Affordable houses provision a major task – FMBN MD

Providing the 17 million housing deficit in the country, estimated to cost almost N60 trillion, remains a major challenge, the Managing Director Federal Mortgage Bank of Nigeria (FMBN) , Ahmed Musa Dangiwa, has said.

Dangiwa, an architect, said this during the handing over ceremony of the affairs of the bank to him and his team by the former acting MD of FMBN, Mr. Richard Esin.

He promised that the new FMBN administration would develop a well functioning mortgage finance market that could attract large, long-term local and foreign investments needed to promote a vibrant, competitive and sustainable housing market driven primarily by private sector and public-private partnership, PPP, with FMBN acting as a facilitator, regulator and enabler.

He said: “From my experience in the housing sector and mortgage banking over the years, I am aware of several challenges facing the housing sector, especially those specific to mortgage financing. Indeed, the current Administration is not oblivious of the challenges.”

Dangiwa called on all stakeholders to think outside the box in proffering the needed financing solutions to the challenges facing the housing sector. “Mortgage financing is an important contributor to economic growth through its multiplier effects. It is capable of promoting private residential investments, attracting foreign exchange inflows and increasing consumption spending on housing services.

“It is capable of creating mass jobs for artisans and craftsmen such as electricians, welders, masons, painters, plumbers and to other high level professional such as civil engineers, architects, structural designers,” Dangiwa said.