REDAN tasks govt to recapitalise FMBN
To be able to continue providing the mortgage needed for affordable housing for all, the president of the Real Estate Developers Association of Nigeria,( REDAN) Aliyu Oroji Wammako, has tasked the Federal Government to recapitalise the Federal Mortgage Bank of Nigeria, (FMBN).
Wammako, gave the charge while reacting to a part of President Muhammadu Buhari’s 2020 Democracy Day speech that stated that the affordable housing for the low and middle-income earners by the administration had received a boost.
The REDAN president explained that a way-out of the current economic woes caused by the COVID -19 pandemic is the introduction of policy framework that will encourage building of more houses to boost employment opportunities for the youth.
According to him, REDAN would soon come up with a programme to assist the government in increasing the micro economic indices by creating employment at the local level.
He also advised that the Central Bank of Nigeria’s COVID-19 intervention fund be appropriately channelled into building construction which has the multiplier effect of huge employment creation of 2.5million direct and 3.5 million indirect jobs for professionals and artisans as well as strengthen the revitalization of the macro -economic indices.
He expressed his confidence that proper funding of the real estate sector would stem the tide of rural-urban migration and increase the national housing stock.
