The Managing Director/Chief Executive Officer of the Federal Federal Mortgage Bank of Nigeria (FMBN), Shehu Usman Osidi, has said the National Land Registration and Documentation Programme (NLRDP) of the Federal Ministry of Housing and Urban Development, in collaboration with the World Bank, has the potential to transform mortgage accessibility and drive financial inclusion in Nigeria.

Speaking at a workshop convened by the Ministry of Housing, Osidi pointed out that the initiative is a critical step towards boosting confidence in the real estate sector and stimulating housing finance activities.

“A well-structured and digitized land administration system will reduce transaction costs, improve transparency, enhance credit security and stimulate housing finance activities,” he noted.

According to Osidi, the initiative held profound benefits to the effective delivery of housing, given its potential to facilitate seamless title registrations, thereby positively impacting delivery of the bank’s mandate.

“The Federal Mortgage Bank of Nigeria, as Nigeria’s foremost provider of affordable housing finance, recognizes the importance of efficient land registration and documentation in enhancing mortgage accessibility and promoting financial inclusion,” he stated.

 

He explained that the programme would “facilitate seamless title registrations, which is a prerequisite for mortgage creation and access to housing and construction finance.”

 

The bank’s chief executive further revealed that in alignment with the NLRDP, FMBN had taken significant steps towards establishing the National Mortgage Registry (NMR), with the recent development of a digital platform known as the NMR App, which is currently being test-run.