FG Tasks FMBN to Collaborate with Governors on Affordable Housing Projects

The Federal Government has tasked the Federal Mortgage Bank of Nigeria (FMBN) with collaborating with state governors to develop bankable housing projects, aiming to bring homeownership solutions directly to citizens.

This initiative seeks to address Nigeria’s housing deficit by leveraging the expertise and resources of both federal and state governments.

The collaboration will involve unlocking land for bankable housing projects, embedding technical support teams to help states design viable homeownership roadmaps, and showcasing FMBN’s products in every state of the federation.

However, FMBN’s Managing Director, Shehu Osidi, highlighted the bank’s challenge of recapitalization, stating that its current paid-up capital of N2.5 billion is inadequate for its mandate.

Minister Ahmed Dangiwa also noted that affordability is a significant challenge, as many Nigerians struggle to access homeownership due to high costs.

This initiative is part of the Federal Government’s Renewed Hope State-by-State Homeownership and Housing Development Campaign, designed to bridge the gap between federal housing policy and state-level action.

The government aims to deliver decent and affordable housing for all, addressing the affordability challenge that hinders many Nigerians from accessing homeownership.