THE Federal Mortgage Bank of Nigeria (FMBN) has secured a N100 billion Offtaker Guarantee to support the development of the Karsana Renewed Hope City in Abuja.
The Renewed Hope Cities, located in the Federal Capital Territory (FCT), Lagos and Kano, are part of a Public-Private Partnership (PPP) agreement under the Renewed Hope Cities and Estates Programme, designed to address Nigeria’s housing deficit.
The announcement was made by the Minister of Housing and Urban Development, Musa Dangiwa, during a presentation at the State House Gallery, Aso Villa, on Sunday.
Dangiwa highlighted that the guarantee has already enabled developers to mobilize over N40 billion in financing, marking a major milestone in efforts to tackle the country’s housing challenges.
