FMBN advises World Bank against issuing parallel housing schemes

Cross-section of FMBN Aviation Village

Nigeria’s Federal Mortgage Bank of Nigeria (FMBN) has appealed to the World Bank to end the creation of parallel housing finance schemes in the country. This, is in order to avoid duplication of responsibilities.

Managing Director FMBN, Architect Ahmed Dangiwa said World Bank is the statutory body mandated to manage housing mortgages. As such the entity should partner with the mortgage institution rather than duplicating its efforts. The MD urged the World Bank to build confidence in the FMBN. This is through improving its capacity as well as the provision of affordable housing.

Also read:Nigeria moves to attract mortgage penetration

Hampered growth

FMBN Unit Head, Public Affairs and Event Management CEO Mr. Kaoje Ahmed released a statement expressing concerns on the issue. Mr. Ahmed explained that save for a change of strategy, the approach is not good. This is because it will deprive the sector of needed synergy as well as slow down the expected growth in the housing industry.

The FMBN new management team is resolved to engage stakeholders and development partners for mutual cooperation,” he said. Dangiwa, who described World Bank as a critical stakeholder stressed need for partnership to sustain and deepen their relationship.

He stressed the importance of providing affordable housing for low and medium income earners, who constitute bulk of the nation’s population. He further added that the World Bank identified FMBN as key player in the nation’s mortgage industry following previous meetings in the past to grow the sector.

The team lead commended FMBN for new initiatives and products designed to improve housing finance. He listed the cooperative housing loan window and advised the FMBN to exploit it to the fullest.

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