The CEO of Millard Fuller Foundation, Sam Odia, has said that “70% of Nigerians belong to the bottom Mass Market”. He made this assertion when the Executive Director, Loans and Mortgages Services of the Federal Mortgage Bank of Nigeria (FMBN), Rahimatu Aminu-Aliyu and Baba Ibrahim, Unit Head (NHF Loan) Loans and Mortgages Group visited the Fuller Head Office on Tuesday, 29th May 2018.
Odia who in his presentation said, “Though we like to believe we are a rich country, our people are relatively poor; this is why we need to build with the poor in mind. Even though we presently sell at N2.9M (for a one bedroom apartment), we believe a truly affordable house should be much cheaper than that. Going by our own definition of affordable housing, we still have a lot of work to do because what we are building is still not affordable to all. Our definition is an aspiration and we believe we can work towards it; it may take time, but we will get there.”
Speaking on how to make houses more affordable to all Nigerians, Odia said, “For houses to be truly affordable to the ordinary Nigerian, we need to be able to create long-term mortgages.”
He further stated that the Millard Fuller Foundation is contributing to the Nation’s economy by creating 38 temporary jobs per housing block being built and by also ensuring that 93% of all its building materials are local contents.
The ED Loans FMBN expressed her delight at the efforts The Millard Fuller Foundation was making at ensuring that ordinary Nigerians have their own homes. She further stated that FMBN was set to support the informal sector by funding cooperatives with the Cooperative Construction Loan, which is a replacement for the Estate Development Loan (EDL).
She further added said, “The Rent-to-Own is still on the front burner and it is what the FMBN will want to start as soon as possible. The plan is to have it tested from July this year.”