• Friday, June 21, 2024
businessday logo

BusinessDay

FMBN set to catalyse affordable housing with N100bn off-taker guarantee

FMBN set to catalyse affordable housing with N100bn off-taker guarantee

The Federal Mortgage Bank of Nigeria (FMBN) says it has set aside N100 billion off-taker guarantee aimed to catalyse and boost affordable housing delivery and also encourage homeownership.

This initiative was announced by Shehu Osidi, FMBN’s managing director, at a recent meeting in Abuja with a delegation from the Ekiti State government. Osidi explained that the funding was part of the Renewed Hope Cities and Estates programme under the current administration.

“FMBN will be providing a N100 billion off-take guarantee to a consortium of developers. This will enable them to access funding to build 100,000 units of affordable houses across the 36 states of Nigeria,” he said.

The initiative aligns with the president’s vision to transform Nigeria into a major construction hub, thereby creating employment and boosting the economy. The minister has been actively launching renewed hope housing estates in various states.

Gboyega Oloniyo, the Special Adviser to the Ekiti State Governor on Housing and Mortgage Development, emphasized the importance of this partnership, explaining that the purpose of their visit was to partner with the FMBN to explore funding options for affordable housing units for end-users who have contributed to the National Housing Fund (NHF) over the years.

This move, he said, signaled a push towards addressing the housing deficit in Nigeria and providing affordable living options for its citizens.