Ministry of Finance Incorporated Explores Collaborative Areas with Housing Ministry
* We have Structures on ground to leverage on - Dangiwa
* FMHUD, Key Collaborator - MOFI
Minister of Housing and Urban Development Arc Ahmed Dangiwa has told the Ministry of Finance incorporated (MOFI) that housing ministry has so many existing structures on ground for MOFI to leverage on, in its quest to carry out its supervising function of government enterprises.
Dangiwa stated this when he received members of the Ministry of Finance Incorporated (MOFI) on a visit to his ministry and presented a strategic partnership proposal to the ministry
MOFI, is a subsidiary under the office of the Accountant General of the Federation, responsible for supervising assets and investments of the federal government owned enterprises, interests, estates and rights.
The Minister told MOFI that, the Federal Housing Authority (FHA), an Agency under the Housing Ministry has branches in all the 36 States of the federation, including lands with various mortgages to cater for the housing needs of Nigerians, urging MOFI to work with FHA regardless of their developers to create a healthy competition.
He said "most of the federal government assets are being managed by the ministry of housing and urban development.
" One of the deliverables of the ministry under this administration is reforming the Housing Institutions and the ministry is doing everything possible to recapitalize the Federal Mortgage Bank. FHA has been partially commercialized to invest in the capital market by constructing and selling houses", he stated
In the same vein, Dangiwa disclosed that, the Ministry plans to generate Two Trillion Real Estate Investment, which is in line with President Bola Ahmed Tinubu 's Renewed Hope agenda and inorder to make this a reality, he added that the ministry decided to partner with Public Private Partnership which is the biggest aspect of the funding structure.
Speaking earlier, the Chief Executive Officer and managing Director of the MOFI, Dr. Armstrong Ume Takang, told the Minister that the essence of their visit was to support what Federal Ministry of Housing and Urban Development is doing to use government platform to mobilize funds.
He explained that proper Titles to Assets especially landed properties can unlock capital to do other things, adding that most properties both in rural and urban areas don't have proper titles including government properties.
The MD described the ministry of housing as a key collaborator in achieving their primary objective of long term, low- cost mortgage financing at scale for Nigerians.
He stated that asset optimization in line with National Housing and Urban Development goals, facilitates capital base for housing and urban development renewal and ensures seemless integration between asset management and urban planning initiatives.
Dr. Takang further disclosed that MOFI's aim is to create jobs through construction and urban development projects, skills development programs in real estate and property management, as well as affordable housing initiatives for low and middle income families.
" There should be a Mechanism where people can find affordable loans with long term payment plan of monthly payment, in that case, the demand will be high and when demands are high you are creating more jobs for developers, not only meeting the demands but also improving Urban development", he explained
"We need more money to build houses, we need more money to provide mortgages, we need to be creative on how we source the money", He added.
