The Federal Mortgage Bank of Nigeria has initiated a rehabilitation process to revive about 46 abandoned housing projects nationwide.
The bank said this would be achieved through a partnership with Shelter Afrique Development Bank, a pan-African finance institution that exclusively supports the development of the housing and real estate sector in Africa.
Shehu Usman Osidi, Managing Director, FMBN, stated this while hosting the management of Shelter Afrique Development Bank recently in Abuja, noting that the bank had made reviving the housing estates a priority.
According to him, the intensified collaboration will help provide construction and mortgage financing to developers in Nigeria.
He said, “Nigeria has over 46 abandoned projects in the 36 states and the FMBN is determined to revive them.
“Our findings show that banks have entered into a housing financing agreement with states where the state governments are expected to provide infrastructure for these estates, but unfortunately many states reneged and the projects were abandoned.
“We have explored the product offerings of Shelter Afrique Development Bank and found out that they offer infrastructure financing, so we want to bring them on board to offer this financing so we can finish up the projects and hand them over to many Nigerians who need shelter.”
Meanwhile, the bank has said it collected about N100bn in remittances through the National Housing Fund in 2023.
The NHF scheme was established by the Federal Mortgage Bank of Nigeria to facilitate the continuous flow of low-cost funds for long-term investment in housing, through 2.5 per cent monthly deductions from employees earning a basic salary.
The former FMBN Managing Director, Madu Hamman, stated this in his handover document obtained by our correspondent.