By Chris Ochayi
ABUJA— Nigeria requires N60 trillion to bridge the 17 million housing deficits confronting it, new Managing Director of the Federal Mortgage Bank of Nigeria, FMBN, Ahmed Musa Dangiwa, has said.
Dangiwa, who disclosed this during the handling over ceremony of the affairs of the bank to his team by the outgoing Acting Managing Director of the FMBN, Mr. Richard Esin, vowed the new team under him will put in place innovative solutions that must bridge the huge gap in order to meet the affordable mass housing needs of Nigerians.
Dangiwa added that the administration will also develop a well functioning mortgage finance market that is able to attract large, long-term local and foreign investments needed to promote a vibrant, competitive, innovative and sustainable housing market driven primarily by private sector and public-private partnership, PPP, with FMBN acting as a facilitator, regulator and enabler.
According to him, “meeting the affordable mass housing needs of Nigeria remains a major challenge, with estimated 17 million housing deficits in the country, which is anticipated to cost almost N60 trillion. Innovative solutions must be put in place to bridge this large gap. FMBN and by extension, all of us, have strategic roles to play in this respect.”
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