HIS EXCELLENCY PRESIDENT GOODLUCK EBELE JONATHAN'S REMARKS AT THE COMMISSIONING OF THE AVIATION VILLAGE RESIDENTIAL HOUSING ESTATE IN THE FCT

Remarks by His Excellency, President Goodluck Ebele Jonathan, GCFR At the Commissioning of the Aviation Village Residential Housing Estate in the Federal Capital Territory and the Launching of the National Housing Fund e - Card
Thursday, 13th February, 2014


PROTOCOLS:

1. I am very pleased to be here today to commission the Aviation Village, a residential housing estate developed for Nigerians under our mass housing scheme, and to formally launch the National Housing Fund ‘(NHF) e-Card.’

2. The significance of both projects is better appreciated when we recall that only three weeks ago, I launched the Nigeria Mortgage Refinancing Company (NMRC). Together, these are strong indicators of the quick-wins emerging from the invigorated approach this Administration has adopted in addressing the housing challenges in our country.

3. I would like to commend the Federal Ministry of Lands, Housing & Urban Development and the Federal Mortgage Bank of Nigeria (FMBN) for successfully delivering the ‘Aviation Village.’

4. It is commendable that the Federal Mortgage Bank of Nigeria did not only initiate both programmes, but also financed the construction of the 270-unit residential ‘Aviation Village’ through an Estate Development Loan granted to SunTrust Real Estate Investment Ltd, a private estate developer.

5. Distinguished Ladies and Gentlemen, in every economy, the Housing Sector plays a critical role in economic empowerment, job creation and wealth generation. For this administration, improving the living standards of Nigerians is a cardinal objective to which we are totally and resolutely committed and we are vigorously pursuing the development of the Nigerian Housing Sector under our Transformation Agenda.

6. Our emphasis on the Housing Sector was reinforced at the Presidential Retreat on Housing, which I hosted in 2011. A number of practical steps agreed at the Retreat are now being implemented to strengthen the collaboration between the Federal and State governments in reducing the time and cost of land and property transactions.

7. Through these measures, we are improving basic critical infrastructure, facilitating access to affordable and long term financing, and creating an enabling environment through appropriate policies to reform existing legal, regulatory and institutional frameworks.

8. The National Policy on Housing and the National Policy on Urban Development approved by the Federal Executive Council in June 2012, are driving policies in the reform of the Housing Sector for improved effectiveness in the delivery of decent and affordable housing. Both policies are also repositioning the Housing sector to play a more central role in the development of our national economy.


9. The National Policy on Housing is the first formal policy on housing since 1991. In the same way, the National Policy on Urban Development is the first of its kind in Nigeria. The increasing importance of cities and urban areas as pivots of human interaction and centres of national and global economic development, defined our prioritisation of these policies.

10. To ensure the effectiveness of these policies, we are strengthening all housing-related institutions. Apart from the launch of the Nigeria Mortgage Refinance Company (NMRC), the Federal Mortgage Bank of Nigeria (FMBN) and other existing agencies are being reinforced to improve their capacity in providing affordable mortgage financing targeted at low-income Nigerians.

11. It is instructive that the 300 million USD World Bank facility for the establishment of a mortgage refinance company also includes funds dedicated to improving the capacity of the Federal Mortgage Bank of Nigeria (FMBN), and creating a mortgage guarantee scheme to make mortgage financing more accessible to low-income earning Nigerians.

12. In the medium term, we expect that the strong collaboration between the Nigeria Mortgage Refinance Company (NMRC) and the Federal Mortgage Bank of Nigeria (FMBN) will engender a robust secondary mortgage system, and also stimulate affordable mortgage financing and institutional investments to reduce the cost of housing finance in Nigeria.

13. Distinguished Ladies and Gentlemen, let me emphasise that the National Housing Fund (NHF) e-Card, which we are also inaugurating today, is an effective tool for ensuring transparency and accountability of National Housing Fund (NHF) contributions received by Federal Mortgage Bank of Nigeria (FMBN).

14. This beneficial measure aligns with one of the major principles of this Administration - to promote openness and accountability in the management of resources.

15. Contributors to the National Housing Fund (NHF) will not only find the e-Card a useful form of identification but also a tool to access on-line and real-time records of their contributions. The e-Card will undoubtedly, boost contributors’ confidence in the National Housing Fund (NHF) Scheme. Those who are still in breach of the law by non-contribution should be confident to comply, as they are assured of the safety and proper application of their funds.

16. In concluding, I would also like to commend Suntrust Real Estate Investment Limited for successfully forging a strong partnership with the Federal Mortgage Bank of Nigeria (FMBN) towards the completion of the ‘Aviation Village’.

17. This partnership illustrates the huge benefits derivable from the Public-Private Partnership arrangement for effective housing delivery and indeed for accelerated development. Our housing policy recognises private sector participants as the drivers of housing in Nigeria. I am very pleased that you have played this role effectively in this project.

18. I charge you all to redouble your efforts towards addressing the housing deficit in our country, as well as the unplanned developments in populated cities of our Nation. I assure you of Government's necessary support as you diligently work to achieve your mandate.

19. Distinguished Ladies and Gentlemen, it is now my great pleasure to commission the ‘Aviation Village’ Estate and to formally launch the National Housing Fund e-Card for the benefit of all Nigerians.

20. I thank you