By Abubakar Yunusa
The Managing Director and Chief Executive Officer of the Federal Mortgage Bank of Nigeria, Shehu Usman Osidi, has called for stronger collaboration among governments, financial institutions and private investors to reduce the cost of housing delivery and expand access to affordable housing finance for millions of Nigerians.
Osidi made the call on Tuesday while addressing the Chief Executive Officers’ Forum at the 20th African International Housing Show in Abuja, where he said affordable housing remains one of the continent’s most pressing development challenges.
He said the widening gap between housing demand and supply, driven by rising land and construction costs, inadequate infrastructure and limited access to affordable mortgages, had placed homeownership beyond the reach of many low-income earners and workers in the informal sector.
According to him, innovative financing models, enabling government policies and stronger public-private partnerships are critical to closing the affordability gap and ensuring more Nigerians can own decent homes without excessive financial burden.
Osidi described housing as more than a social necessity, saying it is a key driver of economic growth, job creation, social inclusion and national development.
He reaffirmed the commitment of the Federal Mortgage Bank of Nigeria to making homeownership more accessible through affordable mortgage products and financing schemes.
The FMBN boss highlighted the National Housing Fund Scheme, which provides contributors with long-term, single-digit interest mortgages for land acquisition, home construction and renovation.
He also listed the Home Renovation Loan and Rent Assistance Loan as interventions designed to ease the financial burden on Nigerians seeking to improve their homes or meet annual rent obligations.
Osidi said the bank had continued to support cooperative societies and organised labour through the Cooperative Housing Development Loan, which finances the construction of affordable housing estates across the country.
He added that the bank also provides off-taker guarantees and other interventions aimed at boosting housing supply and reducing Nigeria’s housing deficit.
To expand access to housing finance, he said FMBN introduced the Diaspora-Initiated Mortgage Loan, allowing Nigerians living abroad who contribute to the National Housing Fund Scheme to secure affordable mortgages for property acquisition at home.
He noted that the bank also offers the non-interest NIT Mortgage Loan to provide ethical housing finance for contributors seeking interest-free mortgage options.
Osidi said the various financing products were designed to ensure that Nigerians, whether in the formal or informal sector, resident at home or abroad, could access viable pathways to homeownership.
He expressed confidence that discussions at the housing summit would produce practical policy recommendations, strengthen partnerships and promote innovative solutions capable of transforming housing delivery across Africa.
Osidi urged stakeholders to sustain collaboration, saying the housing sector holds enormous potential to stimulate economic growth, attract investment, create jobs and improve the quality of life for millions of Nigerians.
He also commended the organisers of the African International Housing Show for sustaining a platform that continues to promote dialogue, innovation and action in advancing Africa’s housing agenda.
