Affordable homeownership will drive growth to the economy – FMBN

The Coalition of Civil Societies and Media Executives for Good Governance in Nigeria (COCMEGG) has lauded the Federal Mortgage Bank of Nigeria (FMBN) for making homeownership affordable, available and less cumbersome to Nigerian workers. The affordable home ownership according to the group will drive growth of the economy.

A statement issued in Abuja and signed by the president, Omoba Kenneth Aigbegbele and publicity secretary, Comrade Inuwa Sule, respectively said the FMBN under the leadership of Ahmed Musa Dangiwa is raising the hope of Nigerians desiring to have houses of their own.

This is following the organisation’s appraisal of the bank’s efforts in carrying out its regulatory roles and functions as enshrined in the Act establishing it.

“COCMEGG passes a vote of confidence on the hierarchy of the Federal Mortgage Bank of Nigeria (FMBN), under Arc. Ahmed Musa Dangiwa, for its forthrightness, vision and strategies in seeing to it that the average workers, middle income earners and the common man on the streets have a home to lay their heads and therefore, called on all relevant stakeholders in the industry to support and partner with the institutional development, transformational philosophy and revolution presently taking place at the FMBN and key in for the overall prosperity of the Nigerian workers,” it stated.

The statement lauded introduction of the zero equity on loans to Nigerian workers by the bank for the implementation of a new approved condition for accessing loans from the National Housing Fund (NHF).

The group added that the initiative will lead to the reduction of hardship presently experienced by Nigerians in having access to building their own houses.”

It is indeed a strategic initiative that will not only drive the mortgage industry but the economy as a whole as it will also boost and encourage people at the grassroots by enriching their wellbeing and making life easy for Nigerians by engaging more people in the construction sector.”

The World Bank had estimated that Nigeria has a housing deficit of about 17 million units and the FMBN has, therefore, designed the NHF to mobilise funds to provide the citizens with affordable residential houses through accredited PMBs with the lowest rate possible.

“Since the present leadership took over the helms of affairs, it has been plethora of initiatives, as the apex mortgage body has experienced a lot of milestones ranging from good governance practice, accountability and transparency in its core operations including institutional capacity building and infrastructure development of the bank.

“It is on record that Nigerians have never been so sensitized in the last three decades, unlike what we are seeing today towards homeownership, as the management’s strategic awareness, enlightenment and sensitisation campaign have created the needed impetus for the boost of the industry as witnessed by all today.

Credit: Leadership