housing deficit

The Real Estate Developers Association of Nigeria (REDAN) over the weekend held an interactive meeting with the management of Federal Mortgage Bank of Nigeria (FMBN) to find solutions to the challenges of housing development in the country.
Speaking at the occasion, president of REDAN, Chief OlabodeAfolayan said that the Nigerian housing sector is confronted with a myriad of problems, stretching from frustrating land acquisition system to a grossly underfunded mortgage finance sector which is made worse by a protracted disconnect between developers of home and policy makers.

He said that the meeting with the management of FMBN led by its Managing Director, Gimba Ya`uKumo would help to bridge the long existing gaps between developers and housing policy makers through periodic strategic meetings.
“Choosing the managing director of the Federal Mortgage Bank of Nigeria, FMBN, on this debut edition of the developers benefit luncheonwas deliberate and most instructive. In the Nigerian housing sector, besides land acquisition, the bulk of challenges faced by developers are mortgage and finance related,” he said.

“This edition of DBL tagged: “The Score Card” will better inform existing and intending beneficiaries of estate developers loans (EDL); developers needing assistant on offshore loan and those having issues with primary mortgage institutions (PMI), among others.”
Also speaking, FMBN MD GimbaYa’uKumo said that the bank will always do its best within the limited funds available to it to assist developers in building more houses to address the housing needs of Nigeria.

He sought for more funding from government in order to meet up with the huge financial demands of the developers in producing more houses for the teeming populace, assuring that the bank will only deal with developers who registered with REDAN.
The meeting afforded REDAN members the opportunity to ask various questions ranging from government policies, activities and challenges affecting its members.

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