In a bid to address the prevalent issue of abandoned housing projects across Nigeria, the Federal Mortgage Bank of Nigeria (FMBN) has announced a collaboration with Shelter Afrique Development Bank.
This partnership aims to leverage Shelter Afrique’s infrastructure funding product to breathe life into approximately 46 dormant housing projects scattered throughout the nation.
The proliferation of abandoned housing estates has been a matter of concern for the government, especially in light of the country’s staggering housing deficit. These dormant projects represent a significant untapped resource in the quest to alleviate the housing crisis.
Shehu Usman Osidi, Managing Director of FMBN, emphasized the institution’s commitment to revitalizing these housing estates during a meeting with the management team of Shelter Afrique Development Bank in Abuja. Osidi highlighted that FMBN has prioritized the revival of these projects, recognizing their potential to address the housing needs of countless Nigerians.
Osidi stated, “Nigeria is home to over 46 abandoned projects spanning across all 36 states, and FMBN is resolute in its mission to breathe new life into them.”
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He further explained that many of these projects stalled due to issues with financing, particularly instances where state governments failed to fulfill their obligations in providing necessary infrastructure for the estates.
“We have identified Shelter Afrique Development Bank as a potential partner due to their expertise in infrastructure financing. By leveraging their financing solutions, we aim to complete these projects and hand over the completed estates to the deserving Nigerians in need of housing,” Osidi added.
Highlighting Nigeria’s significant stake in Shelter Afrique, Osidi emphasized the country’s determination to explore various funding avenues to achieve its ambitious target of delivering 100,000 housing units to Nigerians within the year.
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Thierno-Habib Hann, CEO of Shelter Afrique, echoed the sentiment of collaboration, affirming the organization’s commitment to driving development financing initiatives across member countries. He also identified Nigeria as a prime destination for investments, citing the substantial influx of over $25 billion in Diaspora remittances annually.
The partnership between FMBN and Shelter Afrique holds promise for the revitalization of dormant housing projects, offering hope for addressing Nigeria’s pressing housing needs and fostering economic growth in the process.