Affordable housing in Nigeria gains boost as FMBN, state governors partner to tackle homeownership crisis

Affordable housing in Nigeria just received a major push as FMBN teams up with state governors to develop viable housing projects across the country

Affordable housing in Nigeria is set for a significant turnaround as the Federal Mortgage Bank of Nigeria (FMBN) partners with state governors to launch bankable housing projects across the country.

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The initiative was announced at the 19th Africa International Housing Show in Abuja by the Minister of Housing and Urban Development, Ahmed Dangiwa.

Represented by his Special Adviser, Mr. Mark Chieshe, Dangiwa said the partnership is central to the Renewed Hope Campaign, which aims to bridge the affordability gap in homeownership.

Despite increased efforts to build more houses, affordability remains a key challenge. Many Nigerians still cannot afford available homes.

To solve this, FMBN will work with state governments to unlock land, embed technical teams, and roll out mortgage products tailored to each state’s needs.

FMBN, known for offering single-digit mortgage rates, faces a major limitation: a capital base of only N2.5 billion. Experts call for urgent recapitalisation to help the bank meet national housing demands.

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This strategic partnership could reshape affordable housing in Nigeria for millions.

Peculiar Adirika