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Housing advocacy group calls for recapitalization of Mortgage bank

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The Housing Development Advocacy Network (HDAN) has called on the Federal Government to recapitalize the Federal Mortgage Bank (FMB), if the country want to sincerely bridge the housing deficit, which is in the region of 22 million.

Nigeria would need the princely sum of over N17 trillion to meet the housing demand.

HDAN, an advocacy group in housing sector made the call in a statement signed by its Executive Director, Barr. Festus Adebayo .

Adebayo said it was imperative to recapitalize the mortgage bank for it to achieve its mandate of assisting workers and Nigerians to own affordable accommodation.

He stated, “We cannot end this end of the year message without drawing the attention of the FG on the need to recapitalize federal mortgage bank of Nigeria.The need for this cannot be overemphasized.”

On the recent launched 300,000 Federal Government low income housing initaitive, Adebayo charged all the stakeholders to ensure its success.

“We are also calling FG/ CBN and State Governments to do everything possible in making the new social housing programme a success.We hope to see more stakeholders supporting FHFL and FMBN in achieving the noble goal.We also call on FG to call for emergency dialogue with cement manufacturers on the present hike in cement price so as to make the delivery affordable housing feasible.

HDAN Director also called for political.will on the part of the government in all tiers to develop the housing sector and make it much stronger.

“We call on the government to develop the political will to make our sector grow better, increase sales, create access to land, and solve the challenges of infrastructure,” he said.
He also added, “We appeal to governments in all states to do more in the area of foreclosure law and access to land for developers. Governors should show more interest in home ownership for their workers and citizens.
Given the country’s challenge with high unemployment, housing development is a viable solution to closing that gap and creating a more vibrant economy. All that is needed for this to happen is for government to develop the necessary political will.
“There is no better time than now to call on all government agencies in the sector to increase their performance and deliver on their mandates.
“We also call on the national assembly to remove all barriers to housing development through legislative interventions.”

Adebayo also charged the Federal ministry of works and housing to “round up ongoing national housing programme projects which will definitely lead to increase in the housing stock in the country.”
Also, he charged the Federal ministry in charge of housing to collaborate with important stakeholders to formulate policies that will move the sector forward.”

While assessing the outgoing year, Adebayo stated, “In retrospect, and as we have all observed, the covid 19 pandemic of 2020 affected the performance of the housing sector and all operators in the real estate business. This has manifested in the number of abandoned houses we see in various parts of the country.”
He therefore called for some reflection, so, as to move into 2021 with huge hope; while also calling on stakeholders not to relent in their strive towards a conducive housing and construction industry.
“We call for more investment in the real estate and mortgage sectors .We will do our best to continue to champion the advocacy by partnering stakeholders in various areas that can bring a desired housing and mortgage sector that we can all be proud of.
“We should work harder to ensure a sector where Nigerian workers can have houses through affordable mortgages; where building collapse will be drastically reduced or eliminated; where corruption and selfishness will not be the order of the day. We shall work for a sector that will boast of vibrant pressure groups that can advise the government on what to do.”

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