URBAN DEVELOPMENT BANK OF NIGERIA ACT
Act · Land & Housing
An Act establishes the Urban Development Bank of Nigeria to provide long-term financing for urban infrastructure and housing projects. It targets urban developers, state and local governments, and investors in urban initiatives. This supports the development of roads, water systems, and public facilities across Nigeria.
URBAN DEVELOPMENT BANK OF NIGERIA ACT
What Is This Policy?
An Act establishing the Urban Development Bank of Nigeria to provide long-term financing for urban infrastructure, housing, and development projects.
Who Does It Target?
Urban infrastructure developers State and local governments financing urban projects Federal Ministry of Finance Housing and infrastructure investors
What Does It Aim to Achieve?
Provide long-term development finance for urban infrastructure including roads, water, drainage, housing, and public facilities.
Key Features
Urban Finance: Provides long-term loans for urban infrastructure and housing development. Municipal Lending: Lends to state and local governments for urban improvement projects. Developer Loans: Finances private developers of urban residential and commercial developments. Technical Assistance: Provides advisory services for urban planning and development.
Current Status
Rollout Stage: Bank largely inactive — functions informally handled by Infrastructure Bank and FHA Coverage: Nationwide urban development financing Beneficiaries: Urban communities; housing sector Funding: Federal Government capitalisation
How to Access
Alternative financing: engage Infrastructure Bank and FMBN Enquire with Federal Ministry of Finance about current bank status Application method: Engage Federal Ministry of Finance or Infrastructure Bank.
Official Resources
Website: https://www.finance.gov.ng Contact: Federal Ministry of Finance
Legal Framework
Enacted under Section 4 of the 1999 Constitution. Operates alongside the National Housing Policy, the Federal Housing Authority Act, the National Housing Fund Act, the Land Use Act 1978, the Investment and Securities Act 2007, and the Urban Development Bank of Nigeria Act Cap U14 LFN 2004.