FMBN commends CBN on Housing sector data bank

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Central Bank of Nigeria

The Central Bank of Nigeria (CBN) and Real Estate Development Association of Nigeria (REDAN) has been commended by the Federal Mortgage Bank of Nigeria (FMBN) for initiating a programme on provision of accurate and reliable data on the housing sector.

FMBN Managing Director, Arc. Ahmed Musa Dangiwa, at stakeholders’ conference Tuesday, in Abuja said the National Real Estate Data Collation & Management Programme (NRE-DCMP) would address dearth of reliable and conflicting data in the industry.

He explained that such programme was part of efforts to develop the sector and provide affordable homes.

Dangiwa, who was represented by the bank Executive Director, Finance and Corporate Services in the Bank Mr. Melville Ebo expressed concern emphasised the urgent need to critically look inward and device various means of harmonising data collation in the country.

Speaking on the bank’s efforts on alternative sources of funding, he restated the Bank’s commitment to providing affordable financing for homes ownership in line with provisions of the National Housing Fund (NHF).

According to him, the Bank has put in place a range of products that include NHF Mortgage Loans to finance affordable homeownership, FMBN housing cooperative loan product which is more amenable to overcome the credit difficulties faced by the non-salaried, informal sector; and home renovation loan, for the renovation or expansion of  houses.

Dangiwa noted that the supports were in addition to construction finance loan windows via estate developments and the Ministerial Pilot Housing Scheme run in conjunction with the Bank’s supervisory Ministry, to boost the supply of houses for mortgage creation.

“This programme is closely tied to business focus of the Bank in addressing the housing needs of the low and medium income market segment,” he said adding that, “to drive homeownership amongst the low and medium income market segment, the Bank has financed the construction of about 20,000 housing units nationwide as it has also granted more than 20,000 mortgage loans to date. The Bank equally registered 21,320 contributors through 1,078 cooperative societies, as a strategy to integrate the non-salaried/informal sector into the Nigerian financial services, with the ultimate goal of doubling its NHF customer base in the medium term.”

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