The Federal Mortgage Bank of Nigeria (FMBN) says 420 mortgage applications worth N14.2 billion have been approved so far.

Mr. Shehu Osidi, the Managing Director and Chief Executive of the bank disclosed this in a goodwill message at the Renewed Hope Housing Public Private Partnership (PPP) Summit 2.0, held in Abuja.

The summit themed, “From Policy to Projects Financing and Delivering Housing at Scale through PPP” was organised by Shelter Advisory Services Limited.

Osidi said: “So far, 420 mortgage applications have been approved, amounting to N14.2 billion.

“These interventions have positioned FMBN as a central driver of the Renewed Hope Housing Agenda and a key enabler of mass housing delivery in Nigeria.

“Most importantly, our experience has shown that where government provides enabling policies and institutional backing, the private sector responds with innovation, efficiency, and scale.

“This synergy is exactly what this summit seeks to advance, moving beyond policy conversations to practical project execution that delivers measurable impact to Nigerians’’.

Osidi added that the Renewed Hope Housing Programme of President Bola Tinubu presented an opportunity to scale affordable housing delivery through strategic PPP frameworks.

He said the FMBN was proud to be a key institutional driver supporting this national agenda, through financing support, mortgage facilitation, and stakeholder collaboration,

Osidi disclosed that the FMBN had provided a N100 billion Bankable Off taker Guarantee (BOTG) to private developers, leading to active construction in Abuja, Kano, Lagos, Port-Harcourt, Enugu, and Maiduguri.

He said following the bank’s support to developers under the program, housing projects under the Renewed Hope Housing and Estates were ongoing in the cities.

“We have also provided direct funding under the programme.

“The Ibeju-Lekki Renewed Hope City in Lagos was funded by the bank in the sum of N27 billion, out of which N8.1 billion had been disbursed to construct 252 housing units.

“We equally approved N19.9 billion for the Karsana Renewed Hope City in Abuja, with the sum of N14.3 billion disbursed for the construction of 547 units.

“This is in addition to the 288 units being constructed under a BOTG, making a total of 864 units.

“The sum of N7.8 billion has equally been approved for the Renewed Hope project in Enugu, out of which N3.9 billion has been disbursed to deliver 136 units,’’ he said.

Osidi added that the sum of N10 billion was also approved for Port-Harcourt, out of which N4.56 billion had also been disbursed to deliver 148 units.

He added that sustainable housing delivery cannot be achieved by government alone, without a robust PPP

“The housing challenge before us requires robust Public-Private Partnerships that effectively combine public policy support, private sector efficiency, long-term financing, land accessibility, infrastructure provision, and institutional coordination,’’ he said

Osidi urged stakeholders to continue exploring innovative financing models, blended finance structures, land reforms, infrastructure partnerships, and mortgage accessibility solutions.(NAN)