Nigeria: Assessing FMBN’s Post Covid-19 Housing Delivery Plan

Nigeria assesssing FMBN's Post Covid-19 Housing delivery plan

By Terungwa Isaac

Abuja — The impact of Covid-19 on the Nigerian economy is profound. Nigeria’s economy was on the path of recovery from the 2016 recession before the pandemic struck. Growth slowly rebounded in 2017 and 2018 in part because of rising oil prices, increase in agricultural production and services. By 2019, Nigeria’s annual Gross Domestic Product (GDP) peaked at about 2.2 percent.

However, efforts of governments to contain the virus combined with the volatility and collapse of global oil prices have put the brakes on economic activity erasing the rebound and modest gains made in recent time.

This development is worrisome. What started as a health crisis has seeped malignantly into every facet of society including the housing sector. The pandemic has significantly weakened national finances and compromised emerging pillars of economic growth.

The World Bank in a recent report titled, “The Nigeria Development Update: Nigeria in Times of COVID-19: Laying Foundations for a Strong Recovery,” predicted that in 2020, Nigeria’s economy is expected to experience its worst recession in four decades. In the baseline scenario, the report says that the economy would contract by 3.2 percent this year.

This assumes an annual average oil price of $30 a barrel. It also assumes that the spread of COVID-19 eases by the end of the second quarter and is contained by the third quarter of 2020.

It added that with the uncertainty of the long-term economic impact of the global COVID-19 (coronavirus) pandemic, the speed, quality, and sustainability of Nigeria’s economic recovery will be determined by the effectiveness of its government’s response.

The broad import of this analysis is that governments at all levels and leaders of institutions that are designed to stimulate growth of critical sectors of the economy must redouble efforts to ensure quick economic recovery.

It is against this background that the ambitious efforts and initiatives of the Federal Mortgage Bank of Nigeria (FMBN) to ramp up housing stock development is so vital.

FMBN Mini Cities

One of the latest of such initiatives is a plan to finance the development of FMBN Mini Cities. The project targets the development of 20,000 housing units annually over the next five years and is to be implemented in collaboration with reputable real estate developers. According to the design, each project site planned to host between 1,000 to 2,500 units per project site. The house types include two bedrooms, 3 bedrooms and some terraces to cater for different income categories of Nigerians.

According to the plan, off takers – that is – persons that are interested in purchasing the houses through loans that will be provided by FMBN, would to be profiled at the inception of each project with strict adherence to the delivery timeframe.

and 2.5 indirect jobs.

The big idea is that the projected increase in housing construction owing to the FMBN housing projects would help to accelerate economic recovery and promote economic inclusion by creating thousands of jobs for craftsmen and artisans such as masons, plumbers, welders, electricians, and painters

The National Affordable Housing Delivery Program

Interestingly, the FMBN Mini Cities project and 5,000 Housing Delivery Plan would build on the momentum of the National Affordable Housing Delivery Program for Nigerian workers, which the FMBN is already implementing in partnership with the Nigeria Labor Congress (NLC), the Trade Union Congress (TUC), and the Nigeria Employers Consultative Association (NECA).

In the first phase of the programme, about 2,600 housing units are being delivered in thirteen (13) states across the six geopolitical zones of the country in addition to Lagos and Abuja, in batches of a minimum of 200 units per zone. House types include finished semi-detached bungalows as well as 1-, 2- and 3-bedrooms in blocks of flats.

Under the phase one, the FMBN sought and received five hectares of land from the participating states, while it provided construction finance to reputable estate developers to carry out the construction work. Potential beneficiaries are workers that are registered with the National Housing Fund (NHF) Scheme and contribute 2.5 per cent of their monthly income.

It is a good thing to note that the second phase of the FMBN and Labour National Affordable Housing Delivery Program for Nigerian workers is about to start as stated by the FMBN MD/CEO, Arc. Ahmed Musa Dangiwa. According to him, the bank is now requesting interested State Governors to provide up to 10 hectares of land for the siting of the expanded housing scheme in their states.

In conclusion, today’s unprecedented crisis will require an equally unprecedented response from the entire Nigerian public sector, together with the private sector. The Nigerian economy is expected to contract in 2020 by at least 3 percent. The slump in global oil prices will slash exports: more than 80 percent of Nigeria’s exports derive from the oil sector. Against this backdrop, the FMBN housing initiatives being planned in line with the National Economic Sustainability Plan (NESP) of the federal governments will contribute towards stimulating inclusive economic growth and driving recovery. It is therefore important that government and relevant stakeholders in the housing industry support the Board and Management of FMBN as they work to achieve these laudable plans.

Terungwa is a policy analyst based in Abuja.

ZMF gets strategic mining partnerships

ZMF gets strategic mining partnerships

Ishemunyoro Chingwere Business Reporter
The Zimbabwe Miners Federation (ZMF) has signed three strategic partnerships aimed at capacitating small scale miners in their quest to ramp up production in line with the Government’s vision of growing mining to a US$12 billion industry by 2023.

The partnership deals saw the small miners body signing agreements with the country’s largest commercial bank, the Commercial Bank of Zimbabwe (CBZ), Ali Japan786 – a company that is in the automobile industry and the Central Mechanical and Engineering Department (CMED).

CBZ are coming on board as a banking partner and have committed to cover the funding gap that has for long dogged the small scale mining sector.

The Ali Japan786 deal will see small scale miners getting access to motor vehicles and mobile mining machinery on flexible payment terms.

The signing of the deal immediately saw the Japanese investor committing to ship in at least 200 vehicles for distribution to the small scale miners and these will be delivered before the end of this year.

With power challenges identified as one of the biggest challenges bedevilling the sector, CMED are coming on board as a partner in the provision of fuel on flexible terms that will ensure miners can get on with production with minimum disruptions.

Mines and Mining Development Minister Winston Chitando who is also ZMF patron graced the signing ceremony on Friday and said it was a step in the right direction towards addressing some of the biggest challenges threatening the viability of small scale mining.

He said the Government’s wish is to grow their operations to a stage where they can be viewed in the same breath as large scale miners.

“I also wish to recognize the importance of the event we are having,” said Minister Chitando, “One could be tempted not to realise the importance of this event.

“One of the key inputs which have constrained the development of the small scale miners is funding structures for equipment and for working capital.

“And the very important initiative which has been done today between ZMF and the three partners we say is well-done.  It is very important that our mining industry facilitates the growth of small scale miners by size and also for them to graduate from ZMF and join the Chamber of Mines of Zimbabwe when they are now large scale miners.

“With initiatives like what we have today it’s the beginning of a process of that happening and I know it’s a dream which the president of the federation has,” he said.

Minister Chitando also challenged the ZMF president Ms Henrietta Rushwaya and her executive to continue striving to begin partnerships that help to capacitate the small scale miner.

He also announced that the Government will soon unveil other initiatives, in consultation with ZMF, which are meant to capacitate small scale miners.

Speaking at the signing ceremony, Ali Japan786 representative Mr Ali Mohammed said his company sees a lot of potential in the small scale mining sector and is coming in to play a part in the realisation of that potential.

“These are people with a big role in the development of the Zimbabwean economy as highlighted by Minister Chitando,” said Mr Ali.

“So we are coming in as a company to make sure that we support them with logistics in the operation of their business. For a start we will be bringing in a total of 200 vehicles before the end of this year which we will avail to the miners.

“We will be advancing the vehicles on very flexible terms where people can pay in three to six months,” he said.

Steward Bank’s AgroFuture package set to change Zim’s agricultural landscape

Steward Bank's AgroFututr package set to change Zim's agricultural

ZIMBABWE’s agriculture sector – which for many years has struggled to achieve its full potential due to a number of challenges, including lack of financing, research, training and suitable markets – is set for a boost following the launch of AgroFuture, an agribusiness package offered by Steward Bank in partnership with Cassava Smartech Zimbabwe’s business units.

Through AgroFuture, the bank is offering financing to farmers for various tailor-made solutions and services which will be accessed through Cassava Smartech entities.

Steward bank, Zimbabwe’s largest bank by depositors, will leverage on internal partnerships with entities such as Ecofarmer, Vaya, EcoSure and Moovah to provide unique solutions that embody the term ‘smart farming’.

The digitised solutions that the bank’s clients can look forward to include a trading platform for farmers, linking them with aggregators to bring together small-scale farmers and buyers to provide better value, increase profitability and foster inclusion.

The country has been mulling introducing a commodities exchange to ensure that farmers get real value for their products, but the idea has up to now not come to fruition. This has resulted in the majority of small-scale farmers giving away their produce for a song to middlemen who have access to markets.

But now, with AgroFuture, farmers will be guaranteed markets for their crops, ensuing better margins for farmers and increased productivity.

Similarly, to ensure farmers have access to affordable agricultural implements, Vaya tillage services will cater for farmers seeking working capital for land preparation by contracting them through Vaya tractor, while In-App financial literacy tools will assist farmers with budgeting and planning for inputs and services.

Some of the additional and exciting solutions under AgroFuture include crop, livestock and equipment insurance, financing towards sustainable energy solutions and bespoke financing solutions, including Collateral Management Agreements (CMA), Warehouse Financing and Stock Monitoring Arrangements (SMA).

Shelter Afrique Inks MOU With Two Chinese Construction Firms To Scale Up Development Of Affordable Housing

Shelter Afrique


NAIROBI, Kenya, Sept 29 – Pan-African housing development financier, Shelter Afrique has signed a Memorandum of Understanding (MOU) with two Chinese construction firms, Amberton International Holdings, and Sichuan Huashi Enterprise Corporations E.A. LTD, aimed at scaling up the development of large-scale affordable housing projects in Kenya and other Shelter Afrique member States.


The agreement which is expected to boost Shelter Afrique’s mandate of providing decent and affordable housing in Africa was signed in Nairobi by Shelter Afrique Chief Executive Officer Andrew Chimphondah, Amberton International Holdings Director Nancy Yu, and Sichuan Huashi Enterprise Corporations E.A. LTD Managing Director Cao Zheng.

“As a company, our overriding strategy is the provision of affordable housing across our member States through public-private partnerships.  This strategic partnership with Amberton and Huashi will be key in expanding our projects across the continent as we draw from the experiences of the two companies. Shelter Afrique will work closely with Amberton International Holdings as a co-developer for specific large-scale, low-cost housing projects in Africa, which will be constructor by Sichuan Huashi Enterprise Corporations E.A. LTD,” Chimphondah said.

He noted that some off-take projects had been identified in Kenya and in other markets such as Rwanda, Zimbabwe, Namibia, Ivory Coast, Senegal, and Nigeria where Shelter Afrique has existing project pipelines.

“Already we are in the process of securing a few projects in Kenya with the Department of Defense, the Kenya Police and the Civil Service, for which we expect to break ground this year. These take-off projects will be aligned with Kenya government affordable housing plan under the Big 4 Agenda, which seeks to develop 500,000 housing units by 2022,” Chimphondah said.

Chimphondah said the majority of African countries were already facing a housing crisis with the overall housing shortage estimated at 56 million housing units across the continent. Out of this, more than 90% are in the affordable housing bracket.

“We believe our partnership with Amberton and Huashi will deepen our impact on Kenya’s and by extension, Africa’s affordable housing value chain, in particular, the supply side,” Chimphondah said.

Shelter-Afrique is owned by 44 African countries, the African Development Bank, and the African Reinsurance Corporation (Africa-Re).

Axis Pensions initiates educative programme on personal finance


AXIS Pensions Trust Limited has rolled out an educative programme on personal finances to help sensitise the public to the rudiments of proper financial management.

Dubbed ‘Axis Smart Money Talk,’ the programme features a discussion with an expert on finance and is broadcast virtually on the company’s Facebook page.

In a release on the programme, Axis Pensions said the initiative was meant to help answer the “many pressing questions” that Ghanaians had on personal finance.

It said in spite of the pertinent nature of personal finances, not many people were exposed to information that would help them take the relevant decisions to improve their lots and protect their finances.

“The ‘Axis Smart Money Talk’ has been introduced to fill that void,” the statement copied to the Daily Graphic said.


It explained that the ‘Smart Money Talk’ was an interactive talk show hosted by Axis Pension on Facebook live on

It said the programme was designed to empower Ghanaians to take control of their personal finance.

The release explained that the discussion topics included budgeting, debt management, estate planning, saving and building wealth.

Series on housing

It said housing was one critical priority of most Ghanaians and the company had decided to dedicate the entire October to discussing ways people could own homes.

“Securing real estate, either for business or for residential purposes is a huge undertaking.”

“In certain instances, the acquisition of real estate is conducted at the expense of liquidity in old age,” it said and added that the company had partnered with the First National Bank Ghana (FNB) to undertake the series housing.

It explained that the discussions would be interactive and focused on providing viewers with viable alternatives for acquiring property while also planning to retire in style.

It said among other people, the Executive Head of Home Loans at FNB, Mr Kojo Addo-Kufour, and Real Estate Consultant, Madam Dansoaa Adote, would be featuring as guests.

“These experienced and well-resourced experts in the real estate field have been assembled to discuss various related topics including ‘financing my dream home, ‘building wealth through real estate’ and ‘retirement planning and real estate – getting it right.”

The statement advised the general public to take charge of their financial future by joining the discussions to be informed.

It said the discussions would take place on October 7, 14 and 21 at 4pm on the Axis Pension Facebook page.

Shelter Afrique partners with World Bank to address affordable housing crisis in Africa

shelter Afrique partners with World bank to address affordable housing crisis in Africa


Pan-African housing development financier Shelter Afrique has entered into a strategic partnership with the World Bank aimed at addressing the affordable housing crisis evident across the continent.

The Sh20 million (USD200,000) Technical Assistance partnership will provide advisory services funded under the Joint Capital Markets Program (JCAP) aimed at supporting Shelter Afrique’s capital market program. 

The JCAP program is an initiative of the World Bank Group meant to create deep, efficient, and well-regulated local capital markets for expanded access to long-term, local-currency finance in key areas such as climate, housing and infrastructure.

“Shelter Afrique aims to build strategic partnerships and alliances with key industry players as part of its sustainable recovery and growth strategy,” said Andrew Chimphondah, Shelter Afrique Chief Executive Officer. “We are grateful to the World Bank for offering technical assistance support which will be key in completing our turn around program.”

The partnership will enhance Shelter Afrique’s institutional, operational and the technical capacity targeting the reinstatement of investment grade credit rating and a strong return to the capital markets.  

“We anticipate that this partnership will help to deepen ShAf’s impact on Kenya’s affordable housing value chain, in particular, the supply side and subsequently help to bring down the country’s housing deficit,” said Simon Walley, World Bank Lead Financial Sector Specialist.

African countries are currently facing a housing crisis driven by high population growth, increased urbanization, poor urban planning, dysfunctional land markets, rising construction costs, proliferation of informal settlements, and underdeveloped financial systems. 

Overall shortage of housing in Africa is estimated at 56 million housing units according to research from Shelter Afrique’s Centre of Excellence (CoE). 

Out of this, more than 90 per cent are in the affordable housing bracket. The study notes that the solution lies in a well-coordinated and collaborative effort among all stakeholders, including governments, multilateral institutions, non-profit organizations, and the private sector.

The History of the AUHF – 30-Years of Housing Finance in Africa

  • Set up in Kenya in June 1984 by key individuals.
  • Started with 11 members from 8 countries in Africa.
  • 38 member organisations in 17 countries in 2014.
  • Peak of 60 members in 2017/18.
  • 40 members in 2021 from 16 countries
  • Goal of 100 members by 2024.
  • Initially funded by grants from the International Union of housing Finance (IUHF) and the United States Agency for International Development (USAID).
  • Funded through membership fees and income from AUHF activities such as the AUHF Conference and interest on cash reserves.
  • Secretariat function carried out over the years by key individuals in Kenya, Nigeria, Malawi, Ghana and Zimbabwe.
  • Secretariat currently with CAHF in South Africa.
  • In 2024 the AUHF will celebrate 40 years in existence. Celebratory events will be posted on the site.

On the occasion of the 30th anniversary of the AUHF a brochure tracking the history of the organisation was produced. Click here to view the 30 year history recorded

The benefits of membership are:

  • Association with other African housing finance players
  • A monthly update of housing finance news on the African continent
  • Networking opportunities
  • Capacity building and knowledge sharing
  • Discounted attendance to conferences, workshops and courses
  • The opportunity to direct research commissioned by the union

The Role of a Housing Finance Body in Africa

The housing finance market is key in addressing the housing deficit on the African continent. Due to rapid urbanisation and economic growth, there is a growing demand for decent and affordable housing, the provision of which is proven to further promote economic growth and alleviate poverty. Effective housing finance involves pulling together members from a plethora of sectors. Lenders, policymakers, regulators, financial institutions, building societies, and housing developers amongst others, all have a vital role to play. The growth of this industry relies on the mobilisation of funds for housing and shelter in Africa, which is the role of a housing finance body in Africa.

Building Partnerships Between Members

When the members of a successful housing finance body come together, they are able to network and develop partnerships to further the growth of the housing finance industry. The members of a housing finance body should include stakeholders in both government and private sectors. The aim is for these members is to affect transformative changes through effective housing finance institutions and accessible financial housing products for middle to low-income households.

Research and Development

The basis of a successful housing finance body is rooted in thorough research and development. Research, in order to better grasp the challenges facing middle to low-income households by understanding savings and homeownership in Africa. Then, in accordance with the findings, the development of legal and regulatory frameworks to support these households in their bid for proper housing. Building a sustainable housing finance market hinges on the strength of such a system

Sharing Information

When members come together, they are able to share insights into their niche sectors within the housing finance industry and thereby support each other in addressing the housing shortage. When a housing finance body works in unison, they are able to commission research and further disseminate their findings for the betterment of the housing finance industry on the African continent.


The AUHF also commissions research and is currently in collaboration with the Centre for Affordable Housing Finance in Africa. Two studies have been completed as part of this collaboration, one on the housing finance sector in Benin and the other on Zimbabwe. Previously the AUHF received a grant to research housing finance demand and practice in four countries: Ghana, Tanzania, South Africa and Swaziland. All research by the AUHF is available in our publications

Member Training

Through member exchanges, workshops, conferences and seminars, the members of a housing finance body are able to build the capacity of the industry as a whole and in turn affect greater transformation. This aspect of such an industry body is pivotal for the professional development of its members in order to promote best practice and share vital industry information and developments.

Strengthening Institutions

The efficient partnership of government and private sectors is dependant on legal, institutional, and regulatory frameworks which support the development of housing infrastructure on the African continent. This may involve lobbying and advocacy or a common will to address the scarcity of long term housing finance. This is best done through the formation of partnerships and the creation of open dialogues across the industry. The role of a housing finance body in Africa is entrenched in expanding access to decent housing and, in turn, economic growth. By developing and increasing financial housing products, such collaboration can aid rather than impede urbanisation and economic growth by putting assets into the hands of African people.

What is the AUHF?

The African Union for Housing Finance is a member-based association involved in the mobilisation of funds for affordable shelter and housing on the African continent. The AUHF consists of mortgage banks, building societies, housing corporations and other African housing finance organisations.

Scope and Objectives of the AUHF

The AUHF is committed to promoting housing finance on the African continent.

The AUHF is grounded on the following objectives:
• Identifying and connecting stakeholders to establish a vibrant and supportive housing finance sector across the African continent.
• Understanding and communicating the key issues facing practitioners and our members in the housing sector in Africa.
• Promoting best practice in the affordable housing industry across Africa.
• Enabling members to respond to the challenges and opportunities within the contexts of their businesses, supporting better engagement between the public and private sectors.
• Promoting and driving effective professional development among its members through the provision of housing finance training.
• Providing members with opportunities to network with one another, share information and build capacity towards improved housing finance systems in Africa. This is done through conferences, seminars, workshops, AGMs, and member exchanges amongst other mechanisms.
• Ensuring the effective governance and sustainability of the AUHF.

Annual Conference and AGM

The main event of the AUHF the annual conference and AGM held in October. Each year, the conference is in a different country where one of the members plays the host.

The conference focuses on a range of housing and housing finance issues on the continent. It attracts a wide range of housing finance and development practitioners from the public and private sectors across Africa.

Monthly Newsletter

The AUHF publishes a monthly newsletter. This newsletter provides a summary of housing finance news in Africa, information about key players in the sector and information on events in the housing sector in Africa and further afield. This newsletter is open to the public, subscribe to receive the publication.


The AUHF also commissions research and is currently in collaboration with the Centre for Affordable Housing Finance in Africa. Two studies have been completed as part of this collaboration, one on the housing finance sector in Benin and the other on Zimbabwe. Previously the AUHF received a grant to research housing finance demand and practice in four countries: Ghana, Tanzania, South Africa and Swaziland. All research by the AUHF is available in our publications

Networking Opportunities and Professional Development

The AUHF is committed to promoting networking and professional development opportunities for its members. The AUHF arranges discounts for its members to attend conferences and workshops in the African housing finance space.

The AUHF has:

  • Run training courses for middle and senior management in housing finance institutions. These courses were held in Nairobi and Harare, leading to discussions on the establishment of an African Union training Institute in Harare, Zimbabwe.
  • Participated in drawing up the Global Shelter Strategy through private and public sector initiatives.
  • Organised and run workshops.
  • Facilitated the formation of national associations of housing finance institutions in Kenya and Nigeria.
  • Liaised with international organisations where the donors negotiated capital grants and loans on behalf of members for specific housing projects.
  • Provided position papers on African housing finance at various international forums including the Environmental Summit in Brazil in 1992.
  • Commissioned a series of country position papers on AUHF member’s countries.
  • Invited and introduced the Housing Faculty of the Wharton School Programme of the University of Pennsylvania in August 1999.
  • Held meetings, seminars, and workshops in various member countries across the continent.
  • Members have participated in the Housing Finance Course for Sub-Saharan Africa [2017 course]. A one-week course jointly delivered by the University of Cape Town’s Graduate School of Business and the University of Pennsylvania’s Wharton School of Business. Members received a 20% discount on course fees.

Opportunities for Members

As a product of its membership, AUHF members can propose specific areas of engagement and activity to suit their particular interests. Members can also direct research programmes to meet their specific needs and foster the objectives of the AUHF. Members may also decide to structure a regional chapter of the AUHF for more frequent local meetings.

For more information about the AUHF download the Memorandum of Incorporation.