National Housing Project. Nigeria Begins Zero Down Payment On New Homes – Minister

by Samuel Abasi Last updated on April 15th, 2017,

National Housing Project. Nigeria Begins Zero Down Payment On New Homes – Minister. Alhaji Mustapha Baba-Shehuri, Nigeria’s Minister of State for Power, Works and Housing haS announced plans to revitalize the Federal Mortgage Bank with N500 billion to improve the operations of the Bank.

He made this disclosure when he visited the site of a National Housing Project in Lafia on Monday. He said the Federal Government’s ambitious and unprecedented National Housing Programme is aimed at constructing 5,000 units of houses in every state, over the next three years.

He said:

“The resuscitation of the bank with N500 billion will provide the institution with adequate funds to provide mortgage facilities to interested Nigerians.”

“The Federal Government in its quest to provide shelter to Nigerians, has recently directed the FMBN to waive the payment of 10 percent equity on mortgages below N5 million.”

“This will greatly enhance the transition of low income earners from tenants to home owners’’

He explained that the project would provide houses and jobs for low income earners.

The minister said the houses would be built based on Nigerian housing design with 100 per cent local content.

“The housing project came up with a 100 per cent Nigerian housing design and local content.This is done because government wants to create employment for Nigerian youths,’’

The minister commended the state government for providing land for the National Housing Project, saying that it was in line with President Muhammadu Buhari’s administration’s promise of providing infrastructure.

Baba-Shehuri said the ministry would leave no stone unturned in tackling the challenges of housing shortage in the country which was about 16 million to 17 million.

Responding, the Deputy Governor thanked the minister for the visit and commended the Buhari led administration for initiating the project.

“We assure you as a state that we will partner with your ministry to ensure that the project is successfully completed.”

He disclosed that the government had commenced plan to construct mass housing units in every state for public and private workers over the next three years.

Federal Housing Authority of Nigeria in partnership with the Federal Mortgage Bank of Nigeria (FMBN), has also commenced the construction of 30,000 housing units in Nigeria.

According to FMBN the housing project will be executed at a cost of US$45.2m. Additionally, about 2 million people will be employed across the country. The housing units will be executed in Lagos, Port Harcourt, Kano and Abuja.

The initiative is part of the efforts aimed at meeting the Federal Government’s target of constructing one million housing units annually.

“We’ve received a proposal from the FHA on areas that we can collaborate,” said Richard Esin “One of the areas of collaboration has to do with the discounted disposal of existing FHA housing units. The second is about the financing of middle income public servant housing units through the Estate Development Loan scheme and low income housing needs product scheme, he added.

Nigeria President Muhammadu Buhari recently directed 22 states governed by the All Progressives Congress (APC) to build 250,000 housing units per annum, to fulfill the promise of delivering one million houses per year for Nigerians.

Speaking at the National Economic Council Retreat on the economy at the State House Conference Centre, in Abuja, President Buhari invited foreign investors and local construction companies to join the country to cover its housing deficit which he noted to be at 16 million.

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