The Federal Mortgage Bank of Nigeria (FMBN) has set ambitious goals to significantly boost the nation’s housing sector. As part of the Renewed Hope Cities and Estates Programme, the FMBN aims to deliver 5,000 new homes annually and disburse 20,000 mortgage loans each year. This initiative necessitates quicker turnaround times and enhanced customer service to meet the growing demand.

A Vision for Housing Development

The directive for these ambitious targets 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. According to the Ministry’s website, the minister emphasized the need for the FMBN to not only meet but exceed these targets to address Nigeria’s housing deficit.

Expanding the National Housing Fund (NHF)

In addition to the annual delivery of 5,000 homes and the disbursement of 20,000 mortgage loans, Minister Dangiwa charged the FMBN with increasing the National Housing Fund (NHF) collection. This will be achieved by expanding the subscription net to include more Nigerians, ensuring that a broader segment of the population benefits from the fund.

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Diaspora Mortgage Scheme

To further boost the NHF collection and provide additional housing opportunities, the FMBN has been urged to rapidly roll out the Diaspora Mortgage Scheme. This scheme is designed to attract investments from Nigerians living abroad, thereby increasing the fund’s pool and enabling the construction of more homes.

Performance Targets and Corporate Stability

Minister Dangiwa outlined specific targets for the FMBN:

• Delivery of at least 5,000 new homes annually, with a significant portion through the Renewed Hope Cities and Estates Programme.
• Disbursement of mortgage loans to at least 20,000 Nigerians annually, requiring faster turnaround times and more efficient customer service.
• Increase in NHF collection by expanding the subscription net to include more Nigerians.
• Rapid rollout of the Diaspora Mortgage Scheme to facilitate increased NHF collection and provide more houses for Nigerians.

Furthermore, the Housing Minister stressed the importance of the FMBN maintaining up-to-date audited accounts and ensuring corporate stability. This is crucial for fostering cooperation with financing institutions like Shelter Afrique Development Bank.

Commitment to Completing Projects

The statement also highlighted that Minister Dangiwa warned against leaving projects abandoned or incomplete. He emphasized the importance of completing existing projects before embarking on new ones, ensuring that resources are efficiently utilized, and that the housing needs of Nigerians are met.

Legislative Amendments and Digitalization

Minister Dangiwa encouraged the FMBN to push for legislative amendments to relevant housing laws. Additionally, he advocated for the digitalization of the FMBN’s product and service portfolio, making services like the National Housing Fund (NHF) Scheme accessible online. This digital transformation aims to streamline operations and enhance accessibility for all Nigerians.

Achievements and Future Goals

Alhaji Shehu Usma Osidi, the Managing Director of the Federal Mortgage Bank of Nigeria, outlined the bank’s recent achievements and future targets. In the first and second quarters of 2024, the FMBN delivered 810 and 741 housing units, respectively, out of a quarterly target of 1,800 units. For the third quarter, the bank aims to complete ongoing projects alongside new ones.

Osidi also highlighted other key achievements, including:

• 3,674 individuals benefiting from mortgage loans.
• Establishment of a National Mortgage Registry.
• Commencement of the digitalization of the bank’s products.

Conclusion

The Federal Mortgage Bank of Nigeria is committed to transforming the housing sector through ambitious targets and strategic initiatives. With the support of the Ministry of Housing and Urban Development and the leadership of Minister Ahmed Musa Dangiwa, the FMBN is poised to deliver thousands of new homes and mortgage loans annually, ensuring that more Nigerians have access to quality housing. Through the expansion of the NHF, the introduction of the Diaspora Mortgage Scheme, and a focus on completing existing projects, the FMBN is set to redefine the housing landscape in Nigeria.