Peter Uzoho

Fidelity Bank Plc has said that its ongoing Save-4-Shelter saving promo was designed to help support the federal government’s desire the bridge the country’s huge housing deficit.

The Managing Director of the bank, Mr. Nnamdi Okonkwo, stated this on the occasion of the fifth prize presentation of the Save-4-Shelter savings promo that was held in Lagos recently.

Nigeria’s housing shortfall has been put between 16 million units and 17 million units. It is important to note that Nigeria with a population of about 170 million people is currently facing a national housing deficit of about 17 million units, and requires a minimum of additional one million housing units per annum to reduce the national deficit in order to avert a housing crisis.

To this end, the Fidelity Bank boss said: “It is against this backdrop that my colleagues and I on the Board of Fidelity Bank Plc introduced a special package to reward members of the public who open savings accounts with us within the promo period or add money to their existing accounts with the bank.

“In addition to bridging the housing shortfall in the country, the promo also encourages customers and members of the public to imbibe the savings culture, thus deepening financial inclusion in the country. It is imperative to point out that there is a correlation between savings and economic development.

“Savings serve as a veritable instrument for capital mobilisation to finance aggregate investment required for economic growth. As an active participant in the Nigerian economy, we are supporting the federal government by making savings available for critical infrastructure deployments that would aid socio-economic development.”

Also speaking at the event, the Executive Director, Lagos and South-west, Fidelity Bank, Mrs. Nneka Onyeali Nwosu, said so far, the bank has given out N29 million cash in the on-going promo, adding that a couple of million would be spent more at the grand finale which holds in Lagos soon. Also, at the event, the remaining one house would be won.

“So far, we have given out N29 million cash on this promo, and we still have a couple of million to go. We have also given out two houses: one in Port Harcourt and one in Abuja. The grand finale is for the house in Lagos, that’s going to be won. And that’s why we’re encouraging our customers, even the people that won; they should not rest on their laurels. They should continue to save so that they’ll win their ultimate price, which is the Lagos house,” she added.

“Apart from all of these, we’re also trying to inculcate savings culture for Nigerians because it’s important that people learn to save. And because they have to save for the rainy days,” she added.