New Push for State-Level Homeownership
The Federal Government has tasked the Federal Mortgage Bank of Nigeria (FMBN) to join forces with state governors. The aim: roll out bankable affordable housing projects across every state.
Bridging Federal Policy and Local Action
Housing Minister Ahmed Dangiwa announced this directive during the FMBN Day event at the Africa International Housing Show in Abuja. He emphasized the need to connect federal housing policy with state-level execution.
What the Collaboration Entails
Dangiwa, via his adviser Mark Chieshe, explained that FMBN will:
- Unlock land,
- Design bankable housing schemes,
- Embed technical teams in states,
- Bring National Housing Fund (NHF) products closer to contributors.
Tackling Affordability
The minister highlighted that many Nigerians lack access to affordable homes—even when housing units exist. FMBN must therefore bridge awareness and access gaps, he said.
FMBN Must Grow to Meet Demands
FMBN’s CEO, Shehu Osidi, acknowledged the bank’s single-digit mortgage rates. However, he pointed out that its paid-up capital—just ₦2.5 billion—lags far behind global and local standards. That hinders the bank’s ability to scale.
Why This Matters
Nigeria faces a massive housing deficit, and ownership rates remain low. This state-level model could expand affordable home access swiftly. Strategic collaboration, policy backup, and stronger capital should help unlock this potential.
