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This, he said, would not only support the economy but significantly create jobs and ensure that FHF delivers homes at significantly lower prices than it’s currently doing. “What we need now, going forward, is bold leadership which creates outcomes and bold results which in turn change lives.

“Post-coronavirus, we need to be doing a lot of changing of lives of the most vulnerable Nigerians and that requires bold leadership,” he assured.

To deliver on housing in a complex society like Nigeria, collaborative efforts are needed which explains why FMBN is collaborating with other institutions like the NMRC and FHF on many areas of advocacy, for the adoption of Model Mortgage Foreclosure Law by states.

Ahmed Dangiwa, FMBN’S managing director, said they were willing to provide NHF mortgages for houses delivered by FHF. “We are collaborating on real estate data collection management programme,” he said.

Dangiwa disclosed that beneficiaries of the FMBN Home

Renovation Loans had increased from 2,579 in 2017 to over 25,000 by 2020, adding, “we as a bank, within the past three years, have increased the number of loan beneficiaries by over 300 percent from about 20,000 we met to over 66,600.”

On its part, MBAN has also been working with the FMBN on Rent-to-own, and the FHF on Rent-to-buy. The Association’s president, Adeniyi Akinlusi, said they have also been working with other stakeholders in order to take care of people that are vulnerable or homeless.

“If housing access is there, and access to affordable mortgages is also there, it will stimulate supply. If you have the right stimulation for the demand side, you realize that developers will develop houses that are affordable,” Akinlusi said.

He said it was through the involvement of the association with CBN and NMRC that they linked the capital market with the mortgage sector, “which is a more sustainable source of funding for mortgaging.”