Over 9 Million Nigerians Lack Affordable Housing – FMBN

Reports by the Federal Mortgage Bank of Nigeria (FMBN), has indicated that over 9 million Nigerians cannot afford to live in the least affordable houses across the country.

Reports by the Federal Mortgage Bank of Nigeria (FMBN), has indicated that over 9 million Nigerians cannot afford to live in the least affordable houses across the country.

Speaking on Friday, July 12, at a seminar organised for multipurpose cooperative societies in the South-East, branch Manager of the FMBN in Enugu, Mr. Emeka Aroh, noted that it was imperative for Nigerians to have long-term mortgage loans to enable them acquire affordable housing.

He maintained that many Nigerians live in squalor.

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Also speaking, a fellow of the Nigeria Institution of Surveyors, and the CEO of Light Hill group (organisers of the seminar), Chief Leonard Ugwu, said that the essence of the seminar was to sensitise and mobilise cooperative groups in Enugu to buy into mortgaging as a means of acquiring affordable housing.

He observed that the case scenario in Nigeria is that 30% of people have access to decent living.

“Out of the 30%, 10% are politicians, while 20% are the middle income earners which comprises of senior civil servants and others.

`You can see the low income people are the ones suffering, the people who make these elite what they are, yet they do not have any good living; some sleep under the bridges, some stay along the streets, that is why we have high level of insecurity in the country.

“When someone does not have a befitting living, the person cannot think well and that is why we feel that we should come under the umbrella of cooperative societies and provide the needful to the populace”, he expressed.

In his contributory remarks, Dr Felix Onoh, a cooperative consultant, stressed that shelter, being one of the basic needs of man, is the most expensive.

He therefore called on Nigerians to come together under a cooperative to afford themselves a decent place to live, rather than wait for the government.