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FMBN Creates Over 500,000 Jobs through Affordable Housing Finance

…FMBN helping skilled and unskilled workers nationwide while providing affordable housing finance for thousands of Nigerians

From 2017 to date indisputably ranks as the most impactful years in the history of the Federal Mortgage Bank of Nigeria since its establishment in 1992. The Bank under the leadership of Arc. Ahmed Musa Dangiwa has demonstrated in practical and measurable terms its institutional potential as a strategic and effective catalyst for housing development by creating over 500,000 jobs for Nigerians through the provision of affordable housing finance.

This was revealed by Arc. Ahmed Dangiwa, the Managing Director/CEO of Federal Mortgage Bank of Nigeria during the One On One with CEOs virtual interaction anchored by the Executive Director, Housing Development Advocacy Network, Festus Adebayo which was held on Monday in Abuja.

The FMBN Boss said under his leadership in less than five years, the institution has recorded a 98 percent increase in loan disbursement from N152billion in 2017 to N302.6billion in four years. This according to him represents additional disbursement of N150billion in housing loans within the past four years at an annual average of over N37billion. This is double what previous managements disbursed in 25 years.

FMBN Creates Over 500,000 Jobs through Affordable Housing Finance
Ahmed Dangiwa, MD/CEO, Federal Mortgage Bank of Nigeria

The achievement of additional loan disbursements has evidently increased access to affordable housing for thousands from the creation of over 5,000 additional affordable mortgage loans valued at about N48.6billion to an increase in FMBN’s total mortgage loans from 17,092 in 2017 to over 22,000, representing a 31% increase.

Dangiwa also noted that FMBN provided N55billion in home renovation loans to over 62,000 NHF contributors to upgrade their homes. It is worthy to mention that when the executive management led by Arc. Ahmed took over the operations of the Bank in 2017, only 2,579 persons had benefitted from the home renovation product.

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), it is now investing over N40billion to actualize the FMBN Mega Cities different categories of housing designs to cover low and middle-income earners with a combined total of over 5,000 affordable housing units.

FMBN Creates Over 500,000 Jobs through Affordable Housing Finance

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.

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