Housing Development Can Generate 12 Million Jobs Annually – FMBN

The development of 720,000 housing units required annually to bridge the national housing deficit of about 17 million units can potentially generate 12 million jobs in the country every year.

Managing Director of the Federal Mortgage Bank of Nigeria (FMBN), Mr Gimba Ya’u Kumo, made this submission, recently, at the commissioning of 102 units of the ministerial pilot housing scheme in Suleja, Niger State.

According to him, with proper planning and effective implementation of appropriate policies, the deficit could turn out to be a blessing in disguise, with its potential employment generating opportunities in the country. He noted that with an average of 17 jobs created per housing units, the annual construction of 720,000 housing units would create more than 12 million jobs every year.

“The national housing deficit of 17 million units currently recorded in the country may well be the panacea for creating over 12 million new jobs every year through the construction of the annual requirement of 720,000 new housing units per annum at the average rate of 17 jobs per housing units delivered,” he asserted.

The FMBN boss said the scheme would be implemented in the six geopolitical zones of the country for the benefit of Nigerians, especially contributors to the National Housing Scheme (NHS), adding that under the arrangement, the government provides construction financing and in most cases, unencumbered land for housing development. He declared that the bank is committed to the development of the nation’s housing sector, adding that the bank was ready to contribute its quota, both directly and indirectly, to the goals of job creation and wealth generation through housing development.