According to Fashola, affordable housing and credit facilities have been a great challenge, especially for Civil Servants in the country.
The program was organized to tackle the problem of access to affordable housing funds and chat ways of repositioning the Federal Mortgage Bank of Nigeria, which provides long-term credit facilities to mortgage Organisations in the country.
The Minister, while highlighting the achievement recorded, noted that problems that could hinder easy access to credit facilities had been removed.
“There have been changes that had been made to the eligibility conditions to improve access to finance, for example, the equity contribution ratio for certain types of loans have been reduced, also, the National Council For Housing and Land, last week adopted a recommendation for the Bank to seek NDIC insurance of its contributor’s fund among other measures”.
Also, the Chief Executive and Managing Director of Federal Mortgage Bank Of Nigeria (FMBN), Mr Madu Hamman, said the bank had so far carried out 38 percent on its strategic initiativ rolls-out-stress-free-loans-for-affordable-housing-in-nigeria”>, while 26 percent are still ongoing. Federal Government housing loan All aimed at providing access to low-cost housing for citizens.
Similarly, Mr Ayodeji Ariyo, the FMBN Chairman Board of Directors, clarified that the high cost of building materials, access to land and mortgage financing are the major obstacles in the construction of houses and performance of the Federal Mortgage Bank of Nigeria.