Expert wants integration of capital market into housing sector

The National Director of Millard Fuller Foundation (MFF), Mr Sam Odia, has dislosed that the nation’s capital market should be integrated in the planning of the housing sector if the true stakeholders are keen on developing and delivering the required number of houses needed in Nigeria.

Odia made this disclosure on the sidelines during the 10th Anniversary of the foundation, on the sideline of the 10th Abuja Housing Show, organised by FESADEB Communications with the theme,” Expanding Access To Affordable Housing in Nigeria.”

According to him, taking this step would provide the housing sector with the requisite financial m uscle which would be used by housing developers, real estate investors and other stakeholders in the housing sector to help build many units of houses of diverse categories for the teeming populace.

Odia’s view came moments when the Federal Mortgage Bank of Nigeria (FMBN) unveiled plans to collaborate with Millard Fuller Foundation (MFF) to provide affordable housing to low income earners in the country.

While commending foundation for its intervention which he said had drawn significant technical support to Nigerian housing sector, the apex mortgage bank’s Acting Managing Director of FMBN, Mr Richard Esin promised that the bank would key into MFF’s mass housing model.

According to him, MFF has demonstrated that “it is possible and profitable to provide affordable housing to low income earners and by partnering with them, we can further explore possibilities to further reduce cost of housing to N1 million and below.”

Esin assured that FMBN was willing to work with MFF and other key players in the sector to address the huge housing challenges in Nigeria.

Also speaking, the Chairman of Millard Fuller Foundation, Pastor Solomon Yero said the organisation was striving to make definite contribution by ensuring that every Nigerian had access to affordable housing with its latest housing estates.