Advocacy Group Calls for Recapitalisation Of FMBN, Housing Reforms

The Housing Development Advocacy Network (HDAN) has called for the recapitalisation of the Federal Mortgage Bank of Nigeria and sweeping reforms in the housing sector, even as it congratulated President Bola Ahmed Tinubu on his 74th birthday.
The executive director, Festus Adebayo, in a statement, described the President’s birthday as a moment to celebrate a life of service, leadership and commitment to nation-building.
HDAN extended its warm wishes to the President, praying for good health, wisdom and strength as he continues to lead the country.
The group, however, said the occasion should also serve as a time to reflect on the urgent need to deepen government intervention in the housing sector for the benefit of millions of Nigerians.

According to the statement, housing remains one of the most critical needs confronting citizens, particularly low- and middle-income earners who are grappling with rising rents, high construction costs, limited access to mortgage finance and increasing barriers to homeownership.

HDAN appealed to President Tinubu to use the milestone as a point of renewed commitment to the housing aspirations of ordinary Nigerians by pursuing bold and practical reforms aimed at making decent shelter more accessible and affordable.

While acknowledging efforts made in the sector, the organisation stressed that more needs to be done, especially in strengthening mortgage systems, enforcing the use of locally manufactured building materials, expanding social housing for family homes, and supporting new initiatives such as MOFI to drive sustainable housing development.

The group specifically urged the President to prioritise mass housing delivery and provide stronger support to key institutions, including the recapitalisation of the Federal Mortgage Bank of Nigeria, while also championing reforms that would create an enabling environment for private sector participation in affordable housing and mortgage refinancing.

HDAN expressed optimism that under the President’s leadership, the housing sector could become a major driver of economic growth, job creation, social stability and national development.

The organisation also reiterated its commitment to working with the government and other stakeholders to advance policies and initiatives that will make housing more accessible and affordable for all Nigerians.