Public Works and Housing Minister Babatunde Fashola on Tuesday called for improved funding for the housing sector.
He made the call during the Housing Investment Forum on the theme: Exploring the National Housing Bond Option for Housing Development: Public-Public Sector Collaboration held in Abuja.
He said that the government, as a facilitator, must review the deployment of fiscal and monetary policy in order to unlock the finances of the sector.
“…Some of the statements I’ve made in public about the need for better financing in the housing sector,” he said.
Earlier, the Managing Director (MD) of the Federal Mortgage Bank of Nigeria (FMBN), Arc Ahmed Dangiwa, noted that the most critical of the challenges to housing delivery is financing (both construction and mortgage ).
His words: “There is no doubt that the most critical challenge to housing supply is financing (both construction and mortgage). In Nigeria, apart from the mortgages offered by the Federal Mortgage Bank of Nigeria (FMBN) through the National Housing Fund scheme, you can hardly get a long-term mortgage and certainly not at FMBN rates .
He emphasized that the current reality in the housing finance industry demands a radical reassessment and reorientation towards creating a sustainable source of finance.
“We realized a long time ago that the kind of financing we need and want can only be obtained through a handshake with the capital market,” he added.
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Fashola seeks to improve housing sector financing | Fashola seeks to improve housing sector financing | Fashola seeks to improve housing sector financing