The Federal Government of Nigeria has promised to revive about 46 abandoned housing projects in Nigeria. The announcement was made by the Director of the Federal Mortgage Bank of Nigeria, Shehu Usman Osidi, in a meeting with the management of Shelter Afrique Development Bank recently in Abuja, the nation’s capital.
This move has been disclosed as part of President Tinubu’s commitment to continue in the plans of previous administrations. FMBN revealed that there are over 46 abandoned housing projects across the country with over 1,000 units. The continuation of these projects has been touted as a step in ensuring welfare and affordable housing for all Nigerians, a move that the current administration have emphasised recently.
Osidi stated that “our findings show that banks have entered into a housing financing agreement with states where the state governments are expected to provide infrastructure for these estates, but unfortunately, many states reneged and the projects were abandoned.”
Speaking on the involvement of the Shelter Afrique Development Bank, the Director of FMBN also mentioned that “we have explored the product offerings of Shelter Afrique Development Bank and found out that they offer infrastructure financing, so we want to bring them on board to offer this financing so we can finish up the projects and hand them over to many Nigerians who need shelter.”
He also noted that increased partnerships will enable Nigerian developers access to mortgage and construction finance easily. He said that memorandums of understanding that were signed with the organisation but were later abandoned are presently being reviewed by the FMBN. The purpose of this review is to investigate the potential advantages of this restored collaboration for Nigerians.