The Federal Mortgage Bank of Nigeria (FMBN) has pledged to strengthen housing finance support in the North Central region, saying greater access to affordable housing will stimulate economic growth and improve living conditions.

The FMBN Managing Director and Chief Executive, Shehu Usman Osidi, made this known at the inaugural North Central Development Commission (NCDC) Stakeholders’ Development Summit held at the Abuja Continental Hotel on 14th September.

The summit, themed ”The Great Leap Forward: A 20-Year Economic, Infrastructural and Social Development Plan for the North Central Region”, was attended by President Bola Tinubu, represented by the Secretary to the Government of the Federation, Senator George Akume, Nasarawa State Governor, Engr. Abdullahi Sule and other dignitaries.

Speaking at the event, Mr Osidi said FMBN recognises that housing finance extends beyond providing loans to individuals to buy homes. 

He said it also serves as a financial bridge between citizens’ aspirations and the housing sector's productive capacity.

He added that he had learnt that development becomes transformative when infrastructure, investment and human development work together to reinforce one another.

Mr Osidi said: “Housing is also economic infrastructure. Its development generates demand for building materials, professional services, artisans, transportation and other economic activities. At the same time, decent and affordable housing provides households with the stability necessary for education, employment, health and family welfare.

“As an institution with a national mandate and deep relevance to the aspirations of the people of this region, the Federal Mortgage Bank of Nigeria remains committed to supporting initiatives that expand access to housing finance, stimulate housing development and strengthen the contribution of the housing sector to economic growth.”

Enabling environment

Furthermore, he said housing deserved greater attention in national development discussions, noting that roads open economic corridors, agricultural investments create value beyond the farm gate, and industrial projects create jobs and markets.

Mr Osidi further stated that housing enables people to live closer to their workplaces and essential services. He said the NCDC needed deeper collaboration, with the government providing an enabling environment, infrastructure and policy direction, while the private sector supplied capital, innovation, technology and efficiency.

“Traditional institutions and local communities must help ensure that development reflects local realities and enjoys community ownership. Development partners can provide technical expertise and additional resources. Most importantly, our young people and women must not remain beneficiaries at the margins of the development process.

“They must be participants, entrepreneurs, innovators and co-creators of the North Central we seek to build. I therefore commend the NCDC for creating this platform and, particularly, for framing the Summit around the co-creation of a unified strategic roadmap. No single government, institution or individual can develop the North Central alone”, he added.

Mr Osidi also commended the NCDC for its vision and commitment in making the inaugural summit possible. He said the event could serve as a starting point for a more deliberate, coordinated and measurable development journey across the region.

He assured participants that FMBN would continue to support initiatives aimed at promoting a more prosperous, inclusive, and productive North Central.

“I consider this Summit particularly significant because it represents an important step towards taking greater ownership of the conversation about the future of our region and, more importantly, forging a common and actionable roadmap for its development. As a proud son of Nasarawa State, I find this conversation resonates with me personally.

Additionally , the Nasarawa-born noted that the North-Central region possesses abundant human and natural resources, vast agricultural potential, solid mineral deposits, a strategic geographical location and rich cultural diversity.

He, however, said the region must transform these advantages into productive opportunities, decent livelihoods, investment, economic prosperity and better living conditions. 

At the summit,  President Tinubu ordered the release of funds owed to Nigeria’s regional development commissions. He warned their boards and management against corruption, waste and projects that offer no direct benefit to the people.

The President assured the commissions of continued political and financial support from the federal government to enable them to implement projects that would unlock the economic and industrial potential of their regions.

He also urged them to diversify their funding sources rather than depend entirely on government funding.

President Tinubu listed public-private partnerships, donor funding and development financing among the options available to the commissions, subject to the law and government guidelines.

He said his administration established the regional development commissions under its Renewed Hope Agenda to accelerate development and close longstanding gaps across the country.

He clarified that the commissions would not duplicate or assume the responsibilities of the federal, state, or local governments.

On his part, Nasawara State Governor, Engr. Abdullahi Sule pledged the support and partnership of the region's governors to the NCDC.

Governor Sule, who is the Chairman of the North Central Governors Forum, said the governors were ready to work with the Commission to drive development across the North Central region and improve the lives of its people.

He commended President Tinubu for establishing the NCDC, describing the Commission as an opportunity to unlock the region’s economic potential and convert its abundant raw materials into processed goods that would generate greater value.

The Chairman of the Occasion, retired AVM Mohammed Umaru, urged the NCDC to identify and prioritise projects capable of delivering significant development across the region.

He said the Commission should design interventions around identified challenges and strengthen connectivity among states.

AVM Umaru urged the NCDC to build systems that could support sustainable development across the region.

He also called for stronger collaboration among stakeholders to implement the 20-year development plan, saying the document should guide practical development activities rather than remain on the shelf.

The Minister of Regional Development, Abubakar Momoh, said the summit highlighted the connection between the NCDC’s 20-year Great Leap Forward Development Plan and the proposed National Regional Development Policy.

He said the alignment would strengthen regional development planning and implementation.

Mr Momoh disclosed that his ministry was developing a National Regional Development Policy spanning 30 years.

He said the policy would require each region to maximise its comparative advantages as part of efforts to achieve integrated development.

The minister urged the National Assembly to approve adequate funding for the Regional Development Commissions to enable them to execute viable projects.

Chairman of the Senate Committee on NCDC, Titus Zam, said the absence of an integrated regional development platform had slowed development in the past. He said the NCDC would help address the challenge.

Mr Zam urged the government to accelerate the release of funds to the development commissions, saying timely funding would enable them to begin work and fulfil their mandates effectively.

Similarly, the Chairman of the House Committee on NCDC, Raheem Olawuyi, commended the Commission for organising the summit and expressed hope that its outcome would present clear roadmap for projects that would positively affect citizens across the region. 

The Chairman of the NCDC Governing Board, Cosmas Akighir, said the Commission organised the summit to engage stakeholders directly and gather their views on the priorities that should drive meaningful development across the region.

He thanked stakeholders, particularly political leaders at the regional and national levels, for their support and interest in the Commission.