The Federal Mortgage Bank of Nigeria (FMBN) has declared that the N100bn off taker guarantee provided by the bank for the Renewed Hope Housing Scheme will open up investments in Nigeria’s housing sector.

Managing Director of FMBN, Shehu Usman Osidi made the disclosure in Abuja yesterday when he played host to Mr. Mark Weinrich, Secretary General of the International Union for Housing Finance (IUHF), targeted at deepening collaboration and exploring innovative solutions to address Nigeria’s housing challenges. 

“Our mission is to provide affordable and accessible mortgage financing for Nigerians, especially low- and middle-income earners and collaborating with institutions like the IUHF enhances our ability to achieve this goal through technical assistance and capacity-building programs.

“Recent FMBN initiatives, including the provision of a 100 billion Bankable Off-Taker Guarantee for affordable housing under the Federal Government’s Renewed Hope Agenda, a collaborative agreement with Shelter Afrique for foreign direct investment in housing, and the establishment of a digital National Mortgage Assets Registry. These efforts, he noted, aim to unlock investments opportunities in the sector and reduce Nigeria’s housing deficit, “ he explained. 

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Mr. Weinrich, in his remarks, proposed the development of two complementary institutions; a development bank for construction finance to support developers and a Housing Savings Bank to empower Nigerians to save for affordable housing.