Nigeria to construct 1400 affordable housing units

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Nigeria is set to construct 1400 affordable housing units following a whooping 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 confirmed the reports and said the project   will be implemented in phases, the first being the 100 units. Each of the six geopolitical zones in the country will have 200 units. As the units focuses on its affordability, they will also adjust to suit the local specifications.

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Affordable housing units

The housing units will comprise of 3-bedroomed, 2-bedroomed and 1-bedroomed block of flats and semidetached bungalows. The prices of the housing units range between US $9000 and US $23,000.

Mr. Dangiwa added that within a six month’s time, 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%.

Mr. Umar added that depending on the age of the beneficiary and years of service, the housing loans have an up to 30 year convenient payment plan.

Mr. Dangiwa confirmed that US $1.2m was approved by the bank to build 90 units of three bedroom bungalow for the members of Staff of Multipurpose Cooperative Society of DalhatuAraf 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.