The Managing Director and Chief Executive Officer of the Federal Mortgage Bank of Nigeria (FMBN), Shehu Usman Osidi, has stated that the bank is committed to making housing financing more accessible, responsive, and investment-friendly to enable citizens to own homes. Speaking at the Housing Public-Private Partnership (PPP) Summit in Abuja, Osidi emphasized the urgency of addressing Nigeria's housing deficit through stronger innovative financing mechanisms and deliberate alignment between government policy and private sector execution.
Public-Private Partnerships Key to Housing Delivery
Osidi declared that over the years, partnerships with reputable private developers have yielded significant results in expanding access to affordable housing for Nigerian workers and low- and middle-income earners. He firmly believes that sustainable housing delivery at scale cannot be achieved by government alone. 'The housing challenge before us requires robust Public-Private Partnerships that effectively combine public policy support, private sector efficiency, long-term financing, land accessibility, infrastructure provision, and institutional coordination,' he added.
FMBN's Role as Strategic Enabler
According to the Managing Director, the bank has positioned itself as a strategic enabler of affordable housing delivery through productive engagement with private developers, state governments, cooperative societies, labour unions, and other critical stakeholders across the housing value chain. As a direct result of the bank's support to developers under the program through the provision of a N100 billion off-taker guarantee, housing projects under the Renewed Hope Housing and Estates program are currently ongoing in Abuja, Kano, Lagos, Port-Harcourt, Enugu, and Maiduguri.
Innovation and Efficiency in Housing Finance
Osidi noted that experience has shown that where government provides enabling policies and institutional backing, the private sector responds with innovation, efficiency, and scale. The summit aims to advance beyond policy to practical project execution that delivers measurable impact to Nigerians. He further explained that under the current management, the bank has intensified efforts to strengthen developer engagement by improving operational efficiency, deepening digitization, enhancing credit processes, and promoting transparency in loan administration.
Innovative Financing Models for Homeownership
'Beyond direct housing construction financing, we have continued to deepen collaboration with developers through off-taker guarantees, mortgage creation support, rent-to-own products, and innovative financing structures designed to improve affordability and accelerate project completion,' Osidi stated. He urged stakeholders to continue exploring innovative financing models, blended finance structures, land reforms, infrastructure partnerships, and mortgage accessibility solutions that will make homeownership attainable for more Nigerians.
