The Federal Mortgage Bank of Nigeria (FMBN) has created over 500,000 skilled and unskilled jobs between 2017 to date through its affordable housing interventions.
Arc. Ahmed Dangiwa, the Managing Director/CEO of Federal Mortgage Bank of Nigeria revealed this yesterday during the One on One with CEOs virtual program anchored by the Executive Director, Housing Development Advocacy Network, Festus Adebayo.
The FMBN boss said FMBN has in less than five years recorded a 98 percent increase in loan disbursement from N152billion in 2017 to N302.6billion. This according to him represents additional disbursement of N150billion in housing loans at an annual average of over N37billion, doubling what previous managements disbursed in 25 years.
He also noted that FMBN provided over 5,000 additional affordable mortgage loans valued at about N48.6billion, representing a 31% increase from 17,092 in 2017 to over 22,000.
Dangiwa also noted that FMBN provided N55billion in home renovation loans to over 62,000 NHF contributors to upgrade their homes.
He said FMBN has deployed over N112billion to record a 51% increase in affordable housing stock development through its optimized construction finance loan windows noting that in 2017, the total number of FMBN funded housing units over 25 years stood at 20,435 at an annual average of about 817 units. However, due to the additional funding and clear direction of the Arc. Ahmed Dangiwa led Management, FMBN has more than tripled the average number of FMBN funded houses per annum to over 2,600.
As part of the Bank’s project and deliverables under the Federal Government’s National Economic Sustainability Plan (NESP), the Bank is now investing over N40billion to actualize the FMBN Mega Cities that would feature different categories of housing designs to cover low and middle-income earners with a combined total of over 5,000 affordable housing units.
According to the FMBN Boss, the institution is working with reputable real estate developers with a track record of delivering quality houses and infrastructure, to find possible ways of cushioning the effect of the high cost of building materials in order to continue delivering affordable houses.
Meanwhile, as the housing finance institution is working hard to complete old and abandoned projects by previous managements, it has been recording faster project initiation and completion for all new projects and delivering value to the contributors of the National Housing Fund nationwide.
Beyond housing development, FMBN’s operations have boosted liquidity in the sector as real estate developers are benefitting from the increased funding and its multiple interventions are helping to create over half a million skilled and unskilled jobs nationwide.