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FSS 2020 To Establish Smart Green City Project

The Central Bank of Nigeria (CBN) and other participating agencies in the Financial System Strategy 2020 (FSS-2020) are set to develop a Nigerian smart green city project.

This was disclosed by the project manager and the Director of FSS, Mohammed Suleiman at a strategy session held in Abuja today.He disclosed that the initiative to establish the smart green city is under the mortgage sector of the FSS, in support of sustainable banking principles on climate change, he said

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‘’we need to start thinking about projects that are green and are not against the environment, and one of the way to achieve this is through housing, so we have to come up with housing projects that are green compliant, housing projects that will have no emission, housing projects that are not hazardous to the environment’’.

He added that the concept of green cities is to have a city that is so smart that everything is automated.

Also speaking at the event, the Executive Secretary/CEO of Mortgage Banking Association of Nigeria (MBAN), said the initiative needs the input of mortgage financing to make the project a reality.

He said ‘’ (MBAN) will provide the mortgage financing, which will be an investment into the green city project, as a result we are going to be critical to the success of the green city project in Nigeria’’. On the benefits of the green city project to Nigerians, he said,

‘’We are going to be very empathetic with the environment, in terms of the climate, and in turn it will be empathetic to us, because we are going to have housing units and infrastructure that will be in line with the global standards of green city, and we’ll draw benefits from that because the economy of scale that will follow the execution of projects in the green city will be very significant to us as Nigerians.

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The FSS 2020 vision was prompted by the prediction of Goldman Sachs that Nigeria is among 11 emerging countries that have the potential to be among the 20 largest economies by year 2020. The overriding objective was to develop and transform Nigeria’s financial sector into a growth catalyst and engineer Nigeria’s evolution into an international financial centre. In addition to this, FSS 2020 was designed to strengthen and deepen the domestic markets, enhance integration with the external financial markets; and promote sustainable economic development.

Source : Affa Dickson Acho

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