FMBN to tackle housing deficit
The Federal Mortgage Bank of Nigeria (FMBN) hosted Mr. Mark Weinrich, Secretary General of the International Union for Housing Finance (IUHF) in a bid to accelerate solutions to Nigeria’s housing deficit.
In his remarks at the at the Bank’s headquarters in Abuja, FMBN Managing Director/CEO, Mr. Shehu Usman Osidi underscores FMBN’s strategic push to leverage global expertise and resources to provide affordable housing for millions of Nigerians.
He hailed the visit as a landmark moment, emphasizing the importance of international partnerships in closing Nigeria’s staggering housing deficit.
“Our collaboration with IUHF will fast-track access to technical assistance, global best practices, and foreign investment that are essential for transforming Nigeria’s housing sector,” Osidi declared.
He noted that central to FMBN’s efforts is its recent ₦100 billion Bankable Off-Taker Guarantee under the Federal Government’s Renewed Hope Agenda.
He explained that the initiative will provide single-digit interest financing for potential homeowners, significantly lowering barriers to homeownership for low- and middle-income Nigerians.
“This guarantee will empower thousands of Nigerians to become homeowners while boosting confidence in the real estate sector,” Osidi said.
Mr. Weinrich lauded FMBN’s commitment to innovation and affordability, pledging IUHF’s full support.
He stated that the FMBN’s approach to addressing housing finance challenges is impressive.
He reassured that IUHF is ready to provide strategic advice and global templates to help Nigeria meet its ambitious housing goals.
According to Osidi: “FMBN’s bold moves include a partnership with Shelter Afrique to attract foreign direct investment and the creation of a digital National Mortgage Assets Registry to unlock Nigeria’s dead capital.
“New products like non-interest rent-to-own schemes and diaspora mortgage loans are being introduced to expand access to affordable housing.”
Despite the enormity of the challenge, Osidi expressed confidence in FMBN’s ability to deliver results.
“Our focus on prudent management, business process automation, and innovative financing solutions is already yielding measurable success. This partnership with IUHF will accelerate our impact,” he said.
He maintained that with Nigeria’s housing deficit estimated in the millions, this collaboration signals a crucial turning point. By aligning with global leaders like IUHF, FMBN is positioning itself to drive transformative change in the housing sector, offering hope to millions of Nigerians seeking affordable homes.
