FMBN Faults Creation of Parallel Housing Finance Programmes by World Bank

The Federal Mortgage Bank of Nigeria (FMBN) has expressed its displeasure over the creation of a parallel housing finance programmes by the World Bank, saying it will lead to duplication of efforts on the part of government and other stakeholders. The Managing Director, FMBN, Ahmed Dangiwa expressed concern while receiving World Bank team in his office in Abuja recently, noting that the action would deprive the sector of the needed synergy and slow down the expected growth in the housing industry. In a statement issued by the Unit Head, Corporate Communication Group Kaoje Ahmed, the FMBN boss said there was need for the two organisations to sustain and deepen the relationship that exist for the overall interest of the housing sector in the country. He stated: “The World Bank should have confidence in the FMBN and contribute towards improving its capacity in the provision of affordable housing in the country rather than focusing on creating parallel housing finance programmes that will lead to duplication of efforts on the part of Government and other stakeholders.” He expressed determination of the new management of the bank to engage with stakeholders and development partners for mutual cooperation and support in order to achieve the mandate of the Bank. He emphasised that the bank is actively engaging the private sector in mobilising resources for affordable housing delivery for the low and medium income earners who constitute the bulk of the Nigerian population in order tackle Nigeria’s housing short Dangiwa, therefore sought the support of the World Bank in the areas of technical assistance and capacity building. The World Bank Team leader, Mr. Simon Walley said the visit was part of efforts of meeting relevant and key stakeholders in the housing industry to seek their views on how to move the sector forward. He said the World Bank has learnt from FMBN being a key player in the Nigeria mortgage industry and has had several meetings in the past in a bid to move the Industry. Walley commended the bank for deploying new initiatives and products to improve the housing finance needs of Nigeria, while also lauding the Cooperative Housing Loan window and advised FMBN to exploit it to the fullest.