Abuja – February 23, 2024 – Viewpoint Housing News.
As part of efforts to revive abandoned housing projects across the country, the Federal Mortgage Bank of Nigeria will partner with Shelter Afrique Development Bank to explore its infrastructure financing product.
Managing Director of FMBN, Shehu Usman Osidi, made the statement while hosting a working visit by Shelter Afrique Development Bank on Thursday in Abuja, noting that the Bank prioritizes revitalizing these estates.
According to him, there are more than 46 abandoned projects in Nigeria’s 36 states, and the FMBN is determined to revive them.
“Our findings shows that Banks have entered into a housing financing agreement with states where the states governments are expected to provide infrastructure for these estates, but unfortunately many states reneged and the projects were abandoned.
“We have explored the product offerings of Shelter Afrique Development Bank and found out that they actually offer infrastructure financing, so we want to bring them onboard to offer these financing so we can finish up the projects and hand them over to.many Nigerians who are in need of shelter,” he said.
According to Osidi, Nigeria is the second largest shareholder in the bank with a 15% holding, and it will explore funding options to reach its target of delivering 100,000 housing units to Nigerians by this year.
The CEO of Shelter Afrique, Thierno-Habib Hann, said they were in Nigeria to drive its agenda of development financing to member countries, while identifying Nigeria as a potential investment destination with over $25 billion in Diaspora remittances.
