The Federal Mortgage Bank of Nigeria (FMBN) has lauded the adoption of the Public-Private Partnership (PPP) model as a pivotal strategy for implementing President Bola Ahmed Tinubu’s Renewed Hope Housing Agenda. This commendation was articulated by the Managing Director/Chief Executive of FMBN, Shehu Usman Osidi, during the second day of the Renewed Hope Housing PPP Summit, which took place at the Shehu Musa Yar’Adua Centre on Tuesday, March 18, 2025.
In a session dedicated to strategic action planning and agenda setting, Osidi, represented by Mr. Oladapo Fakeye, the Group Head of Strategy and Performance Management, emphasized the distinctive features and advantages of the PPP approach. He highlighted the model’s emphasis on clearly defined roles for all parties involved, early identification of off-takers, and the integration of technology into the off-taking process. These elements, he asserted, significantly enhance value addition within the housing delivery system.
Osidi expressed his appreciation for the forward-thinking initiatives being championed by President Tinubu and the Minister of Housing and Urban Development, Arc. Ahmed Musa Dangiwa. He noted that the Ministry is not only concentrating on housing projects but is also addressing ancillary issues, such as the establishment of Building Materials Manufacturing Hubs across the six geopolitical zones and Abuja, which are intended to bolster local production and reduce costs.
As part of its commitment to the Renewed Hope Housing Programme, FMBN is providing a substantial off-taker guarantee of N100 billion, along with direct funding allocations of N19.9 billion for projects in Karsana, Abuja, and N27 billion for developments in Ibeju-Lekki, Lagos. This financial backing is aimed at facilitating the successful execution of housing projects nationwide, ensuring that the objectives of the Renewed Hope initiative are met.
The second day of the summit featured a Stakeholder/Off-Taker Dialogue, where industry stakeholders engaged in discussions about their experiences with the PPP model in the context of affordable housing delivery. The dialogue revealed concerns regarding the imbalance of risks inherent in PPP arrangements, with participants advocating for policy formulations that would not only balance these risks but also incorporate technological advancements and consider the needs of end-users—collectively referred to as the “4Ps,” with the final “P” representing the People.
Following the dialogue, corporate presentations were made, during which Osidi, represented by Fakeye, outlined the FMBN’s contributions to promoting affordable homeownership. His presentation, titled “The Federal Mortgage Bank of Nigeria (FMBN): Driving Opportunities for Affordable Homeownership,” underscored the Bank’s business model focused on affordability and accessibility. He detailed the benefits of the National Housing Fund (NHF) Scheme for contributors, which include access to loans at single-digit interest rates, full refunds of accumulated contributions upon retirement, and the fact that employers have no obligations under the NHF Scheme.
Osidi further elaborated on the various loan opportunities provided by the FMBN, emphasizing the Bank’s dual role in financing both developers and off-takers. He announced that new financial products aimed at the informal sector and Nigerians living abroad are in development, which would broaden access to affordable housing solutions.
The summit concluded with a comprehensive presentation of the Summit Communique, which encapsulated the insights and strategies discussed over the two days. This document is intended for onward action, aligning stakeholders on the path forward in leveraging the PPP model to accelerate the delivery of affordable homes and enhance overall housing infrastructure in Nigeria.
Mr. Fakeye was accompanied by Mrs. Virginia Jang, the Group Head of Corporate Communications, signaling a unified approach within the FMBN as it seeks to implement the Renewed Hope Housing Agenda effectively.
