The Federal Mortgage Bank of Nigeria (FMBN) has set aggressive new targets to deliver 5,000 homes annually through the Renewed Hope Cities and Estates Programme and disburse 20,000 mortgage loans each year, with a focus on faster turnaround times and enhanced customer service. This directive was issued by the Minister of Housing and Urban Development, Arc. Ahmed Musa Dangiwa, during a formal performance review meeting with the FMBN management team on Thursday, as announced on the Ministry’s official website.
In addition to the ambitious housing and mortgage targets, Dangiwa instructed FMBN to expand the reach of the National Housing Fund (NHF) by widening the subscriber base to include a broader segment of Nigerians. The Minister emphasized the importance of leveraging the recently launched Diaspora Mortgage Scheme to boost NHF contributions and provide more housing opportunities for Nigerians living abroad.
“Deliver at least 5,000 new homes annually, largely through the Renewed Hope Cities and Estates Programme, and disburse mortgage loans to at least 20,000 Nigerians each year. These targets require faster processes and improved customer service,” the Minister’s statement outlined. He also stressed the need for prompt implementation of the Diaspora Mortgage Scheme to help increase NHF contributions while expanding access to affordable housing for Nigerians in the diaspora.
To ensure the bank’s efficiency, Dangiwa urged the FMBN to maintain up-to-date audited accounts and to strengthen its financial health. This, he noted, is essential for fostering partnerships with key financial institutions, such as Shelter Afrique Development Bank, to support its housing initiatives.
Push for Legislative and Digital Advancements
The Minister also called for legislative amendments to improve housing laws, urging the FMBN to modernize its operations. He specifically recommended the digitalization of key services, including the National Housing Fund (NHF) Scheme, to allow Nigerians to access them online, making it easier for more people to benefit from the program.
In addressing incomplete projects, Dangiwa warned against the habit of leaving housing developments unfinished. He directed FMBN to prioritize the completion of ongoing projects before embarking on new ones, stressing that corporate stability and operational efficiency are critical to the bank’s success.
FMBN’s Achievements and Future Plans
In response, FMBN Managing Director Alhaji Shehu Usman Osidi provided an update on the bank’s achievements. He reported the delivery of 810 and 741 housing units in the first and second quarters of 2024, respectively, out of a quarterly target of 1,800 units. He also reiterated the bank’s commitment to completing current projects while pursuing new developments in the third quarter.
Osidi highlighted additional milestones, including the provision of mortgage loans to 3,674 beneficiaries, the establishment of a National Mortgage Registry, and the ongoing digitalization of the bank’s product offerings.
With these ambitious targets, FMBN is positioning itself to play a leading role in Nigeria’s housing sector, driving both economic development and the fulfillment of citizens’ aspirations for affordable homeownership.
