FMBN to revive 46 abandoned housing projects

The Federal Mortgage Bank of Nigeria says it will partner the Shelter Afrique Development Bank to explore its infrastructure funding product as part of efforts to revive about 46 abandoned housing projects across the country. Daily Trust reports that abandoned housing estates across the country have been a source of worry for the government amidst […]

The Federal Mortgage Bank of Nigeria says it will partner the Shelter Afrique Development Bank to explore its infrastructure funding product as part of efforts to revive about 46 abandoned housing projects across the country.

Daily Trust reports that abandoned housing estates across the country have been a source of worry for the government amidst high housing deficit.

Managing Director of FMBN, Shehu Usman Osidi stated this while hosting the management of Shelter Afrique Development Bank who are on a working visit on Thursday in Abuja, noting that the Bank has made reviving these housing estates a priority. 

He said, “Nigeria has over 46 abandoned projects in the 36 states and the FMBN is determined to revive them.

• FG, Access Bank partner on N50bn MSMEs support
• Tinubu: Despite challenges, no going back on my reforms

“Our findings shows that Banks have entered into a housing financing agreement with states where the states 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 actually offer infrastructure financing, so we want to bring them onboard to offer these financing so we can finish up the projects and hand them over to.many Nigerians who are in need of shelter,” he said.

Osidi further noted that Nigeria being the second largest shareholder in the bank with about 15 per cent holding will explore areas of funding to achieve its target of delivering 100,000 housing units to Nigerians this year.

Also speaking,  the CEO of Shelter Afrique, Thierno-Habib Hann said they are in Nigeria to drive its agenda of development financing to member countries, while identifying Nigeria as a destination for investments with over $25bn Diaspora remittances annually.