Abuja: Jingle Bells Corporate Services Ltd. has called on the government to provide more support and tax incentives for developers to boost affordable housing delivery and reduce rising house rents across the country. Dr. Peter Orobor, Managing Director and Chief Executive Officer of Jingle Bells Corporate Services Ltd., made the call in Abuja at an event in honour of the company’s clients for the year.
According to News Agency of Nigeria, Orobor highlighted the critical role private developers play in bridging the housing gap by creating flexible ownership models that allow Nigerians to own land and build homes at their own pace. He identified several challenges confronting real estate developers in Nigeria, including high cost of land, limited access to funding, multiple taxation, court-related disputes, and cumbersome approval processes involving numerous regulatory agencies.
In many parts of the world, Orobor noted, governments play an active role in housing development by partnering with private developers, providing land at little or no cost, and offering access to low-interest financing. He emphasized that governments in other regions invest significantly in the housing sector, partnering with developers to build affordable housing by providing free land or offering low-interest loans to enable affordable sales to citizens. However, in Nigeria, such initiatives are rare and often politicized, limiting access to only a few.
Orobor also pointed out the issue of double taxation, as developers face various taxes from multiple agencies. He stressed that with the right policies, developers would be better positioned to deliver affordable, accessible, and sustainable housing, thereby easing the pressure of high rent on Nigerians.
Despite these hurdles, Orobor praised the Federal Capital Territory Administration (FCTA) for its progress in addressing land grabbing, double taxation, and overlapping approvals, adding that estate developers remain partners in progress in the development of Abuja. He encouraged clients to view real estate as a long-term and secure investment, noting that early investment yields significant appreciation over time.
Jingle Bells adopts a structure that allows clients to purchase land within estates and develop gradually, a model that has enabled many to achieve home ownership. The company offers land at varying prices, starting from as low as N500,000 to N3 million, to accommodate different income categories.
The Chairman of the occasion, Dr. Fidelix Okparaoha, noted that improved infrastructure would reduce housing pressure in city centres and make home ownership more accessible to low-income earners. He also advocated stronger use of mortgage systems, including the Federal Mortgage Bank framework, to enable workers and private individuals access long-term repayment plans tied to their income. He commended Jingle Bells’ leadership for its credibility and integrity in all transactions.
Abdullahi Indah, the General Manager of Jingle Bells Corporate Services Ltd., explained the introduction of an ‘Adashi contribution’ housing model to help low-income earners own homes through daily, weekly, or monthly savings, based on their earning capacity. Indah assured clients of transparency and security in all transactions, with payments being bank-backed and properly documented.
The News Agency of Nigeria reports that the event highlighted the presentation of awards to clients for their outstanding support.