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FMBN, FHA To Commence Construction of 30,000 Houses

The Federal Mortgage Bank of Nigeria and its partner, Federal Housing Authority of Nigeria, have announced the commencement of the construction of 30,000 housing units across the country.

According to the FMBN, the N9bn project, which will employ about two million workers from all over the country, will commence this week in Lagos, Abuja, Kano and Port Harcourt.

Speaking at the headquarters of the FMBN during the inauguration of an inter-agency committee for the project on Friday, the Acting Managing Director/Chief Executive of the bank, Mr. Richard Esin, said the initiative was part of efforts aimed at meeting the Federal Government’s target of constructing one million housing units annually.

He said, “We’ve received a proposal from the FHA on areas that we can collaborate. One of the areas of collaboration has to do with the discounted disposal of existing FHA housing units. The second is about the financing of middle income public servant housing units through the Estate Development Loan scheme and low income housing needs product scheme.

“Lastly is the FMBN/FHA North-East special intervention for National Housing Fund contributors, which has to do with parts of the country that are seriously ravaged by insurgency.

“We have estimated that to implement some of these initiatives, we may require up to N9bn that will produce about 30,000 housing units and generate over two million jobs nationwide. So, it’s a laudable initiative.”

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