently I read about a frontline developer in Lagos say he cannot go into mass housing because he is not Government or a philanthropist. He listed what the Government must provide to make him think about going into mass housing development to include single digit loan, access to affordable expanse of land or free of charge, provision of basic infrastructure, etc. Sincerely, it makes a lot of sense. Businessmen world over demand and obtain such incentives when and where they have gone ahead to develop mass housing.

I know a couple of states especially in the north have risen to the occasion and her giving good support to members of REDAN in their respective state. Let’s hope the whole country will burn with this passion because we need such to reduce our ever escalating housing deficit. I hope the banking and economic mess will clear in good time too so that end users can be better empowered and the level of our effective demand can become meaningful for business to thrive once again.

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To your success.