FG focuses on N500 billion recapitalisation of FMBN

The Federal Government says it would prioritise the N500 billion recapitalisation of the Federal Mortgage Bank of Nigeria (FMBN) to give it leverage as this would also enhance its ability to provide more affordable mortgage loans to Nigerians.

The Minister of Housing and Urban Development, Ahmed Dangiwa, an architect, made this known upon his assumption of office, yesterday.

He said the ministry would work with the National Assembly to review relevant laws to streamline land and housing administration and create a conducive environment for investment in the housing sector.

“We will prioritise the N500 billion recapitalisation of the FMBN to give it leverage and enhance its ability to provide more affordable mortgage loans to Nigerians.

“We will reform the FMBN, Federal Housing Authority (FHA) and other housing agencies, so they can have the necessary capacity, and the technological edge to deliver world class services to Nigerians.

“Our goal is to ensure that these strategic agencies are more effective and efficient in delivering at massive scale, decent and quality housing to Nigerians nationwide.

Doing so will also help towards unlocking the massive power of the construction industry to create jobs and contribute its quota towards achieving His Excellency’s Plan to grow the economy, boost inclusive growth and lift 100 million Nigerians out of poverty.”

“We will also embrace innovative housing construction financing solutions while working with relevant institutions to unlock the funding required to deliver massive affordable housing nationwide,” he assured.