Nigeria is set to construct 1400 affordable housing units following the US $10m committed by the Federal Mortgage Bank of Nigeria (FMBN) to construct the housing units in estates across Nasarawa State.
FMBN’s Managing Director, Ahmed Dangiwa said the project will be implemented in phases, the first being 100 units. Each of the six geopolitical zones in the country will have 200 units. As the units focus on affordability, they will also adjust to suit local specifications.
The housing units will comprise 3-, 2- and 1-bedroomed flats and semidetached bungalows. The prices of the housing units range between US $9000 and US $23,000. Dangiwa added that within six months, at least 100 housing units are expected to be delivered. To ensure the success of the program, land was provided by the government.
FMBN spokesperson, Zubaida Umar said that eligible workers with a loan requirement below US $14,000 will not pay any equity contribution. Workers whose loan requirement falls at US $14,000 and US $41,000 will provide 10% equity contribution instead of the previous 20 and 30%.
Dangiwa confirmed that US $1.2m was approved by the bank to build 90 units of three-bedroom bungalows for the members of Staff of Multipurpose Cooperative Society of Dalhatu Araf for Specialist Hospital in Lafian through the Cooperative Housing Development Loan (CHDL).
So far, the FMBN has financed over 25,600 housing units and has issued 16,505 mortgages. The bank has plans of issuing an additional 10,726 loans towards mortgages and 15,000 housing units.