The housing deficit in Nigeria is estimated at between 17 to 20 million housing units, and to meet the shortfall, the country will require a minimum of an additional two million housing units per annum for 10 years. That would require an estimated potential cost of about N6 trillion
It was a testimonial for the focus, professionalism and commitment of the management to the core mandates of the bank. The main goal of the FMBN under Dangiwa has been to advance homeownership among every Nigerian by creating innovative mortgage products and markets with a sustainable financing system.
The bank under Dangiwa has also strengthened its collaboration with key stakeholders, especially the labour unions, whose members constitute the bulk of contributors to the National Housing Fund Scheme. Other innovative housing products tailored towards tackling the housing affordability challenge for contributors to the NHF include the rent-to-own scheme, where contributors can own a home and pay by monthly or yearly rents over a 30-year period, and the NHF Individual Housing Construction loans that are payable over a 15-year period at interest rates of seven per cent.
One of the major challenges of the FMBN over the years, like most lending institutions, has been loan repayments. Many institutions are struggling with bad debt which, if not tamed, can make a bank collapse. This is why debt collection as a way of mitigating risks is critical for any lending institution.
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