FG moves to overhaul housing finance institutions, unveils 200 unit Sky Diamond Estate
In a bid to enable the Federal Mortgage Bank of Nigeria (FMBN) to conquer new grounds in the mortgage and housing market, the Federal Government says it is set to recapitalise the apex mortgage bank in a move that will eventually overhaul the entire housing finance institutions.
The new move, which will strengthen the FMBN’s capacity to supply the mortgage market with sustainable liquidity for the advancement of homeownership among Nigerians, is seen as an ideal form of synergy envisaged by the national policy on housing, where the private sector takes the driving seat for housing development.
Vice President Namadi Sambo disclosed this government move at the commissioning of 200 units FMBN-Sky Diamond Estate in Kaduna, explaining that the revamping of the housing finance institutions reaffirms government’s decision to grow the nation’s housing stock through the creation of a conducive environment.
“We will not relent in moving Nigeria’s housing sector to the next level of sustainable development so as to establish a lasting legacy of affordable homeownership and a thriving culture of mortgage lending for the gain of future generations,” Sambo said, pointing out that the successful delivery of the 200-unit estate clearly affirms the fact that the policies, strategies and mechanisms for reducing the national housing deficit in every part of the country are yielding results.
“It is widely acknowledged that housing plays a vital role in the socio-economic construct of any society; it represents the satisfaction of the basic human need for shelter. Housing not only adds considerable aesthetic value to our living spaces, but also contributes significantly to the commonwealth and the national economy,” Sambo added.
According to him, Sky Diamond Estate which caters for various cadre of the society will add to the housing stock of Kaduna and reduce the current estimated deficit in the housing sector.
“This administration is, indeed, pleased to note that the Federal Ministry of Lands, Housing & Urban Development and the FMBN are working hard at actualizing one of the focal points of the government.
The Vice president commended the FMBN and Sky Diamond Logistics Limited for the successful delivery of the housing estate, charging private and publicly-owned development firms, primary mortgage banks and other stakeholders in the housing sector to double all efforts in tackling the huge housing deficit which remains a challenge that must be overcome for the benefit of Nigerians.
ODINAKA MBONU