Julius Berger Nigeria Plc ‘s furniture and interior design subsidiary, AFP, has won the Nigeria’s Furniture and Home Interior Design Company of the Year award at the just concluded 13th Abuja Housing Show.
According to a statement from Prince Moses Duku, the Head of Media Relations Department of the Julius Berger Plc Group, which was mailed to Aso Chronicle, the subsidiary was winning award for the 4th consecutive time.
“AFP is Nigeria’s highly reputed premier furniture production facility and an integral part of Julius Berger’s value chain, which is proudly guided by leading engineering standards, bespoke creativity, international best quality as well as trendy and inviting innovation.
The company’s portfolio includes corporate furniture, living room furniture, dining room furniture, bedroom furniture, kitchen furniture, internal doors, wardrobes, wall panelling, window decorations, and wooden floors,” Duku said.
He quoted Oliver Cohnen, the General Manager of the AFP as saying “AFP designs and produces quality furniture that balances function with aesthetics to create spaces that connect, invite and delight The Sales Manager of the Julius Berger-AFP, Uchenna Uzoewulu, was also quoted in the statement as saying “Our living spaces are built on the dimensions of aesthetics and practicality. Whatever the need, our designs are modeled to fit the many sides of our clients’ taste.
“Our seaters are craftfully designed to deliver extra back support in comfort and style. We give our clients the freedom to choose the materials, allowing their choices to reflect their personal style. Our kitchen spaces offer a deep connection between the user and carefully curated mix of materials. We replicate an ambience where function meets fun, giving our clients a yearning for culinary entertainment.”
The AFP held a reception for a select clientele at its showroom located at the highbrow Gana Street, Maitama Abuja.
The Nigeria Mortgage Refinance Company Plc (“NMRC”) and the Deutsche Gesellschaft für Internationale Zusammenarbeit (“GIZ”) GmbH signed an agreement on the side-lines of the 13th Abuja International Housing Show.
The agreement embodies both institutions strategic mandate to deepen the affordable housing segment in Nigeria. NMRC’s Managing Director noted during the signing ceremony that the ongoing collaboration with GIZ includes joint activities in the affordable housing value chain that would be focused on synergistically using both institutions capacities and expertise to bring about access to finance while also driving the creation of an economy around affordable housing in target locations across Nigeria.
GIZ’s Cluster Coordinator for Sustainable economic Development, Hans Ludwig Bruns in his remarks at the event also noted that GIZ and NMRC both recognise the great potential to join forces and leverage synergies for the benefit of the affordable housing sector in the GIZ-SEDIN focal states: Ogun, Plateau and Niger states. Nigeria’s housing market consists of two major divides that continue to influence the dynamics of demand and supply as well as affordability. The premium end is oversupplied with few off-takers while the lower end which is responsible for the growing deficit and housing demand is faced with an undersupply.
The strategic collaboration between GIZ-SEDIN and NMRC is in furtherance of the efforts of the Federal Government of Nigeria to resolve the housing crisis in Nigeria, through collaboration with the World Bank and International cooperation institutions like GIZ. This engagement also falls under the primary mandate of the NMRC to structurally address the current challenges with regards to financial innovations required to develop affordable housing in Nigeria from a private sector perspective by acting as a conduit between the capital markets and housing markets. NMRC as the nation’s leading provider of mortgage refinance in collaboration with GIZ will seek to promote housing accessibility through financial innovation as well as foreclosure mechanisms that facilitate the creation of an enabling environment for mortgages and investments in the housing sector of the target states.
GIZ-SEDIN and NMRC’s collaboration will also facilitate housing development and growth by obtaining credible data from the participating states. The data component of the collaboration will help to identify gaps, specific constraints and analyse needs in affordable housing demand and supply that forms the basis for an agreed upon viable-partnership-driven-roadmap. The parties will jointly explore and coordinate training and capacity building activities of mutual interest, which will be implemented by separate agreements in mutual understanding and in conformity with the regulations and policies of both parties. Mersin escort
Local and foreign experts in the housing sector, at the weekend, concluded a housing show, where they brainstormed on how to bridge the deficit in the country, as well as in the continent.
The programme which is the 13th edition of Abuja International Housing Show, had participants from drawn from various countries within the continent, Europe, Asia and America.
Hannatu Fika, executive secretary of the Housing Loans Board, during the event, said the Federal Government cannot solve the housing problem in the country alone.
“At the public sector level, the government of the day has done a lot to enable public servant, own their own homes to serve as motivation so that they can perform better.
“Government alone cannot provide all the housing need of public servants. So, what we have tried to do in the last ten years is to partner with private developers who have the funds.
“They go into construction at low-cost level and the civil servant will come to us by identifying these private developers and then we lend money to the public servant that is the loan entitlement of the public servant to the private developer so that they can build this homes for them ranging from N3 million to N15 million,” he said.
The housing show, which was convened by Mr. Festus Adebayo, sought to proffer solutions to the housing challenges faced by citizens.
In his remarks, Adebayo urged the Federal Government to invest in the housing sector, saying citizens would be productive if they had good accommodation.
He said it is not right that the government is spending so much on health, while many of its citizens are living in slums.
“I have been hearing that the people who voted for President Buhari are not the elites, those who cannot afford houses are the ones who voted for him.
“So by creating interest in housing, you help them to own the house, that will help in a very good way. The idea of spending so much money on health where the people are living in slums is not the right way to solve the problem of housing.
“If people are provided with a decent home, level of health hazards will go down, so why spending money on health? Put decent money in housing, I can assure you that the number of going to the hospital will reduce,” he added.
Hope is in the air for Nigeria’s struggling housing sector and the wider economy that the obsolete Land Use Act and the largely elusive National Housing Fund (NHF) are included in the legislative agenda of the 9th Senate for intervention.
Expectation is that a review of the Land Use Act would free land for housing and other economic activities, including agriculture and industrialisation, while the NHF would ensure more people would be able to get a mortgage to build or buy houses, leading to increase in the country’s GDP.
Senate President Ahmed Lawan, speaking through Ashiru Oyinlola, a senator, who represented him at the ongoing Abuja International Housing Show (AIHS), was optimistic that with this intervention, all other policies required to get Nigerians closer to their dreams, especially housing, would be achieved.
“The importance of housing cannot be over-emphasised. Our needs are enormous while resources are lean. But the best thing about the future is that it comes one day at a time. Today presents us with the opportunity to consolidate on what we have built and to start new projects where necessary,” Lawan said.
AIHS is an annual housing event organised by Fesadeb Communications Limited, a housing sector promotion and advocacy firm. The show, now in its 13th edition, is arguably the largest gathering of housing sector stakeholders in Africa. This year’s edition has as theme ‘Driving Sustainable Housing Finance Models in the Midst of Global Uncertainty’.
In a veiled reference to this theme, Lawan noted that concerted efforts were required to think of the multiple ways of funding housing development in a way that would not only lead to the provision of homes, but to the growth of the economy.
“I am aware that there are critical areas that require legislative intervention like the Land Use Act, the National Housing Fund (NHF), housing regulations, and many more enabling policies. It is in the legislative agenda of the 9th Senate to see to it that all policies required to get us closer to our dreams are achieved,” he said.
The Land Use Act, enacted by the military government under Olusegun Obasanjo in 1978, is an obsolete land law that has overstayed its welcome and outlived its usefulness. The Act, which was aimed to ease access to land for housing, industrial and other economic purposes invested land ownership on state governors.
But the governors have, more or less, bungled the Act with its implementation. Land has now become a political tool in the hands of the governors. It is used for political patronage or victimisation, depending on which side of the divide the prospective beneficiary stands. Every attempt to amend or review the Act has failed because amending it requires legislative action, which, in turn, involves expunging it from the constitution that only the National Assembly can do.
This is why the assurance of legislative intervention on the Act by the Senate President is something to look forward to with expectations of positive impact on both housing and other productive activities.
The NHF is another Federal Government intervention in the housing sector whose implementation has defeated its good intentions. The NHF, established in 1992 to aid the demand side of housing, was aimed to provide single-digit, 6 percent, interest rate to a subscriber to the fund seeking mortgage loan with repayment tenor of 20-30 years, depending on the age of the subscriber.
Today, the fund, which is being managed by the Federal Mortgage Bank of Nigeria (FMBN) is avoided like leprosy because the primary mortgage banks (PMBs), through which the fund can be accessed, have made it not only inaccessible but also unaffordable through spurious demands from subscribers.
Amid concerns that emerging economies, including Nigeria need a whooping $16 trillion to overturn housing deficit, stakeholders and international eggheads that met in the Federal Capital Territory, Abuja last week, have provided the road map to rejuvenate the nation’s housing and construction sectors of the economy.
They believe the bulk of the housing deficit falls within the low, middle income and affordable segment of the market; that government should create enable environment, policies and reduce its engagement in direct construction of houses as well as minimize its taxation on the real estate sector.
Statistics by the Centre for Affordable Housing Finance in Africa show that Nigeria needs $363 billion (N 111.08 trillion) to meet current housing deficit. Annual additional housing units required is 730,000 units at N5 million per house, which amounts to N3.65 trillion yearly funding. It also estimates nation’s housing demand to be between 38 – 44million million units.
The stakeholders met at the 13th Abuja International Housing Show in Abuja organised by International Housing and Construction Show Limited, where they observed that the risk in sub-Saharan Africa is exaggerated relative to market fundamentals, adding that those who understood that earn outsized returns.
They said the failure to match the annual increase in households and housing needs with a comparable increase in new homes built as well as its adverse impact on the nation and its citizens has made them to seek for the establishment of a Nigeria / National Housing Commission (NHC).
The immediate past Managing Director, Nigeria Mortgage Refinancing Company (NMRC), Prof. Charles Inyangete who led the advocacy for NHC said: “Setting up the NHC will create a focal point for housing and is an imperative for achieving the ERGP’s vision of “sustained and inclusive growth.”
In the proposal, NHC would initially have two-prong mandate to establish a National Housing Policy – that also addresses first-time home ownership, develop a housing economic model for Nigeria. The NHC will also set standards to monitor and evaluate housing policy as well as sector in the country.
Under the plan, the stakeholders expect a Presidential Order to constitute the Nigeria Housing Commission in this year, which made up of no more than 12 members to drive the mandate of the NHC.
The proposed membership will include representatives from; Central Bank of Nigeria – CBN, Representatives of the Federal Ministry of Finance, Federal Ministry of Power, Works and Housing, Securities & Exchange Commission (SEC), Pensions Commission.
Others will be seven independent members including the Chair drawn from, banking-finance and capital markets background, lawyer, risk management expert, accountant / banker / mortgage / housing / construction industry expert and a representative of the National Assembly.
Inyangette, who is the Chairman, Innovative Risk and Investment Solutions, explains that the commission would report to a specified Economic / Finance Committee of the National Economic Council. According to him, “a well-functioning housing market can be a vital economic sector and a potential source of job creation.”
He said that solution lies with a comprehensive urban plan and delivery of not only affordable homes but also sustainable new communities. “We will only succeed in building homes by building sustainable communities.
“There is no one size fits all solution to the continent’s, especially Nigeria’s affordable housing crisis. Any solution to affordable housing has to maintain the dignity of the members of the community. We need to build homes that are durable and will last a long time,” Inyangette added.
The Managing Director, Mixta Hospitality and Retail, Mrs. Sade Hughes revealed that diaspora investors hunger for a partner to trust with their money and their dreams of a home while private sector actors who can deliver quality and value, and build a trusted brand, will make significant opportunities for decades.
She stated that the rest of the world is becoming predictable, less table, and more risky. But Nigeria and the rest of the sub-Saharan Africa have an opportunity to provide the contrast.
In his speech, the Senate President, Senator Ahmad Lawan said: “There is no better time for us to move faster in our ambition to provide decent shelter for everyone. It is indeed a core mandate for us to deal with one of man’s greatest basic need with urgency and competence.”
He noted that concerted efforts are now required to think of multiple ways of funding housing development to enhance provision of homes, grow the economy, Gross Domestic product and create job opportunities.
Represented by Sen. Ashiru Oyinlola, Lawan pointed out that the amendment of Land Use Act and National Housing Fund (NHF), enactment of housing regulations and enabling policies are captured in the legislative agenda of the 9th Senate.
The Head of the Civil Service of the Federation (OHCSF), Mrs. Winifred Oyo-Ita, said, the theme for this year’s edition “Driving Sustainable Housing Finance Models in the Midst of Uncertainty” is apt and central to the efforts of this administration in providing workable strategies and financing models in reducing the high and rising housing deficit in Nigeria.
Represented by Didi Wilson Jack, she disclosed that is the Federal Integrated Staff Housing (FISH) Programme currently has over 55,000 federal public servants registered on the scheme and 34 private real estate developers that have signed Memorandum of Understanding (MoU) with the OHCSF to build affordable houses across the country under a Public Private Partnership (PPP) arrangement.
Property developers have advised the Federal Government to consider the use of existing capital market fund to kick-start massive housing development programme.
The experts, who spoke at 2019 Abuja International Housing Show, explained that when such initiative is fully operational, financial challenge, which impede construction of housing for the citizen would be a thing of the past.
Leading the call, the Managing Director, Eximia Realty, Mr. Hakeem Ogunniran said Nigerian housing sector needs funding opportunities through capital market bonds to drive sustainable finance models in Nigeria.
He argued that real estate is a financing game and utilising the market to get long-term funds should be the focus. Ogunniran said “We cannot grow the sector when a chunk of money is going back to government.”
Contributing, Olufemi Ajulo of Enarxis International, applauded government for embarking on infrastructure development, stressing that monetary policy for developers should be looked into.
“Government has done enough to bring the housing industry out of its present condition, though developers want to concentrate building of houses in Abuja and Lagos”.
On his part, the President of Real Estate Developers Association of Nigeria, Ugochukwu Chime, said there are factors that would lead to massive housing, like development code, which few states have domesticated, among other policies.
Chime stressed that the industry has a lot to offer but what needed to be done to make it works, remains a challenge to developers and homeowners, adding that operators should speak the truth at all time.
Muktar Aliyu of Urban Shelter, listed finance, land and infrastructure, as the biggest impediments,saying that should be urgently addressed.
Meanwhile an indigenous firm, Cosgrove has acquired twelve hectares of land to construct a smart estate at Maitama/Katampe, Abuja.
This makes it the fourth estate being developed in the Federal Capital Territory due to increasing demands from inhabitants seeking smart homes. The firm also plans to embark on Mabushi and Guzape smart projects.
Speaking with The Guardian at Abuja Housing Show, Marketing Executive, Ochua Umoru, said after delivering Wuye Smart Estate, the company plans to apply for land, for the construction of another housing units.
Unoru also added that progress made by the company in less than two years of operations include, the Wuye Smart Estate which consists of, over 160 smart homes, that were sold to buyers within three months.
She said the projects are signature homes that showcased the latest designs and advancements in housing technology, adding that ‘the estate would be super-smart, and would consist, about 300 housing units.
“We are offering various types such as, seven-bedroom luxury villas, five bedroom fully detached, five bedroom semi-detached, four bedroom terraces and two bedroom luxury apartments with maids room and elevators,’ she added.
Contributing, Chief Executive Officer of Cosgrove, Umar Abdullahi said that every home in the estate will be fully automated and will feature the latest innovations in housing technology.
Umar said the firm has constructed over ten estates so far pledging to continue to get the best-known brains in research that would work to provide sound ideas for implementation.
The Executive Chairman of the Edo Development and Property Agency (EDPA), Isoken Omo, has been adjudged the best female Chief Executive Officer (CEO) of state-owned housing agencies in Nigeria at the Abuja International Housing Show.
The award is coming after her impressive commandeering of the affairs of EDPA, starting with the overhaul of the agency, with the re-enactment of its law in 2018; the development of Emotan Gardens Estate in partnership with Mixta Africa and the recertification of owners of the different estates controlled by the agency.
Recall that on arrival at the show earlier in the week, Omo said the state government has done a lot to reposition the housing sector in the state.
She noted that with the reforms in the state, the EDPA is now well-positioned to act as a private-sector facing agency, with a mandate to attract investment in the state’s housing sector.
According to her, “In the last few months, we have embarked on massive reforms in the housing sector, which have yielded positive results. Already we have completed the first phase of Emotan Gardens, which has sold out. We have also brought in sanity in the existing estates and have recertified property owners.
We are also working on a mall in the Sopkonba Road axis of Benin city, with private partners. All these, I believe, are what we are being celebrated for at the show this year.”
Governor Obaseki embarked on a holistic reform of the housing sector with the outlawing of Community Development Associations (CDAs) with the private property protection law, revamp of the EDPA and the sanitisation of property titles with automated Certificate-of-Occupancy (C-of-O) being issued by the Edo State Geographic Information Service (EDOGIS).
The just concluded 13th Abuja International Housing Show has international participants, speakers and exhibitors full of praise for the show, its impact and importance in the global housing, construction and finance sectors.
The show has been largely commended for setting the right tone for housing development in Africa and has cemented its place as a truly international platform for stakeholders.
Among the international participants at this year’s show with positive testaments are Debra Erb, Managing Director of Housing Programs at OPIC, Kecia Rust of AUHF, Robert Hornsby, Andrew Chimphondah, MD of Shelter Afrique and many more.
For Debra Erb who was attending for the first time, the Abuja International Housing Show has set a standard and requires more collaboration from government and private players.
‘’This show gives stakeholders a chance to gather and figure out ways to solve the affordable housing needs of people in Nigeria and Africa. The first thing to do about solving the affordable housing needs is talk to the actors, and this is what the Abuja International Housing Show is about. It is an impressive platform she said.
For all her great efforts in financing housing initiatives across the world, she was honoured by the organisers of the show with an excellence award in housing finance.
Also speaking on the significance of the show was Kecia Rust, the CEO of African Union for Housing Finance, AUHF.
‘’I thank the Abuja International Housing Show for this opportunity to showcase our organization and motivate for increased Nigerian participation in the network. You are doing a tremendous job for housing in Nigeria! Thank you for making the space for so many to collaborate with one another,’’ she said.
The Chief Executive and Managing Director of Shelter Afrique – the pre-eminent Pan African Housing Development Financial Institution – Andrew Chimphondah also had glowing words of praise for the 13th Abuja International Housing Show and its organisers.
‘’On behalf of the Board and Management of Shelter Afrique, we would like to thank you for including Shelter Afrique in this very auspicious Abuja International Housing Show (AIHS) to provide a key note address. We benefited from the strong networks that were created between Developers, Investors, Funders, Regulatory Authorities and all stakeholders in the Real Estate and Housing Sectors. Rest, assured that Shelter Afrique is re-energized in its quest in fulfilling its vision of providing decent and affordable housing for All Africans.
‘’We believe that with the shortage of Housing in Nigeria up from 17 million to 22 million in 2019 and the estimated shortage of Housing now up from from 51 million to 56 million. We can aspire to reduce it, because to eradicate it would require funding of US$1.4 trillion as a minimum.
‘’Let us continue as fellow housing activists to advocate through the Abuja International Housing Show for an eradication of this scourging housing deficit so that our fellow brothers and sisters can live a dignified life as a basic human right.
‘’I want to also commend the living legend, Festus Adebayo, for his selfless contribution in advocating the need to seriously address the housing crisis.
For Anders Lindquist of Echostone, the 13th Abuja International Housing Show is the most significant highlight for their company and what they stand for.
Speaking on his impression of the show, he said; ‘’I was so moved by the reception we’ve received during our time at AIHS. I feel that EchoStone must say thank you for allowing us to share in this monumental event. Your hospitality has been instrumental in our success at the show. We’ve made far reaching connections in affordable housing, which offer the potential to bring over a million affordable homes to Africa – not to mention the massive amount of jobs that will follow.
‘’Without a doubt, the attendees of this conference have been some of the most dedicated, enthusiastic, and engaged of any that we’ve attended. Our entire company owes you a debt of gratitude for allowing us to present on two panels and participate in and outside the conference walls.
‘’Thank you for helping us to change the housing development landscape and join in this celebration of innovation. It has given our entire team a vision of our future in Africa that has inspired us all.
‘’So, again, I extend our sincerest thank you and look forward to the continued success of the AIHS conference, its participants, presenters, visitors, and yourself. I hope that it inspires us all to support and encourage one another toward successful and prosperous future for all of Africa. This is from me and the whole EchoStone team.’’
Robert Hornsby, Co-founder, American Home Builders of West Africa also commended the organisers for convening what he calls the most important platform for discussing affordable housing and associated issues in Africa.
On her part, Mounia Tagma of Affordable Housing Institute Morocco lauded the wonderful contributions of Abuja International Housing Show over the years in terms of how its bring together global stakeholders from public and private sectors to learn from each other, network and collaborate on projects that matter to them.
While speaking during the CEOs Forum of AIHS 2019, Hon. Abu-bakar Saddique Boniface, Minister of State, Ghana, said that the show is playing a critical role of tasking private sector stakeholders on their most important responsibilities.
‘’The private sector should be more positioned so that the government can always look to them for policy advice. The private sector are and should be the engine of the economy, and I appreciate how this show is representing that fact,” he said.
It wasn’t just the speakers that have good words for the show, Bhaska Roa of Royal Ceramics – one of the biggest exhibitors at this year’s show appreciates the show for offering them the opportunity to meet with industry leaders, buyers and respectable clients that has enhanced their business operations.
The impact of the Abuja International Housing Show is so much that Bhaska Rao and his Royal Ceramics team had to present a special award to the CEO of AIHS, Festus Adebayo at the closing ceremony on 26th July 2019.
The CEO of iBuild Global, Bob Weinschenk also appreciated the opportunity for stakeholders to focus on the most pressing issues in housing through AIHS.
The Nigeria Housing Awards and Dinner took place on Friday 26th July 2019 at the International Conference Center Abuja with all leading stakeholders, CEOs and companies in the housing and construction sector present to celebrate each other’s successes in the past year.
The colourful event which marked the end of the 13th Abuja International Housing Show had a lot of special moments including the surprise award for the CEO of Abuja International Housing Show, Festus Adebayo by Royal Ceramics.
Before that, the CEO of Royal Ceramics himself had won CEO of Building Materials Company of the year award.
The award for Best Innovation in Housing and Construction Industry 2019 went to Echostone International.
Sam Ogrih won the CEO of Real Estate Company of the Year, while AFP Furniture was crowned Furniture Company of the Year.
Town Planner Murktar Galadima won Town Planner of the Year.
The Affordable Housing Promoter of the Year (organisation) went to Family Homes Funds, while NMRC won the Housing Market Information Data Recognition Award.
A Lifetime Achievement Award was conferred on Prince Seyi Lufadeju.
Ceo of Government Owned Housing Agencies of the Year was Isoken Omo, CEO of States Owned Housing Agencies in Nigeria.
Kunle Faleti won the Affordable Housing Advocacy Award (Diaspora), while Toye Eniola, Executive Secretary, Association of Housing Corporation of Nigeria won the Affordable Housing Leadership Award.
Affordable Housing Policy Driver Recognition Award went to the distinguished Professor Charles Inyangete.
Urban Shelter won Estate Developer of the Year.
Hydraform international ltd won an award of promoter of affordable housing of the year (construction)2019
Roland Igbinoba of Proptech won the Housing Data Recognition Award, while Arc . Adewumi Okupe won Affordable Housing Advocacy Promoter of the Year Award.
Pan Africa award of Affordable Housing Promoter of the year went to Shelter Afrique.
Many more awardees included Cosgrove investment Ltd going away with the award of Best residential real estate developer in sustainable smart Development and customer experience initiative.
The highlight however was when Mr Rao of Royal Ceramics invited CEO of Abuja International Housing Show Festus Adebayo to the stage for a surprise award.
The fulfilling night was a mix of soothing music, choreography, dining, wining and laughter.
The Nigeria Housing Awards is dedicated to rewarding excellent performers in the housing and construction sector and to inspire creativity and the kind of hard work that will drive affordable housing in Nigeria.
The Federal Mortgage Bank of Nigeria (FMBN) has revealed that bridging the affordability gap created by low disposable income and high housing delivery costs would deepen the mortgage market.
The managing director/ chief executive officer of Federal Mortgage Bank of Nigeria (FMBN), Arc Ahmed Dangiwa stated this in Abuja yesterday during the CEO forum on ‘Democratising Mortgages, the FMBN Model’, on the sidelines of the ongoing 13th Abuja International Housing Show (AIHS), organised by FESADEB communication limited.
He said that more than half of Nigeria’s estimated population of 198 million live on less than $1 per day, adding that though the yet to be implemented national minimum wage rose from N18, 000 to N30, 00, that inflation rate remained high and currently at 11.6 percent.
Dangiwa who was represented by FMBN’s General manager of strategy and percormane management group, Mr Fakeye Oladipo pointed out that new housing construction remained limited in supply and expensive for middle and lower income households.
He disclosed that liquidity and funding gaps for construction and mortgage financing, sector de-risking to attract investments and improving funding capacities of mortgage institutions are crucial issues to be addressed in the mortgage industry.
On macro-economic challenges, he pointed out the need to address high interest rate regime, high inflation and foreign exchange challenges.
Oladipo disclosed that FMBN’s role is to link the mortgage finance market with the capital market and develop a viable secondary mortgage market, promote the growth of viable mortgage loan originators, mobilise domestic and foreign funds into housing finance sub-sector as well as collect, administer and manage the National Housing Fund (NHF).
The MD stated that the bank has a unique advantage in driving affordable mortgage financing in Nigeria through government sponsored entity, provision of low cost fund, of which teo percent will be paid on NHF contributors.
He asserted that the bank’s target is to grow mortgages through the public service, informal sector and diaspora, which he said has huge appetite and resources for local and foreign investment.
The GM maintained that the bank is collaborating with national labour centres like the Nigerian Labour Congress (NLC), Trade Union Congress (TUC) and Nigeria Employers’ Consultative Association (NECA) in implementing the National Affordable Workers Housing Scheme (NAWHS).
He added that the bank is also partnering with Head of Service of the Federation (HoS) for housing delivery for federal public servants, paramilitary organisation likewise cooperative societies in the informal sector.
Oladipo noted that despite the enormous challenges on affordable housing finance, that revamping the Nigerian mortgage sub-sector required collaborative approach from sector players like the regulators, national and state assemblies, Central Bank of Nigeria (CBN), as well as housing ministries at Federal and states.
The GM was optimistic that the bank is developing multi-dimensional housing solutions through home ownership, rental housing, home renovation and housing micro-loans.