In a compelling panel discussion on data at the 2023 edition of the Africa International Housing Show in Abuja, Mr. Madu Hamman, the MD/CEO of the Federal Mortgage Bank of Nigeria (FMBN), emphasized the pivotal role of data in shaping effective policies for national development, particularly within the housing sector.
During the discussion, Mr. Hamman underscored the significance of reliable data in making informed decisions for housing development. He expressed concern over the lack of empirical investigation behind much of the available data within their system, highlighting the importance of trustworthy data sources.
Revealing the FMBN’s extensive reach, the MD/CEO shared that the bank currently boasts over 5 million contributors to the NHF Scheme, encompassing workers from both the private and public sectors nationwide. Moreover, he noted that the FMBN introduced tailored products for the informal sector, acknowledging its vital contribution to the country’s GDP. By incorporating the informal sector into the scheme, the FMBN aims to expand the NHF Scheme’s base and drive inclusive housing initiatives.
Mr. Hamman called for greater collaboration within the housing sector, emphasizing the importance of cooperation among developers from various segments, including private, state-owned, and affordable housing-focused developers, many of whom receive funding from the FMBN. Notably, the bank holds valuable statistics on affordable housing, which can play a crucial role in shaping collaborative efforts.
To bolster housing delivery and planning, Mr. Hamman stressed the need for reliable and comprehensive data. He expressed the FMBN’s readiness to cooperate with organizations that can provide accurate data platforms for housing planning. Acknowledging the significant investments made by the Nigerian Mortgage Refinance Company (NMRC) in data systems, Mr. Hamman expressed the FMBN’s willingness to collaborate with NMRC to further enhance the sector’s data ecosystem.
The panel discussion shed light on the transformative role of data in shaping effective policies for the growth and development of the housing sector. By leveraging reliable data, stakeholders can drive meaningful change, foster inclusivity, and tackle Nigeria’s pressing housing challenges.
The Africa International Housing Show continues to host industry leaders and experts engaged in meaningful discussions to address pressing issues and find innovative solutions for Nigeria’s housing challenges. As the nation embarks on a journey towards sustainable and inclusive housing, the impact of data-driven policies takes center stage, empowering a brighter future for all.