Gov Sule Advocates N500bn FMBN Recapitalization for Housing

On Tuesday, Nasarawa State Governor Abdullahi Sule called for the federal government to actualize the proposed N500 billion recapitalization of the Federal Mortgage Bank of Nigeria (FMBN) to help bridge Nigeria's housing deficit, which is estimated at 28 million units. During a courtesy visit to FMBN's headquarters in Abuja, Sule emphasized the need for stronger financial capacity within FMBN to meet the country's housing needs and urged private investors, including pension funds, to participate in funding.

He highlighted Nasarawa's strategic advantages, such as proximity to the Federal Capital Territory and ongoing infrastructure projects like the 2.2-kilometre Mararaba flyover, which would enhance accessibility and attract housing investments. FMBN Managing Director and CEO Shehu Usman Osidi acknowledged Nasarawa as a rapidly growing investment destination, noting the state government's efficient issuance of Certificates of Occupancy that has facilitated housing projects.

Osidi reported that FMBN has financed over 1,590 housing units in Nasarawa and disbursed more than N9.5 billion in home renovation loans.