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FMBN Records Success Stories On Mortgages, Affordable Housing

BY CHIKA OKEKE, Abuja

Managing Director/Chief Executive of Federal Mortgage Bank of Nigeria, FMBN, Shehu Usman Osidi addressing participants during the third edition of FMBN Day in Abuja recently.

The Federal Mortgage Bank of Nigeria, FMBN, has recorded success stories in the provision of mortgages to Primary Mortgage Banks, PMBs, for onward disbursement to National Housing Fund, NHF, contributors.

Managing Director/Chief Executive of, FMBN, Shehu Usman Osidi stated this during the third edition of FMBN Day, at the 20th edition of Africa International Housing Show, AIHS, in Abuja, where discussions centered on practical strategies for expanding access to affordable housing, particularly for low-income and informal sector workers.

Osidi hinted that partnerships had become the most sustainable pathway to delivering affordable housing at scale, stressing that no single institution could address Nigeria's housing deficit alone.

‎"Partnerships deliver results. Partnerships create opportunities that no single institution can achieve alone. FMBN's recent achievements were driven by strong collaboration with government, organised labour, developers, regulators, development finance institutions and other stakeholders,” he said.

‎The MD disclosed that Nigeria's housing challenge falls disproportionately on low-income earners and workers in the informal sector, many of whom remain excluded from conventional mortgage finance because of irregular income patterns and limited access to formal financial documentation.

He maintained that addressing the challenge requires deliberate collaboration among government, housing finance institutions, developers, organised labour, cooperative societies, development finance institutions and the private sector.

‎ Osidi added: "No institution, not even one with the mandate and experience of FMBN, can solve Nigeria's housing challenge alone.”

‎He pointed out that the theme of this year's event, "Leveraging Partnerships for Sustainable Affordable Housing for Low-Income and Informal Workers," reflected FMBN's commitment to building inclusive housing finance solutions for Nigerians across all income groups.

‎The Special Guest of Honour and Chairman, Senate Committee on Lands, Housing and Urban Development, Senator Aminu Waziri Tambuwal praised FMBN for its efforts in expanding affordable housing delivery and pledged the committee's continued legislative support for the Bank's initiatives.

‎Tambuwal harped on the need for strengthening FMBN through recapitalisation and an expanded operational scope rather than creating institutions with overlapping mandates

He stated that empowering FMBN to fully deliver on its statutory mandate would enhance its capacity to drive affordable housing delivery and deepen access to mortgage finance for Nigerians.

Tambuwal said that plans are underway to pass the FCT Mortgage Bill into law, expected to strengthen mortgage administration and improve housing delivery in the Federal Capital Territory.

‎The panel dissected the affordability challenge in Nigeria's housing sector and identified stronger partnerships, innovative financing models and supportive policy reforms as critical to accelerating affordable housing delivery, particularly for low-income and informal sector workers.

 

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