Strategic alliances needed to bridge Nigeria’s housing deficit – FMBN MD

Omeiza Bilal

The Managing Director and Chief Executive of the Federal Mortgage Bank of Nigeria (FMBN), Shehu Usman Osidi, has declared that strategic collaboration is no longer optional but the only sustainable pathway to bridging the country’s widening housing deficit.

Speaking at the prestigious Transcorp Hilton Hotel Thursday in Abuja during the “FMBN Day” at the 2026 Africa International Housing Show (AIHS) Legacy Edition, Osidi addressed a diverse gathering of policymakers, developers, and financial experts.

The event, themed “Leveraging Partnerships for Sustainable Affordable Housing for Low-Income and Informal Workers,” put a sharp spotlight on the millions of Nigerians currently locked out of conventional mortgage systems.

“Today, Nigeria faces an estimated housing deficit running into millions of units, with the burden falling disproportionately on low-income earners and the informal sector, which constitutes well over two-third of our nation’s workforce,” Osidi stated in his welcome address.

The FMBN Chief emphasized that conventional banking models often ignore the realities of irregular income patterns and lack of formal documentation typical of informal workers. He stressed that solving this systemic issue requires a collective front.

“This challenge cannot be solved by government alone,” Osidi maintained. “Neither can it be solved by financial institutions acting in isolation. It requires deliberate collaboration.”

Demonstrating the power of such alliances, Osidi revealed that 2025 was a record-breaking year for the apex mortgage institution. Backed by partnerships, FMBN financed 6,911 housing units in 2025—a staggering 300% increase over the 2,165 units delivered in 2024. Furthermore, project loan disbursements jumped from ₦31.5 billion to ₦79 billion over the same period, driving the Renewed Hope Housing Program of President Bola Ahmed Tinubu.

With states like Oyo and Kano returning to the National Housing Fund (NHF) scheme after decades of absence, public confidence in the bank is surging. Osidi concluded by reinforcing the bank’s resolve to make homeownership a practical reality for artisans, traders, and farmers alike, securing a more inclusive economic future for Nigeria.