The Minister of Housing and Urban Development, Ahmed Dangiwa, gave the directive during the Federal Mortgage Bank of Nigeria Day at the 19th Africa International Housing Show in Abuja.
Dangiwa stated that the initiative aims to bridge the gap between federal housing policy and state-level action, while taking homeownership solutions directly to citizens.
He emphasized that FMBN remains the government's strongest instrument for delivering affordable mortgage finance in Nigeria, but noted that the affordability challenge is far from solved.
"The biggest barrier to homeownership in Nigeria is not only the lack of adequate houses, but the inability of many Nigerians to afford them," Dangiwa said.
He directed FMBN to participate actively in the Renewed Hope State-by-State Homeownership and Housing Development Campaign, alongside other federal housing institutions.
Dangiwa urged FMBN to work closely with governors to unlock land and structure bankable housing projects, and to embed technical support teams to help states design viable homeownership roadmaps.
The Managing Director and Chief Executive Officer of FMBN, Shehu Osidi, noted that the bank provides mortgages at a single digit, making it an attractive option for those seeking homeownership.
However, Osidi highlighted the pressing challenge of recapitalization, stating that FMBN's current paid-up capital of ₦2.5 billion is inadequate for its mandate.
He emphasized that recapitalization would offer an opportunity to fundamentally reimagine the bank's business model to align with global best practices.
The Federal Government has pledged to support FMBN with policies, reforms, and collaboration to ensure it fully realizes its potential as the backbone of Nigeria's affordable housing finance system.