The Federal Mortgage Bank of Nigeria (FMBN) has embarked on a mission to breathe new life into approximately 46 deserted housing projects scattered across the nation. This endeavor is set to unfold in collaboration with Shelter Afrique Development Bank, a key player in bolstering the housing and real estate sector in Africa.
During a recent meeting in Abuja, the Managing Director of FMBN, Shehu Usman Osidi, articulated the commitment to revitalize these housing estates that have long been neglected. By teaming up with Shelter Afrique, the FMBN aims to provide crucial construction and mortgage financing that will propel these projects towards completion, benefiting countless Nigerians in need of housing solutions.
Osidi expressed, “Our goal is to rejuvenate these abandoned projects, which have stalled due to various challenges, including infrastructural gaps left by some state governments. The collaboration with Shelter Afrique promises to infuse much-needed financing for infrastructure, paving the way for these estates to be finalized and allocated to eager beneficiaries.”
With Nigeria holding a significant stake in Shelter Afrique, Osidi envisions leveraging this partnership to deliver an impressive 100,000 housing units to the populace this year. By revisiting past agreements and reigniting the synergy with Shelter Afrique, FMBN anticipates realizing substantial benefits for the Nigerian populace.
CEO of Shelter Afrique, Thierno-Habib Hann, underscored the organization’s eagerness to collaborate closely with FMBN and other key stakeholders in Nigeria. He highlighted the country’s potential as an investment hub, buoyed by substantial diaspora remittances amounting to over $25 billion annually, painting a promising outlook for housing development initiatives.
Moreover, in a significant milestone, the FMBN reported amassing approximately N100 billion in contributions through the National Housing Fund scheme in 2023. This scheme, designed to pool low-cost funds for long-term housing investments, draws from a meager 2.5% deduction from employees’ salaries, illustrating a notable stride in bolstering the housing sector.
As FMBN charts this ambitious course to revitalize dormant housing projects and stimulate the housing market, a collective effort involving strategic partnerships and innovative financing mechanisms holds the key to addressing Nigeria’s housing deficit, creating employment opportunities, and fostering sustainable growth in the real estate realm.
