From Magnus Eze, Abuja
The new Managing Director of the Federal Mortgage Bank of Nigeria (FMBN), Mr. Ahmed Dangiwa, has pledged to deploy innovative solutions in addressing the nation’s housing deficit.
Nigeria is estimated to have a 17 million units housing gap yearning to be bridged.
Speaking as he took over from the former acting managing director, Mr. Richard Esin, in Abuja, Dangiwa disclosed that the core policy direction of his administration “is to partner relevant stakeholders and evolve a mortgage financing regulatory system that would provide a solid foundation for housing finance in Nigeria.”
He explained that the focus would be on enhancing access to mortgage loans for credit-worthy borrowers and ensure availability of customer-friendly mortgages.
In re-organising the housing management and delivery systems, the bank would provide support for rental housing or rent-to-own, especially for younger, lower-income and less privileged households.
He stated that his mission is to “develop a mortgage financing change agenda that would serve as a guiding compass and fit into the overall housing reform agenda of the government, considering the identified challenges and proffering innovative and pragmatic solutions by forming synergy with all stakeholders, government institutions, private investors, NGOs, CSOs, development partners, etc.”
He explained that the Federal Government attached priority to mortgage financing as an important contributor to economic growth because of its multiplier effects; which include “promoting private residential investments, attracting foreign exchange inflows and increasing consumption spending on housing.”