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'FMBN needs N56 trillion to solves Nigeria's housing needs' - ex MD reveals

March 17, 2016 5:18 PM

Nigeria needs 17 million houses to solve it's housing needs. The Federal Mortgage Bank of Nigeria (FMBN) needs at least N56 trillion to provide these houses.

housing deficit

The immediate-past Managing Director of Federal Mortgage Bank of Nigeria (FMBN), Mr Gimba Ya’u Kumo, has revealed the exact needed to solve Nigeria's housing deficit.

According to the

"Fundamentally, the nation needs 16 million housing units to bridge the housing deficit in the country and providing these houses will cost N56 trillion at a conservative cost of N3.5 million per unit.

This is a colossal amount which cannot be funded only through the National Housing Fund (NHF) but requires urgent injection of funds from both the government and the private sector.

That is why we are also exploring offshore funding to boost financing for mass housing which the nation urgently needs,” he says.

READ: ‘Nigeria’s housing deficit can only be solved by the Federal Government and the private sector’ – Babatunde Fashola says

A recent report by the World Bank says Nigeria faces a current housing deficit.

According to the report, this deficit will be solved with the provision of 17 million houses, which should take over N59.5 trillion.

Do you agree with this report?

Inemesit Udodiong Inem Udodiong is the Entertainment Editor. A movie buff, film critic with a core interest in African cinema, and wellness. Reach her via inem.udodiong@pulse.ng

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