FMBN Spends N1.4bn In Niger

“The Federal Mortgage Bank of Nigeria (FMBN) says it has spent N1.4bn for the development of 379 housing units in Niger State, as part of effort to bridge the 17 million housing gap in the country.

Minister of State for Power, Works and Housing, Alhaji Mustapha Baba Shehuri who stated  this at the commissioning of the FMBN and Sea Mountain 133 Units Housing Estate in Minna Niger State, recently also said with the need for 720,000 units per annum, the annual aggregate production of 100,000 housing units is not likely to meet the housing gap of the nation.
Shehuri explained that the Federal government would not relent in its efforts to bridge the huge housing gap experienced in the nation.
According  to the Minister, “The Ministry of Power, Works and Housing will continue to strive to ensure that the challenges of housing deficit in Nigeria, which has been put at 16-17 million units is surmountable”.
He continued, “with a population of about 200 million that is growing at an average rate of three per cent, perannum coupled with an annual  rural-urban migration rate of over five per cent, Nigeria is said to be in need of about 720,000 housing units per annum. Currently the annual aggregate production is about 100,000 housing units, thereby leaving a huge gap.
While commending the FMBN for its efforts in rising up to the challenge of housing deficit, he disclosed that there are plans by the federal government to build  mass housing units in every state of the federation for workers over a  3 – year period and added already, National Housing Models have been designed and approved for each political zone.
In his speech, Managing  Director, FMBN, Mr Richard Esin, stated that the estate, which comprises 51 units of 3-bedroom bungalows, and 82 units of 2-bedroom bungalows, cost between N5 million and N7 million, adding that already FMBN, has spent N1.4billion for development of 399 housing units in the state.”

Source: The Tide