The Federal Government has directed the Federal Mortgage Bank of Nigeria (FMBN) to collaborate with state governors in delivering practical, bankable housing projects under the Renewed Hope Housing Campaign a flagship initiative aimed at expanding access to affordable housing across the country.
The directive was issued by the Minister of Housing and Urban Development, Arc. Ahmed Dangiwa, during FMBN Day at the 19th Africa International Housing Show (AIHS) in Abuja. The News Agency of Nigeria (NAN) reports that the minister, represented by his Special Adviser on Media and Strategy, Mark Chieshe, said the plan is designed to close the persistent housing deficit by aligning federal housing policy with state-level implementation.
“Work closely with governors to unlock land and structure bankable housing projects,” Dangiwa urged.
“Embed technical support teams to help states design viable homeownership roadmaps.”
According to the minister, despite increasing government efforts to boost the supply of housing units nationwide, affordability remains the most significant barrier to homeownership especially for low- and middle-income earners. He noted that many housing projects remain out of reach for millions of Nigerians due to high costs and limited access to affordable financing.
Bringing Homeownership Closer to Nigerians
Dangiwa called on the FMBN to intensify efforts to bring the National Housing Fund (NHF) scheme closer to its contributors, especially workers in the formal and informal sectors who contribute monthly to the fund. He emphasized the need for simplified processes, wider awareness, and deeper partnerships with other housing agencies to ensure more citizens can access mortgage financing without unnecessary bureaucracy.
“This is an opportunity for FMBN to showcase its products in every state of the federation,” Dangiwa added, reaffirming the government’s commitment to inclusive housing.
Financial Constraints Hindering Impact
In his remarks, FMBN Managing Director, Mr. Shehu Usman Osidi, acknowledged the institution’s long-standing capital limitations, stating that the bank’s current capital base of N2.5 billion unchanged for decades is grossly inadequate for the scale of its national mandate.
Osidi explained that the low capitalisation restricts FMBN’s ability to attract long-term financing from both local and international capital markets, which would otherwise allow it to expand affordable mortgage offerings and deepen its impact nationwide.
“To operate effectively and deliver sustainable housing solutions, FMBN needs to be adequately funded,” Osidi emphasized.
“Strengthening our capital base will position us to support the Renewed Hope agenda more robustly.”
Editorial Analysis & Perspective
Nigeria’s housing deficit is estimated at over 20 million units, and while policy intentions like the Renewed Hope Housing Campaign are steps in the right direction, execution has long been hindered by weak intergovernmental coordination, funding bottlenecks, and institutional inefficiencies.
For the campaign to make tangible progress:
- States must provide accessible land and fast-track approval processes.
- Private sector players should be incentivized to participate through tax breaks and access to public-private partnerships (PPPs).
- The FMBN’s capital structure needs urgent recapitalization, ideally through National Assembly intervention or restructuring of its ownership model to allow equity investment.
- A digital, user-friendly platform for NHF contributors to access mortgage status, loan applications, and repayments would significantly enhance transparency and trust.
The Road Ahead
While the federal government continues to push policy instruments like the Renewed Hope campaign, long-term housing development requires institutional reforms, sustainable financing models, and stronger collaboration across ministries, states, and financial institutions.
Without these, millions of Nigerians will remain locked out of the formal housing market left to grapple with poor living conditions in unregulated, often unsafe urban settlements.
