The Federal Mortgage Bank of Nigeria (FMBN) has renewed its dedication to strengthening the housing finance sector to enhance homeownership.
At the 46th Kaduna International Trade Fair, FMBN’s Managing Director, Shehu Usman Osidi, emphasized housing’s role in economic development.
Represented by Dr. Sani Muhammad Sani Abdu, Executive Director of Loans and Mortgages, Osidi praised KADCCIMA’s efforts in organizing the event.
He described the fair as a strategic platform for fostering partnerships, encouraging business growth, and advancing national development goals.
Key Initiatives to Enhance Mortgage Accessibility
Osidi highlighted recent FMBN initiatives, including raising the National Housing Fund (NHF) mortgage loan ceiling from N15 million to N50 million.
This upward review aims to accommodate high-income earners, boosting interest in the NHF scheme, with requests processed promptly.
He reaffirmed FMBN’s unique position as the only institution offering single-digit mortgage rates between six and seven percent.
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These rates are available through products like the Individual NHF Loan, Construction Loan, Home Renovation Loan, and Rent-to-Own scheme.
Affordable Housing Despite Inflation
Despite inflationary pressures, Osidi assured FMBN’s continued development of affordable mortgage products to promote widespread homeownership.
He stressed that sustainable housing finance solutions are crucial for bridging Nigeria’s significant housing deficit.
Trade Fair’s Role in Economic Growth
The Kaduna International Trade Fair remains an essential event, bringing together industries, businesses, and stakeholders in the housing sector.
It serves as a platform to showcase innovative products, forge partnerships, and drive broader economic growth initiatives nationwide.