Affordable Housing: Mortgage bank, stakeholders partner to remove bottlenecks

The Federal Mortgage Bank of Nigeria (FMBN) says it is partnering with key stakeholders in the housing sector to reduce bottlenecks that hindered affordable housing in Nigeria.

The FMBN Managing Director, Mr Ahmed Dangiwa made this assertion on Wednesday when a delegation of the Nigerian Economic Summit Group (NESG)’s Infrastructure Policy Commission (IPC) visited him in Abuja.

Dangiwa listed the key stakeholders as the Mortgage Bankers’ Association of Nigeria (MBAN) and Real Estate Developers’ Association of Nigeria (REDAN).

Dangiwa noted that in order to tackle the challenges in the sector squarely, the FMBN introduced a tripartite meeting with the stakeholders monthly, aimed at resolving issues challenging easy access to affordable housing.

The FMBN boss noted that the bank would also not relent in its push at the National Assembly for the repeal of the bill establishing the FMBN and the National Housing Fund (NHF)

“A bill to repeal the NHF and FMBN acts is presently at the National Assembly, it will strengthen access to mortgages if achieved,” he added.

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He further said that the bank was also collaborating with Trade Union Congress (TUCc) and Nigeria Labour Congress (NLC) on production of housing development models to enhance mass housing.

Dangiwa also urged the National Assembly to enact law to address misconducts in the mortgage system.

Earlier, Mr Kashim Ali, President, Council for Regulation of Engineering in Nigerian (COREN) and a member of the (NESG) IPC steering committee said that the visit was to seek for collaboration to achieve some objectives.

Ali noted some of the areas to look into with the bank as housing and urban reform, enactment of foreclosure law, security and welfare of contributors as well as land titling issues.

He called for effective collaboration with the bank for construction finance of low cost housing to enhance affordable housing.