FG directs Federal Mortgage Bank of Nigeria (FMBN) to collaborate with state governors on bankable housing projects.

The Federal Government has directed the Federal Mortgage Bank of Nigeria (FMBN) to collaborate with state governors on developing bankable housing projects to bring homeownership solutions directly to citizens. 

The Minister of Housing and Urban Development, Ahmed Dangiwa, who issued the directive during the FMBN Day at the 19th Africa International Housing Show in Abuja, said the initiative aims to address the nation's housing deficit by leveraging the expertise and resources of both the federal and state governments.

Dangiwa argued that the biggest barrier to homeownership in Nigeria is not only the lack of adequate houses but also the inability of many Nigerians to afford them, hence the need for the FMBN to work closely with governors to unlock land, structure bankable housing projects, and design viable homeownership roadmaps.

In his remarks, the Managing Director and Chief Executive Officer of FMBN, Shehu Osidi, highlighted the challenge of recapitalization, stating that the bank's current paid-up capital of N2.5 billion is inadequate for its mandate. 

He emphasized the need for recapitalization to enable the bank to mobilize long-term finance and fulfill its role in providing affordable mortgage finance

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