The Federal Mortgage Bank of Nigeria (FMBN) has announced a N100 billion off-take guarantee to provide affordable housing across the country. This initiative is part of the current administration’s Renewed Hope Estates and Housing program.
Key Details
FMBN Managing Director Shehu Usman Osidi disclosed this during a courtesy visit by a delegation from the Ekiti State government to Abuja.
Key Statements
Osidi said, “Under the Renewed Hope Estates and Housing programme, the FMBN will provide a N100 billion off-take guarantee to a consortium of developers. This will enable them to access funding to build 100,000 affordable houses for Nigerians across the 36 states.”
He emphasized the government’s commitment to turning Nigeria into a major construction site to create employment and stimulate economic growth. “The president aims to transform the country into a major construction hub, creating jobs and improving the economy. The minister has been actively launching renewed hope housing estates in various states,” Osidi added.
Ekiti State’s Involvement
During the visit, Gboyega Oloniyo, Special Adviser to the Governor of Ekiti State on Housing and Mortgage Development, represented the governor. He highlighted the governor’s prioritization of housing and shelter.
Oloniyo said, “The purpose of our visit is to partner with the FMBN to explore how the bank can provide funding for affordable housing units to end users who have contributed to the National Housing Fund over the years.”
