The Federal Mortgage Bank of Nigeria (FMBN) Managing Director, Shehu Usman Osidi, stated while hosting the management of shelter Afrique Development Bank recently in Abuja that the FMBN has initiated the rehabilitation process to revive about 46 abandoned housing project nationwide.
Oshodi said rehabilitation of abandoned housing would be achieved through a partnership with Shelter Afrique Development Bank, a pan-African finance institution that exclusively supports the development of the housing and real estate sector in Africa.
He also added that the intensified collaboration will help provide construction and mortgage financing to developer in Nigeria. Nigeria has over 46 abandoned project in the 36 state and FMBN is determined to revive them.
“Our findings show that banks have entered into a housing financing agreement with states where the state governments are expected to provide infrastructure for these estates, but unfortunately many states reneged and the projects were abandoned.
“We have explored the product offerings of Shelter Afrique Development Bank and found out that they offer infrastructure financing, so we want to bring them on board to offer this financing so we can finish up the projects and hand them over to many Nigerians who need shelter.”
Osidi added that FMBN is currently reviewing previously abandoned memoranda of understanding that were signed with the organisation. This review aims to explore the benefits that Nigerians could gain from this renewed partnership.
He said, “We are ready to collaborate with FMBN and other institutions across Nigeria to address the housing gap. The challenges are there and the opportunities are also there. As a development finance institution, we are very well positioned to collaborate with the government of Nigeria and in this trip, we met all the leadership including the vice president of the Federal Republic of Nigeria who is fully committed to driving the growth of the sector and invest more in the sector knowing that housing creates jobs.”
