FMBN Finances 1,590 Homes in Nasarawa, Disburses ₦9.5bn in Housing Loans
Nasarawa Housing Drive Gains Momentum as FMBN Delivers 1,590 Homes
The Federal Mortgage Bank of Nigeria (FMBN) has financed more than 1,590 housing units across Nasarawa State and disbursed over ₦9.5 billion in Home Renovation Loans to more than 10,600 civil servants, underscoring the growing role of housing finance in expanding affordable homeownership. The figures were disclosed by FMBN Managing Director and Chief Executive Officer, Shehu Usman Osidi, during a meeting with Nasarawa State Governor Abdullahi Sule, where both parties reaffirmed their commitment to strengthening collaboration on housing development.
/ You Might Also Like /
The achievements highlight the scale of FMBN's interventions in one of Nigeria's fastest-growing states and reflect ongoing efforts to improve access to mortgage finance, support residential construction and address the country's housing deficit.
FMBN Expands Housing Delivery
According to Osidi, FMBN has funded more than 11 housing projects in Nasarawa State, resulting in the delivery of over 1,590 housing units through various housing schemes.
He noted that the Bank has continued to support the state's Owner-Occupier Housing Scheme, providing mortgage financing that enables eligible workers and residents to purchase homes under affordable repayment arrangements.
Beyond housing construction, FMBN has also processed over ₦1.02 billion in refunds of National Housing Fund (NHF) contributions to 5,462 retirees, ensuring contributors who have exited public service receive their accumulated entitlements.
Home Renovation Loans Support Existing Homeowners
A key component of the Bank's intervention has been its Home Renovation Loan programme.
According to FMBN, more than 10,600 civil servants in Nasarawa have benefited from renovation financing exceeding ₦9.5 billion, allowing homeowners to improve and maintain existing residential properties without resorting to high-cost commercial lending.
The facility forms part of FMBN's broader housing finance strategy aimed at expanding financial inclusion and supporting housing quality alongside new residential construction.
Governor Seeks Deeper Collaboration
Governor Abdullahi Sule commended FMBN's contribution to housing development in the state and called for deeper collaboration to accelerate affordable housing delivery.
The Governor highlighted the importance of partnerships between governments and housing finance institutions in addressing growing housing demand driven by urbanisation and population growth. He also encouraged expanded investment in construction finance and mortgage lending to support workers in both the public and private sectors.
In response, Osidi reaffirmed the Bank's commitment to increasing access to construction finance, mortgages and housing-related financial products across the state.
Implications for Housing Development
The performance recorded in Nasarawa demonstrates how sustained access to housing finance can support both residential construction and homeownership.
Financing more than 1,590 housing units has expanded formal housing supply within the state, while renovation loans have helped preserve existing housing stock and improve living conditions for thousands of beneficiaries.
The combination of construction finance, mortgage lending and home improvement loans illustrates a broader approach to addressing housing needs across different income groups.
Supporting Nigeria's Housing Finance Agenda
The Nasarawa intervention aligns with the Federal Government's wider efforts to strengthen housing finance through reforms at FMBN and the National Housing Fund (NHF).
Recent policy initiatives, including measures to improve mortgage disbursement and expand affordable housing finance, aim to increase access to homeownership while encouraging greater participation from private developers and institutional investors.
For the housing sector, stronger collaboration between state governments and housing finance institutions can accelerate residential development, stimulate construction activity and improve the availability of affordable homes.
Outlook
FMBN's performance in Nasarawa highlights the growing impact of targeted housing finance in supporting residential development and expanding access to affordable housing. By financing more than 1,590 homes, providing ₦9.5 billion in renovation loans and supporting thousands of NHF contributors, the Bank continues to strengthen its role in delivering housing solutions across the country.
As collaboration between FMBN and the Nasarawa State Government deepens, additional investment in mortgage finance, construction funding and affordable housing programmes could further increase housing supply, improve homeownership opportunities and contribute to sustainable urban development.
READ MORE
