The Federal Mortgage Bank has accused the World Bank of creating confusion in the housing sector by creating parallel housing program schemes that leads to duplication of functions. The Managing Director, Federal Mortgage Bank of Nigeria, Ahmed Dangiwa stated this while receiving a team from the world’s apex bank.
According to Dangiwa, the parallel schemes are creating duplicity of functions which in turn slows down the growth of the sector.
The mortgage boss further advocated for cooperation between both banks to ensure maximum growth in the housing sector. He stated that rather than creating parallel schemes, the World Bank should have more confidence in the mortgage bank with the aim of boosting its capacity to deliver affordable housing in the country.
Dangiwa who just took over the helms of affairs of the bank expressed his will to engage all relevant stakeholders in the sector and that resources are already flowing from engaging the private sector to provide the much needed assistance in a bid to deliver the affordable housing in Nigeria. He then reiterated the need for the World Bank to assist in capacity building and technical assistance.
The team leader for the World Bank Simon Walley while expressing satisfaction on new initiatives and products to drive progress in the housing sector appreciated the Cooperative Housing Loan and enjoined the the Bank to make use of it to the fullest.
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Mr Walley stated that the visit was part of efforts of meeting all key stakeholders in the housing sector seek their views on how to move the sector forward. He also stated that the Federal Mortgage Bank been identified as a major player and that interactions will continue in its bid to drive the sector forward.