FG to Revive 46 Abandoned Housing Projects Nationwide

The Federal Mortgage Bank of Nigeria has initiated a rehabilitation process to revive about 46 abandoned housing projects nationwide.

The bank said this would be achieved through a partnership with Shelter Afrique Development Bank, a pan-African finance institution that exclusively supports the development of the housing and real estate sector in Africa.

The FMBN Managing Director, Shehu Usman Osidi, said this while hosting the management of Shelter Afrique Development Bank recently in Abuja, noting that the bank had made reviving the housing estates a priority.

According to him, the intensified collaboration will help provide construction and mortgage financing to developers in Nigeria.

Osidi further noted that Nigeria, 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.

He mentioned that the FMBN is currently reviewing previously abandoned memoranda of understanding that were signed with the organisation. This review aims to explore the benefits that Nigerians could gain from this renewed partnership.

Also speaking, the CEO of Shelter Afrique, Thierno-Habib Hann, said the organisation was in Nigeria to promote its development financing agenda and identify Nigeria as a destination for investments with over $25bn in Diaspora remittances each year.

Meanwhile, the bank has said it collected about N100bn in remittances through the National Housing Fund in 2023.

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