Last week in the Nigerian capital, Abuja, a strategic partnership agreement aimed at deepening the delivery of affordable housing in the country was signed between the Federal Mortgage Bank of Nigeria (FMBN) and the Family Homes Funds (FHF).
Meant to provide solutions to the housing problems faced in the country and geared towards the successful implementation of President Muhammadu Buhari’s administration’s roadmap for affordable housing, the signed agreement is meant to enable the two housing institutions owned by the Nigerian government to act more on their respective housing development objectives.
Under the terms of the MoU, the FMBN is expected to provide mortgage loans for houses that are developed by the Family Homes Funds for beneficiaries who are contributors to the National Housing Fund (NHF) Scheme which requires workers to contribute 2.5% of their monthly income and qualifies them to have access to all FMBN products and services.
For decades, the Nigerian nation has been faced with housing affordability issues, with modest achievements gotten from the many housing policies created by past and present government administration. Already, it is estimated that housing deficit in the country stands at over 10 million.