President Bola Ahmed Tinubu has charged all housing institutions and agencies in the country to be innovative and collective in their quest to deliver on the Renewed Hope Agenda for Housing.
The Minister of Housing and Urban Development, Arc Ahmed Musa Dangiwa, disclosed this, during a multi-agency meeting at the ministry’s headquarters, in Abuja.
He included that the President’s expectations for all housing agencies tasked with the responsibility of housing Nigerians is that they work together as partners and not at cross purposes.
He revealed that Nigeria’s Housing Agencies may differ by name or institutional framework, but the end result of their operations is to enable access to decent and quality housing for all Nigerians across all income segments.
“You all represent different categories of needs and target markets. For the social housing segment, we have the Family Homes Fund Limited while for the affordable housing segment, we have the Federal Mortgage Bank of Nigeria (FMBN) and for the mid to high end of the market, we have the Federal Housing Authority (FHA). The Nigeria Mortgage Refinance Company (NMRC), on the other hand, has a significant role to play in developing the housing market and building a robust housing finance market through its mortgage refinancing designed to boost liquidity in the housing market.
“This includes housing reform initiatives such as the model mortgage foreclosure law, uniform underwriting standards, housing market management system, and its data initiatives”, he stated.
While lamenting on the state of the housing market as well as the systemic challenges confronting it, Dangiwa committed that under the Renewed Hope Agenda of President Tinubu, the housing sector will change the embarrassing narrative and Strengthen the Institutional Capacity of the federal housing agencies, including the Federal Mortgage Bank of Nigeria (FMBN) and Federal Housing Authority (FHA).
He added that the federal government will Increase the Supply of Decent and Affordable Housing, establish a National Social Housing Fund (NSHF) as well as Implement Land Reforms to streamline land administration, ensure easy access to land for Nigerians and private sector players in addition to that, set up Building Materials Manufacturing Hubs, Implement Urban Renewal and Slum Upgrading Programs and Develop New Cities that are integrated, inclusive using a demand driven approach.
