FMBN, REDAN Seal Housing Deal

The Federal Mortgage Bank of Nigeria (FMBN), together with Shelter Afrique and the Real Estate Development Association of Nigeria (REDAN) have signed a Memorandum of Understanding for N2 billion towards achieving 10,000 housing units annually nationwide for the next 10 years.
Nigeria’s Minister of Works, Power and Housing, Babatunde Fashola, while speaking at the event, observed that the funds, which were expected to be provided by Shelter Afrique, to FMBN, represented a strategic partnership that would deliver affordable housing through mortgages at low interest rates.
The minister who was represented by his Special Adviser on Housing, Abiola Oki, noted that the partnership for housing delivery through REDAN, would create job opportunities for Nigerians within the sector, while shoring up the country’s housing stock at the same time.
He assured that government was working to recapitalize the apex mortgage institution to enable the bank deliver on its mandate, adding that government would provide conclusive environment for both Shelter Afrique and the private sector through REDAN to deliver affordable housing within the framework of the national housing model.
On his part, the Acting Managing Director, FMBN, Richard Esin, stated that with $200 million injected into yearly construction financing, 10,000 housing units will be generated and if added up to other intervention schemes, over 20,000 housing units would be delivered.
Also speaking the president of REDAN, Ugochukwu Chime said the development was a much desired intervention needed to provide solutions to the housing needs of Nigeria.
The Managing Director, Shelter Afrique, James Murgerwa, in his speech, stressed that the investment was a mutual and strategic alliance targeted at building quality and affordable houses.