FMBN to Strengthen Housing Finance Support

By Modupe Gbadeyanka

The Federal Mortgage Bank of Nigeria (FMBN) has promised stronger housing finance support for the North Central Development Commission (NCDC).

The chief executive of FMBN, Mr Shehu Usman Osidi, made this pledge at the commission’s summit on Monday at the Abuja Continental Hotel.

At the event themed The Great Leap Forward: A 20-Year Economic, Infrastructural and Social Development Plan for the North Central Region, he said, “Housing is also economic infrastructure. Its development generates demand for building materials, professional services, artisans, transportation and other economic activities. At the same time, decent and affordable housing provides households with the stability necessary for education, employment, health and family welfare.

“As an institution with a national mandate and deep relevance to the aspirations of the people of this region, the Federal Mortgage Bank of Nigeria remains committed to supporting initiatives that expand access to housing finance, stimulate housing development and strengthen the contribution of the housing sector to economic growth.”

“Traditional institutions and local communities must help ensure that development reflects local realities and enjoys community ownership. Development partners can provide technical expertise and additional resources. Most importantly, our young people and women must not remain beneficiaries at the margins of the development process.

“They must be participants, entrepreneurs, innovators and co-creators of the North Central we seek to build. I therefore commend the NCDC for creating this platform and, particularly, for framing the Summit around the co-creation of a unified strategic roadmap. No single government, institution or individual can develop the North Central alone,” he added.

The FMBN’s boss said the region must transform its advantages into productive opportunities, decent livelihoods, investment, economic prosperity and better living conditions.

In his remarks, President Bola Tinubu, represented by the Secretary to the Government of the Federation (SGF), Mr George Akume, assured the commission of continued political and financial support from the federal government to enable them to implement projects that would unlock the economic and industrial potential of their regions.

He said his administration established the regional development commissions under its Renewed Hope Agenda to accelerate development and close longstanding gaps across the country, stressing that these agencies would not duplicate or assume the responsibilities of the federal, state, or local governments.