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FMBN set to partner LGs on housing initiatives

  • Published in Markets

THE Federal Mortgage Bank of Nigeria, FMBN, is set to engage with the 774 local government areas in the country on how best the bank’s housing initiatives can be extended to them. Managing Director, FMBN, Mr Gimba Yaú Kumo, who disclosed this in an interview with a news portal, listed various ways of addressing the housing deficit in the country.

“We started a programme with Association of Local Government of Nigeria (ALGON) but you will also realise that most of the employees don’t have capacity to go through the mortgage processes. Their income will not be able to service the mortgages. What we are trying to do now is to build houses depending on the needs, location, culture and environmental issues. We will resume discussions with ALGON to see how we can come up with houses that can go round the 774 LGA,” he said.

Yaú Kumo noted that in order to adequately address the nation’s housing needs; there must be provision of mortgages and construction financing to facilitate construction of the houses. He said this could be addressed through the provision of FMBN Home Renovation Loan (FHRL) scheme to enable existing house owners to upgrade their houses, and through the introduction of Diaspora Mortgage Programme for Nigerians living abroad who needed to have their own houses in the country.

He further explained that the deficit could be addressed through the engagement of the various cooperatives across the country, to enable Nigerians who were not in the formal sector of the economy to also own their houses. “Those who don’t have houses, we can see what we can do in trying to build affordable houses on sustainable paces. We have lined up a lot of activities; these activities need a lot of fund, hard work, they need dedication, they need support of all Nigerians particularly the media houses so that the public can be sensitised to be able to come under our platform,” he stated.

The FMBN boss noted that Nigeria requires between 17 and 20 million units to meet its housing needs. “We are all aware that the housing gap is very big, 17 to 20 million units needed to address the housing needs of Nigerians. Apart from that, we also believe that even some Nigerians that have houses deserve more than that to have shelter over their heads.

We are at the moment trying to focus on an intervention to address the issue of NHF contributors that have been displaced by the insurgency in the three states of the north east – Borno, Yobe and Adamawa states. We would, first of all, try to give them the FMBN Home Renovation Loan (FHRL) for those that have houses to quickly see how they can renovate and get back to their houses that have been destroyed. That’s for those contributing to the National Housing Fund (NHF) scheme.”

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