FMBN tasks World Bank on housing development in Nigeria

The Federal Mortgage Bank of Nigeria (FMBN) has called on the World Bank to have confidence in the bank and contribute towards improving its capacity in the provision of affordable housing in the country rather than focusing on creating parallel housing finance programmes that will lead to duplication of efforts on the part of government […]

The Federal Mortgage Bank of Nigeria (FMBN) has called on the World Bank to have confidence in the bank and contribute towards improving its capacity in the provision of affordable housing in the country rather than focusing on creating parallel housing finance programmes that will lead to duplication of efforts on the part of government and other stakeholders.

The Managing Director of  FMBN,  Ahmed Musa Dangiwa  made this  call while receiving World Bank team in the bank’s corporate headquarters, Abuja.

He expressed concern  that creating parallel housing finance programmes will deprive the sector of the needed synergy and slow down the expected growth in the housing industry.

Dangiwa expressed determination of the new management of the bank to engage with stakeholders and development partners for mutual cooperation and support in order to achieve the mandate of the bank.

 Dangiwa who described World Bank as a critical stakeholder stressed the need for the two organisations to sustain and deepen the relationship that exist for the overall interest of the housing sector in the country.

He further said that to redress Nigeria’s housing shortage, the bank is actively engaging the private sector in mobilising resources for affordable housing delivery for the low and medium income earners who constitute the bulk of the Nigerian population.

The MD  explained to the World Bank   measures and strategies adopted by the new management team to reposition the bank for effective service delivery which include promotion of a Sound Corporate Governance Culture, Adoption of a robust Risk Management Framework, Cost Containment, Encouraging Public-Private Partnerships (PPPs) for Housing Delivery, Leveraging Private Investments to Bridge the Housing Funding Gap and Strengthening Partnerships.

As the Apex Secondary Mortgage Institution in the country, Dangiwa said the bank seeks the support of the World Bank in the areas of technical assistance and capacity building.

In his address, the World Bank Team leader, Mr. Simon Walley said they were in the Bank as part of efforts of meeting relevant and key stakeholders in the housing industry to seek their views on how to move the sector forward.

He said the World Bank has learnt from FMBN being a key player in the Nigeria Mortgage Industry and has had several meetings in the past in a bid to move the industry.

The World Bank team commended the bank for deploying new initiatives and products to improve the housing finance needs of Nigerians.

He commended the cooperative Housing Loan window of the bank, and advised FMBN to exploit it to the fullest.

The World Bank, according to Mr. Walley, operates on the principle of shared prosperity and reduction in poverty which has remained the major focus of the bank.

He then called for greater coordination and collaboration amongst stakeholders in the housing sector.