Nigeria - Family Homes Funds Project — Nigeria

Overview

The Project is an ADB sovereign loan of USD 60 million to the Federal Republic of Nigeria. The funding will be on-lent under a subsidiary loan agreement to the Family Homes Funds (FHF), that will be the Executing Agency for the Project. The Bank’s intervention aims to catalyse provision of long-term local currency mortgage financing by Primary Mortgage Lenders (PMLs) for affordable housing; as well as deepen the housing finance system. It will enhance access to decent housing, private sector development and promote job creation in Nigeria. Indeed, the developmental challenge of access to long-term mortgage financing especially for the lower middle to middle income segment remains significant in Nigeria. The Project builds on and complements related activities of development partners aimed at deepening of the housing finance market and improving access to long term funding in Nigeria. The proposed activities under this Project build on the demand side and complement the FGN ongoing efforts to build a robust housing finance ecosystem. Through this intervention, the Bank seeks to support the FGN’s efforts to operationalize a market-oriented mortgage risk sharing arrangement under the ‘Help to Own’ mortgage financing product of the FHF, the Executing Agency. The implementation period shall be 5 years from the signature date of the Loan Agreement.