N46bn earmarked for Renewed Hope estates in Lagos, Abuja — FMBN

The Federal Mortgage Bank of Nigeria has emphasised the critical role of Public Private Partnership in housing development across the country, while adding that the bank has earmarked N46 billion for construction of the Renewed Hope Housing scheme in Lagos and Abuja.  The Managing Director/Chief Executive of the Federal Mortgage Bank of Nigeria (FMBN), Shehu […]

The Federal Mortgage Bank of Nigeria has emphasised the critical role of Public Private Partnership in housing development across the country, while adding that the bank has earmarked N46 billion for construction of the Renewed Hope Housing scheme in Lagos and Abuja. 

The Managing Director/Chief Executive of the Federal Mortgage Bank of Nigeria (FMBN), Shehu Usman Osidi, disclosed this during a panel session at the maiden edition of the Renewed Hope Housing PPP Summit in Abuja.

Providing insights on the topic, “Financing Housing PPP”, Osidi stressed the importance of the PPP model, highlighting it as one of the best models through which housing can be financed in Nigeria.

In view of this realisation, Osidi revealed that FMBN keyed into the PPP initiative long ago, developing products in line with its specifications and ensuring that the funded houses were within the affordability threshold for low and middle income earners.

He added, “Through the Bankable Off-taker Guarantee, is supporting the Renewed Hope Housing Programme nationwide, being championed by the Ministry of Housing and Urban Development, with N100 billion. Additionally, the Bank is directly funding the Karsana Housing Project with N19.9 billion and also the Renewed Hope Housing Project at Ibeju-Lekki to the tune of N27 billion.”