\nThe Federal Mortgage Bank of Nigeria (FMBN), penultimate weekend, disclosed that it has so far disbursed N37billion to no fewer than 112 developers under its Estate Development Loans (EDL) window initiative.<\/p>\n
A detailed analysis of the apex bank\u2019s disbursement as at 31st December, 2011 showed that under its EDL window, N64.75 billion was approved but only N35.63 billion was disbursed to the 112 estate developers, 86 private developers, 21 federal\/state housing corporations and five presidential mandates.<\/p>\n
It was said that under its National Housing Fund\/Primary Mortgage Institution, NHF\/PMI window, N50.68 billion was approved out of which N23.89 billion has so far been disbursed to finance 16,468 mortgages through 57 PMIs.<\/p>\n
Chairman of FMBN, Alhaji Deda Attah who gave the breakdown in Abuja during an Estate Development Loan (EDL) procurement and management sensitisation workshop organised by the Real Estate Developers Association of Nigeria (REDAN) said despite numerous challenges confronting the apex bank, most of all, shortage of funds, the bank has made giant strides towards improving home ownership among Nigerians through the different loans created, especially the EDL strategy.<\/p>\n
In his welcome address, the National President of REDAN, Chief Olabode Afolayan warned that it portends danger when none of the presidential candidates has clearly explained to Nigerians his clear-cut vision and policy for the housing sector.<\/p>\n
Afolayan said, \u201cIt calls for worry when our dear nation is facing the greatest challenge of providing decent and affordable housing for about 50 percent of its citizens; at a time when very little or nothing is heard about political parties and flag bearers\u2019 programme for housing and when the beginning of the journey to meet the over 16 million housing deficit has become very urgent and crucial.\u201d<\/p>\n
Speaking at the occasion, the Minister of Lands Housing and Urban Development, Nduese Essien lamented the low contribution of the housing sector to economic output.<\/p>\n
Comparing Nigeria to other countries of the world, Essien said, \u201cThe economies of developed countries are solidly grounded in the housing sector where they contribute about 35 percent to 70 percent of the Gross Domestic Product but unfortunately, we cannot say the same about Nigeria where it contributes less than 1 percent to the GDP. The country is highly blessed with abundant land resources but these have not been efficiently managed to translate to economic prosperity unlike what obtains in other countries. We are largely a mono product economy which largely runs only on oil.\u201d<\/p>\n<\/div>\n<\/p>\n
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