In a bid to deliver on the Renewed Hope Agenda for Housing, the Federal Ministry of Housing and Urban Development has called upon federal housing agencies to prioritize innovation and audacity. The appeal was made during a meeting attended by the leadership of key agencies in the industry, including the Federal Mortgage Bank of Nigeria (FMBN), the Nigeria Mortgage Refinance Company (NMRC), Family Homes Fund Limited (FHFL), and the Federal Housing Authority (FHA).
The Minister of Housing and Urban Development, Mr Ahmed Musa Dangiwa, emphasized the importance of synergy amongst these agencies to achieve President Bola Ahmed Tinubu’s vision for the housing sector. He challenged them to be creative in addressing the housing challenges faced by the country.
Mr. Dangiwa highlighted the different segments of the housing market that these agencies cater to. The FHFL focuses on social housing, the FMBN operates in the affordable housing segment, and the FHA caters to the mid to high-end market. He also acknowledged the role of the NMRC in boosting liquidity in the housing market through mortgage refinancing operations.
Despite the presence of these institutions, the Minister acknowledged that more needs to be done to address the housing problems faced by Nigerians. He emphasized the need for urgency in delivering tangible solutions and changing the current state of affairs.
The Minister also recognized the challenges faced by the sector, such as the Land Use Act, the establishment Acts of the FHA and the FMBN, obsolete provisions of the NHF Act, the rising inflation rate, and the lack of government capital interventions. However, he expressed belief in the potential for greater impact and cited the historic progress made during his time at the FMBN.
Mr. Dangiwa outlined the action plan of the Ministry, which includes strengthening the institutional capacity of federal housing agencies, increasing the supply of decent and affordable housing, implementing land reforms, establishing a National Social Housing Fund (NSHF), setting up Building Materials Manufacturing Hubs, developing integrated New Cities, and implementing Urban Renewal and Slum-Upgrading Programmes.
The Managing Director and Chief Executive Officer of the NMRC, Kehinde Ogundimu, expressed satisfaction with the Ministry’s policy direction and action plan. He highlighted the NMRC’s efforts in providing data in partnership with relevant bodies and finding solutions to issues around construction and financing.
During the meeting, the Minister requested the NMRC to make a presentation at the forthcoming National Council on Housing to promote the adoption of the model mortgage foreclosure law by states. He emphasized the importance of full implementation of the law across all states of the Federation.
The Managing Director and Chief Executive Officer of Family Homes Fund Limited, Abdul Mutallab Muktar, identified rising inflation and low incomes as major challenges to delivering affordable housing. He emphasized the need for collaboration with other agencies to overcome these challenges.
The heads of the FHA, FMBN, and FHA Mortgage Bank pledged to deepen collaboration for better implementation of the Renewed Hope Agenda for Housing. The FHA also called on the NMRC to accept other recognized documentation for refinancing loans issued by the FHA Mortgage Bank.
With this renewed focus on innovation and collaboration, the Ministry aims to make significant progress in addressing the housing deficit and improving access to quality housing for all Nigerians.
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