REDAN Urges Recapitalisation Of FMBN To Tackle Housing Deficits

An association of key players in the real estate sector of the nation’s economy, the Real Estate Developers’ Association of Nigeria (REDAN), has called on economic managers to re-capitalise the Federal Mortgage Bank of Nigeria (FMBN) to tackle housing deficits and promote delivery of affordable mass housing for Nigerians.

The housing developers stated this when they converged on Lagos for the fifth REDAN president’s investiture done in collaborative efforts with stakeholders in the built-environment to improve performance of the housing sector and address housing shortage in urban and rural sector.

The president of REDAN, Prince Akintoye Adeoye in his address at the event with the theme, “Distributing National Prosperity and Wealth Creation through a Transparent Real Estate,” stressed the need to institutionalise professionalism in advancing mass housing initiative for Nigerians even as he pledged continued efforts to bridge the housing deficit gap in the country.

Adeoye who underscored the urgent need for upgraded infrastructure in the housing sector highlighted possible ways to address housing shortage for low and mid-income earners.

He emphasized the need for the Federal Mortgage Bank of Nigeria to facilitate affordable housing and drive ESG regulatory compliance in building practices to achieve low carbon emission, inclusivity, environmental friendly ecosystem, low energy consumption, biodiversity conservation and protection of green areas.

According to him, there is the need to institutionalise and professionalise REDAN as the foremost agency representing the public and private sectors of the organised real estate sector through constructive advocacy efforts to advance mass housing initiatives in the country..