The Federal Government has announced that a total of N197bn has been spent on the construction of 26,002 houses across the country adding that part of the funds was also used for the renovation of 13,953 homes nationwide.
Ahmed Dangiwa, the Managing Director, Federal Mortgage Bank of Nigeria, disclosed this at an event in Abuja, stating that the Federal Government was committed to affordable housing for citizens, but noted that funding and access to land title and the cost of infrastructure still remains a major challenge affecting the sector.
Dangiwa said the FMBN had plans to roll out several products that would enhance home affordability, eliminate down payments and other costs associated to mortgage loan arrangements within the third quarter of this year.
According to him, the bank’s plans were targeted at various housing estates currently being constructed, adding that the projects were expected to inject over 2,000 housing units into the housing stock by 2020.
He further stated that, “The Rent-to-Own product designed to enhance affordability by eliminating the need for down payments and other costs associated with normal mortgage loan arrangements has also been approved and set to be rolled out within the third quarter of 2018.”