The Federal Government has directed the Federal Mortgage Bank of Nigeria (FMBN) to work with state governors on bankable projects under the Renewed Hope housing campaign to expand homeownership and reduce the nation’s housing deficit.
Housing and Urban Development Minister Ahmed Dangiwa gave the directive during FMBN Day at the 19th Africa International Housing Show in Abuja, according to a report by the News Agency of Nigeria (NAN).
He explained that the collaboration is intended to bring housing solutions directly to citizens by bridging the gap between federal policy and state-level implementation.
Represented by his Special Adviser on Media and Strategy, Mark Chieshe, Dangiwa said the plan will prioritise unlocking land, structuring viable housing projects, and embedding technical teams within states to develop homeownership roadmaps.
NAN quoted Dangiwa as saying, “I am directing FMBN to participate actively in this campaign, alongside other federal housing institutions.
“This is an opportunity for the Bank to showcase its products in every state of the federation.
“Work closely with governors to unlock land and structure bankable housing projects, embed technical support teams to help states design viable homeownership roadmaps.”
The minister noted that while government efforts are increasing the supply of housing units nationwide, affordability remains the biggest obstacle to homeownership. Even where houses are available, their prices are beyond the reach of low- and middle-income earners, leaving millions without decent accommodation.
To tackle this, Dangiwa urged FMBN to bring the National Housing Fund closer to contributors, expand its reach, and raise awareness of its mortgage products. He also called for simpler processes and stronger partnerships with other federal housing agencies to make financing more accessible. He described FMBN as the government’s key instrument for affordable mortgages and a central player in the Renewed Hope housing campaign.
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The minister emphasized that these steps are necessary if Nigeria is to make progress in narrowing the gap between housing demand and supply, and in ensuring that decent homes are affordable for more citizens.
- FMBN’s Managing Director, Shehu Osidi, highlighted the bank’s long-standing capitalisation challenges, which he said have constrained its capacity to fully deliver on its mandate. He noted that the bank’s capital base of N2.5 billion, unchanged for decades, is inadequate compared to the size of its responsibility.
- He explained that this limited capital makes it difficult for the bank to mobilise long-term financing from local and international sources and to operate at a scale that matches its national mandate.
Strengthening FMBN’s financial base, he said, would enable the institution to expand its mortgage offerings, provide more affordable financing options, and deliver sustainable housing solutions across the federation.
