FMBN Partners with NG Kutahya Seramik to Make Building Materials Affordable

Taiwo Ajayi
3 Min Read

In a move aimed at making building materials more affordable and accessible, plans are underway for a partnership between the Federal Mortgage Bank of Nigeria (FMBN) and NG Kutahya Seramik, a leading Turkish ceramic production company.

This initiative aligns with the goal of democratizing homeownership as envisioned by the Renewed Hope Agenda of President Bola Ahmed Tinubu for the housing sector.

The Managing Director and Chief Executive of the FMBN, Shehu Usman Osidi, revealed these plans during a recent visit by the NG Kutahya Seramik team to the FMBN Management. Osidi emphasized the importance of such collaborations to the bank’s operations and expressed readiness to provide an enabling environment for the ceramics company to thrive.

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“We have land in Nigeria, and the new government is in the process of establishing the Building Materials Manufacturing Hub in each of the six geopolitical zones of the country, championed by the Ministry of Housing and Urban Development under the leadership of the Honourable Minister, Arc. Ahmed Musa Dangiwa,” Osidi stated. “We are willing to provide the enabling environment in terms of land space and choice of actual location for your projects.”

The partnership comes at a crucial time when Nigeria is grappling with high building material costs, impacting housing supply in the country. While the Housing Minister has taken steps to address the situation, he recently warned that it could worsen the housing deficit crisis in Nigeria. The partnership aims to alleviate this burden for developers by reducing building costs.

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Osidi also highlighted the government’s efforts to enhance local production, which requires significant capital, skills, and expertise. He encouraged Turkish investors to seize the opportunity for mutual benefit between Nigeria and Turkey.

In a presentation, the Export Director of NG Kutahya Seramik, Mr. Burcin Yolasan, introduced the company as a pioneer in the world ceramic industry, known for its innovative designs. He outlined the company’s product range, which includes glazed porcelain ceramics, floor and wall ceramics, slabs, UV panels, PVD coated ceramics, double charge, and new generation anti-slip tiles.

Mr. Yolasan noted that the partnership will not only make Nigeria a consumer but also a producer of these products. He highlighted the potential benefits for Nigeria, including increased gross domestic product through taxes and export duties.

Executive Director, Finance and Corporate Services, Mr. Ibidapo Odojukan, and Executive Director, Loans and Mortgages, Dr. Muhammad Sani Abdu, welcomed the partnership, emphasizing Nigeria’s potential to drive the initiative with the support of the FMBN. They expressed confidence that the bank is strategically positioned to facilitate the process effectively.

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