The Federal Mortgage Bank of Nigeria (FMBN) has embarked on an ambitious initiative to revitalize and complete 46 abandoned housing projects across the nation. This revival effort is being undertaken in collaboration with Shelter Afrique Development Bank, a pan-African finance institution dedicated to supporting the housing and real estate sector in Africa.<\/p>\n
In a recent meeting in Abuja, Shehu Usman Osidi, the Managing Director of FMBN, emphasized the priority given to resurrecting these housing estates. He highlighted the challenges faced, explaining that many projects were abandoned due to states failing to fulfill their infrastructure commitments as part of housing financing agreements with banks. Osidi expressed the FMBN’s determination to address this issue through intensified collaboration with Shelter Afrique, which offers infrastructure financing.<\/p>\n
The partnership aims to provide construction and mortgage financing, addressing the critical need for affordable housing in Nigeria. Osidi revealed that the FMBN is currently reviewing past memoranda of understanding with Shelter Afrique, seeking to leverage the benefits of this renewed partnership to deliver on the goal of providing 100,000 housing units to Nigerians in the current year.<\/p>\n
As Nigeria holds about 15% of the shares in Shelter Afrique, the collaboration extends beyond project revival. The FMBN is exploring various funding avenues to support its housing delivery target. Thierno-Habib Hann, the CEO of Shelter Afrique, expressed the organization’s readiness to collaborate and identified Nigeria as an attractive investment destination, particularly considering the country’s substantial annual Diaspora remittances, which amount to over $25 billion.<\/p>\n
Meanwhile, the FMBN shared that it successfully collected approximately N100 billion in remittances through the National Housing Fund in 2023. The National Housing Fund, established by the FMBN, facilitates the continuous flow of low-cost funds for long-term housing investment through a 2.5% monthly deduction from employees earning a basic salary.<\/p>\n
This multifaceted approach underscores the commitment of the FMBN and its strategic partnership with Shelter Afrique in addressing housing challenges, fostering economic growth, and tapping into the immense potential of the real estate sector in Nigeria.<\/p>\n","protected":false},"excerpt":{"rendered":"
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