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FMBN Harps On Assist– funds For Housing Devt



The managing director of Federal Mortgage Bank of Nigeria (FMBN), Arc Ahmed Dangiwa, has disclosed the need for governments to provide assist -funds for housing development globally.

He stated this in Abuja yesterday during the national housing fair, organised by BSTAN group with the theme, “New Economy: Amplifying the Impacts and Possibilities of Real Estate Utilising Technology”.

Dangiwa noted that given the rapid urbanisation that is putting pressure on housing delivery systems that many urban poor would be unable to afford formal housing if government fails to develop appropriate finance solutions.

In his presentation titled, ‘Real Estate Economy: How Single-Family Rental (SFR) Market Impact the Economy’’, Dangiwa noted that irrespective of private sectors’ assistance in the delivery of services globally that government and its public institutions must play critical role in the provision of funding for affordable housing.

He hinted that the bank has registered 4.93m National Housing Fund (NHF) contributors, while a total of N226.3 billion loans has been disbursed.

The MD confirmed that the bank has built and financed 27, 584 housing units, stressing that 20, 591 mortgage loans was granted to NHF contributors.

He maintained that government assist-funds are critical for improving affordability for the middle income market, saying that the future growth of the Nigerian housing sector especially mortgage sub-sector is predicated on expanding housing access and affordability for the middle class.

In her address, the convener of the show, Engr. Becky Damilola Oke harped on the need for government to initiate the right policies to enable Nigerians access housing loans.

Oke, who is also the group president of BSTAN group, lamented that investors are scared of investing in Nigeria given the rigid policies that would not protect their investment.

She stated that embracing new technologies would reduce the housing deficit, adding that there should be access to land, finance and building materials in order to attain effective housing delivery.