FMBN to Fund Affordable Housing Nationwide with N100 Billion

Chinwe Okafor
2 Min Read
FMBN to Fund Affordable Housing Nationwide with N100 Billion

The Federal Mortgage Bank of Nigeria (FMBN) has announced a N100 billion off-taker guarantee to support the provision of affordable housing across the country.

This initiative was revealed by the Managing Director of FMBN, Shehu Usman Osidi, during a courtesy visit by a delegation from the Ekiti State government in Abuja.

Osidi stated, “Under the Renewed Hope Estates and Housing programme of the current administration, the FMBN will be providing a N100 billion off-take guarantee to a consortium of developers.

READ ALSO; FMBN Partners with NG Kutahya Seramik to Make Building Materials Affordable

This will enable them to access funding to build 100,000 units of affordable houses across the 36 states of Nigeria.”

He further emphasized the president’s vision of transforming the country into a major construction site to create employment and boost the economy. “The minister has been actively launching renewed hope housing estates in various states,” Osidi added.

READ ALSO: Affordable Housing: Ekiti State Government Forges Strategic Partnership with FMBN

Gboyega Oloniyo, the Special Adviser to the Ekiti State Governor on Housing and Mortgage Development, also spoke at the event. He highlighted the governor’s commitment to making shelter a priority.

“The purpose of our visit is to partner with the FMBN to explore funding options for affordable housing units for end-users who have contributed to the National Housing Fund over the years,” Oloniyo stated.



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