Minister of Housing and Urban Development, Arc. Ahmed Musa Dangiwa, has urged the Federal Mortgage Bank of Nigeria (FMBN) to reposition itself to lead the new era of massive housing development and delivery envisioned by President Bola Ahmed Tinubu.
Dangiwa gave the charge on Friday, February 9, 2024, while delivering the keynote address at the FMBN 2024 Management Retreat with the theme, “Transformational Innovation for Sustainable Development in Uncertain Times.” He emphasized that FMBN, as Nigeria’s apex mortgage institution with a broad mandate, must take the lead in the actualization of President Tinubu’s efforts at addressing the structural problems with housing delivery.
Highlighting the President’s commitment and initial efforts at giving the housing sector a facelift, the Minister recalled that Tinubu had, on Thursday, 8 February, 2024, launched the Renewed Hope Cities and Estates and performed the groundbreaking for a 3,112-housing unit project in Karsana, Abuja, which is part of 20,000 units to be built in the FCT.
Arc. Dangiwa said, “The broad ambition of the current administration is to create a $1 trillion economy in Nigeria within the next ten years. Therefore, our trajectory in the housing sector must move towards putting a large chunk of this on the table… The FMBN is expected to play a crucial role in this transformation.”
“What this means is that FMBN must transform. FMBN must innovate. And FMBN must lead a new era of massive housing development and delivery even in these difficult times of high construction costs and lower incomes. This requires a radically new mindset, thinking out of the box and identifying the opportunities that these challenges present,” he added.
To enable the Bank meet up with these expectations, the Minister did not mince any words in re-echoing the Ministry’s backing in providing the necessary resources and enabling environment for the seamless operations of the Bank. He stressed the need to complete the review and amendment of the Bank’s obsolete Acts and its recapitalisation.
“I am also particular about the N500 billion recapitalisation of the Bank. It is a conversation that has been going on for too long. Now is the time to get it done and I am committed to driving it,” he stated.
Earlier, the Senate Committee Chairman on Housing and Habitat, Senator Aminu Tambuwal, represented by Senator Victor Umeh, Vice-Chairman, Senate Committee on Housing and Habitat, reaffirmed the readiness of the Senate to review, repeal and re-enact all laws militating against the Bank’s efforts at effective housing delivery.
Also speaking, Managing Director and Chief Executive of FMBN, Mr. Madu Hamman, restated the Bank’s commitment to the provision of affordable housing for Nigerians across all income strata, noting that “it is not only a necessity but also an opportunity to make a difference in the lives of millions of Nigerians who deserve decent shelter.”
The Guest Speaker, Special Adviser to the President on Economic Matters, Dr. Tope Fasua, x-rayed issues around housing financing in an incisive presentation entitled “Transformational Innovation for Sustainable Housing Financing and Development under the Renewed Hope Agenda.”.
