The Federal Government has called on the leadership of the Federal Mortgage Bank of Nigeria (FMBN) and the Federal Housing Authority (FHA) to adopt more innovative strategies in providing homes to the masses. This appeal was made by the Minister of Housing and Urban Development, Ahmed Dangiwa, during a review meeting with the management teams of both agencies in Abuja.
Minister Dangiwa emphasized the need for enhanced performance in executing the ministry’s agenda. He highlighted that the two agencies could potentially deliver millions of housing units over the next 50 years, compared to the 50,000 units provided in the past five decades. “Come up with innovative ideas and explore avenues to source funds to enhance performances,” he urged.
The minister stressed that a lack of funds should not be an excuse for the FHA to fail in meeting its ministerial deliverables. He advised the agencies to collaborate with the FMBN for construction loans and to consider raising funds through the capital market by issuing bonds. “This requires a new mindset, thinking outside the box,” he added.
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Minister Dangiwa underscored the importance of the FMBN leading a new era of massive housing development and delivery despite the challenges of high construction costs and lower incomes. He warned against the prevalence of abandoned and uncompleted projects while seeking approval for new ones.
FHA Managing Director, Mr. Oyetunde Ojo, provided updates on ongoing projects. He mentioned the direct construction of 336 housing units and offices at the Bwari Area Council of the FCT, as well as 820 housing projects under a Private Public Partnership (PPP). Ojo also noted that the direct construction of 1,000 houses in the Apo/Guzape area of the FCT would be ready for commissioning by December. Additionally, the FHA has deployed and operated an Enterprise Content Management System (ECM), with 350 staff licensed to access it.
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FMBN Managing Director, Shehu Osidi, outlined some of the bank’s targets and achievements. The bank has delivered 1,551 housing units and provided mortgage loans to 3,674 individuals. Osidi also highlighted the establishment of a National Mortgage Registry and the commencement of the digitalization of the bank’s products.
The Federal Government’s call for innovation and improved performance in the housing sector underscores the urgent need to address the housing deficit in Nigeria. With a collaborative and innovative approach, the FMBN and FHA are poised to make significant strides in delivering affordable housing to Nigerians.
