Dangiwa: We‘ll Prioritise N500bn FMBN Recapitalisation, Reform FHA, Others

Emmanuel Addeh in Abuja

The new Minister of Housing and Urban Development, Mr. Ahmed Dangiwa, yesterday, pledged to work towards increasing the capital base of the Federal Mortgage Bank of Nigeria (FMBN) to N500 billion, as well as reform the Federal Housing Authority (FHA) and other agencies under his ministry.

Dangiwa, a former Managing Director of FMBN, who was addressing top ministry officials and heads of agencies in Abuja, just like his predecessor, Babatunde Fashola, also disagreed with Nigeria’s housing deficit data, promising to get consultants to carry out an accurate study soon.

The minister, who was flanked by Minister of State, Abdullahi Gwarzo, said he would work closely with the National Assembly to review relevant laws to streamline land and housing administration and create a conducive environment for investment in the housing sector.

Other prominent persons at the event were Managing Director of FHA, Senator Gbenga Ashafa; Managing Director of FMBN, Hamman Madu; and Surveyor General of the Federation, Adeyemi Adebomehin.

Dangiwa stated that his goal was to ensure that the strategic agencies were more effective and efficient in delivering on a massive scale, decent and quality housing to Nigerians nationwide.

According to him, doing so would also help towards unlocking the massive power of the construction industry to create jobs and contribute its quota towards achieving the government’s plan to grow the economy, boost inclusive growth and lift 100 million Nigerians out of poverty.

Dangiwa said, “We will prioritise the N500 billion recapitalisation of the FMBN to give it leverage and enhance its ability to provide more affordable mortgage loans to Nigerians.

“We will reform the FMBN, FHA and other housing agencies so they can have the necessary capacity, and the technological edge to deliver world class services to Nigerians.”

He stated that the ministry would embrace innovative housing construction financing solutions while working with relevant institutions to unlock the funding required to deliver affordable housing nationwide.

“In the next couple of days, we shall be unveiling our strategic housing and urban development blueprint, which will contain details of our priorities, initiatives, reforms, and plans,” he stressed.

Acknowledging the challenges arising from rapid population growth and increasing housing demands, Dangiwa pledged to seize the challenges as opportunities for growth and progress.

In his remarks, the minister of state, Gwarzo, stated that the housing and urban development sector played a vital role in the socio-economic development of any nation, providing decent and affordable housing for citizens, creating jobs, stimulating economic growth, and enhancing the overall quality of life.

He said, “It is no secret that we currently face numerous challenges in this sector. Lack of affordable housing, rapid urbanisation, inadequate infrastructure, and limited access to basic services and amenities are just a few of the issues that require our immediate attention and concerted efforts.

“I assure you all that under the leadership of the Honourable Minister and my humble self, this ministry will work tirelessly to address these challenges head-on.

“Importantly, transparency, accountability, and good governance will be the guiding principles of this ministry under our watch. We will ensure that all our activities are carried out in a transparent manner, with integrity and fairness.”