The Federal Government on Tuesday proposed a national housing bond to enable developers of buildings to access financing for mass and affordable projects nationwide.

The Minister of Works and Housing, Babatunde Fashola, who made this public in Abuja, said there was the need to improve financing for the housing sector to the benefit of Nigerians both in urban and rural areas.

Fashola said the bond aimed to raise capital that would be used to finance the development of housing infrastructure in Nigeria.

He said, “This will facilitate the provision of adequate and affordable housing for Nigeria in both urban and rural areas in a secure, healthy and decent environment.”

On other benefits of the bond, Fashola said, “It will increase foreign and domestic investment. It will deepen the capital markets with the introduction of a new bond type.

“Real estate developers will get a cheaper source of financing that will drive expansion and increase project profitability. Consumers will get more affordable homes that meet international building standards.”

The Minister of Finance, Budget and National Planning, Zainab Ahmed, who was represented by the Managing Director, Family Homes Fund, Femi Adewole, said the government had spent about N200bn on the national social housing programme.

She said the programme aimed to deliver homes to low and medium-income earners in Nigerian.