Mortgage finance has been a major challenge in developing societies, and even when they are available accessing them becomes another issue. 

The Lagos state government is putting plans to curb this issue working in partnership Federal Mortgage Bank of Nigeria.

The Federal Mortgage Bank of Nigeria has revealed its plans to increase access to housing finance for workers, especially those in Lagos State.

The Managing Director of the FMBN, Ahmed Dangiwa, said this in a sensitization workshop for the workers in the state.

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Dangiwa, represented by the Executive Director, Business Development and Portfolio Management, FMBN, Mr. Umar Dankane expressed that this would happen as the bank would collaborate with the state government to achieve the target.

He maintains that there has to be a boost to the housing delivery especially in Lagos because of the rapid increase in population.

According to the Director, the bank has developed products that will suit the needs of the workers at a single-digit interest rate. Noting that the products afford workers the opportunities to buy, build or renovate their houses.

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To make this happen, he reiterated that the bank had undergone some transformation that made it stronger to deliver its mandate effectively.

housing finance

The Branch Manager, FMBN Ikeja District, Mrs Margaret Sowande stressed that the Lagos State Government deserved commendation for considering housing schemes for its workers.

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According to Sowande, despite the non-compliance of ministries and agencies in Lagos State, some public servants have benefited up to N131.6m from the bank’s Home Renovation Loan.

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