The Federal Mortgage Bank of Nigeria (FMBN) anticipates a promising future as the federal government pledges legislative amendments to relevant housing industry laws, aiming to bolster FMBN’s capitalization to N500 billion.
The proposed legislative changes target the National Housing Fund (NHF) Act of 1992 and the FMBN Establishment Act of 1993, raising hopes for the housing sector’s revitalization and enhanced accessibility to housing loans for NHF contributors.
This development is poised to positively impact both individuals and the economy, with the expectation that more people will access housing loans, facilitating homeownership endeavors. The increased accessibility to financing is expected to stimulate economic productivity and spur heightened economic activities within the housing sector.
Former Managing Director and Chief Executive Officer of the apex bank, Dangiwa, committed to ensuring FMBN receives robust support at the highest levels to effectively fulfill its mandate to Nigerians. As the legislative amendments progress, stakeholders anticipate significant strides in the housing sector.
Source: Business Day
