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FG hails private partnership in housing finance, delivery

FG hails private partnership in housing finance, delivery

The Federal Government has once again hailed the private sector initiative in mortgage finance in the country, which has resulted into delivery of housing units across the country just like the  Federal Mortgage Bank of Nigeria (FMBN)/ Sky Diamond Estate in Kaduna recently inaugurated  by Vice President, Namadi Sambo.

At the event, Sambo said the administration was pleased to note that the Federal Ministry of Lands, Housing and Urban Development (FMLHUD) and the FMBN were working hard at actualising one of the focal points of the President Goodluck Jonathan Administration’s Transformation Agenda in housing.

He explained that the crucial role housing plays in the socio-economic development and political stability of a nation made the administration to take determined measures to revamp the sector and unleash its huge inherent economic potentialities for national development.

According to Sambo, the FMBN/Sky Diamond Housing Estate, which consists of 200 units of residential houses will not only add to the housing stock of Kaduna, Kaduna State, but will also go a long way in reducing the current estimated deficit in the housing sector. It is also a testimony to the concerted efforts to provide decent housing for the people of this country, which is driven by a National Policy on Housing that places the private sector in the driving seat for housing development.

The estate commissioning, he said, is a statement in support of the fact that the policies, strategies and mechanisms for reducing the national housing deficit in every nook and cranny of the country are yielding results.

Sambo reiterated government’s support for initiatives of this nature and its intention to improve the capacity of FMBN by re-capitalising the institution as part of the wider plans of overhauling housing financing institutions in Nigeria. “This is the exemplary form of synergy envisaged by the National Policy on Housing, which encapsulates a private sector-led housing delivery strategy hinged on governments at both national and sub-national levels, creating a conducive environment,” he said. He commended the apex mortgage institution and the developer – Sky Diamond Logistics Limited, for the successful delivery of the housing estate.

He also charged the private and publicly-owned development firms, Primary Mortgage Banks and other stakeholders in the housing sector to redouble efforts in tackling the huge housing deficit, which remains a challenge that must be overcome for the benefit of Nigerians.

Sambo also assured that the government will not relent in moving the Nigerian housing sector to the next level of sustainable development so as to establish a lasting legacy of affordable home ownership and a thriving culture of mortgage lending for the gain of future generations.

“Undoubtedly, the provision of housing represents the satisfaction of the basic human need for shelter. Beyond this however, it is widely acknowledged that the role housing plays is vital to the socio-economic construct of any society. Housing not only adds considerable aesthetic value to our living spaces, but also contributes significantly to the commonwealth and the national economy,” Sambo said.

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