The Federal Mortgage Bank of Nigeria (FMBN) has set ambitious targets to deliver 5,000 new homes annually, largely through the Renewed Hope Cities and Estates Programme, and disburse 20,000 mortgage loans each year, necessitating quicker turnaround times and improved customer service.
Minister of Housing and Urban Development, Arc. Ahmed Musa Dangiwa, issued this directive to the FMBN during a formal performance review meeting with its management team on Thursday, as stated on the Ministry’s website.
Beyond these targets, Dangiwa also charged the FMBN with increasing the National Housing Fund (NHF) collection by expanding the subscription net to include more Nigerians.
Additionally, he urged the rapid rollout of the Diaspora Mortgage Scheme to further boost NHF collection and provide more housing opportunities for Nigerians.
“Dangiwa further itemized the targets for the FMBN: the delivery 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 quicker turnaround times and more efficient customer service, increase in National Housing Fund (NHF) collection by expanding the subscription net to include more Nigerians.
“Others are speedy roll out of the Diaspora Mortgage Scheme to facilitate an increase in NHF collection and provide more houses to Nigerians,” the statement read in part.
The Housing Minister also directed that the FMBN must maintain up-to-date audited accounts and ensure corporate stability to facilitate fruitful cooperation with financing institutions like Shelter Afrique Development Bank.
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The statement also noted that Housing Minister Ahmed Musa Dangiwa warned the FMBN against leaving projects abandoned or incomplete, emphasizing the importance of completing existing projects before starting new ones.
Dangiwa encouraged the FMBN to push for legislative amendments to relevant housing laws and to digitalize its product and service portfolio, making services like the National Housing Fund (NHF) Scheme accessible online.
Additionally, the statement highlighted that the Managing Director of the Federal Mortgage Bank of Nigeria, Alhaji Shehu Usma Osidi, outlined the bank’s targets and achievements.
He noted that the bank delivered 810 and 741 housing units in the first and second quarters of 2024, respectively, out of a quarterly target of 1,800 units. Osidi also stated that the bank intends to complete ongoing projects alongside new ones in the third quarter.
Osidi further highlighted other deliverables, including 3,674 persons benefiting from mortgage loans, the establishment of a National Mortgage Registry, and the commencement of the digitalization of the bank’s products.