Nigeria's Federal Mortgage Bank approves over N208bn in 2025 loans, funds nearly 7,000 homes

Record loan approvals in 2025 The Federal Mortgage Bank of Nigeria (FMBN) announced that it approved in excess of N208 billion in housing and mortgage loans for the year 2025. The figure represents a 191 percent increase over the N71.5 billion approved in 2024, which itself was roughly 80 percent higher than the N39.7 billion approved in 2023. According to Managing Director and Chief Executive Officer Shehu Osidi, the bank also disbursed more than N120 billion during the same period to support a range of housing‑related activities, including construction, mortgage financing, home renovation, cooperative housing and rent‑to‑own schemes.

Near‑target delivery of affordable homes FMBN reported that the loan approvals enabled the financing of 6,911 affordable housing units in 2025. This output equates to about 96 percent of the bank’s annual target of 7,200 units set under the Presidential and Ministerial Deliverables. The achievement reflects the institution’s broader strategy to expand access to affordable housing and homeownership across Nigeria.

Launch of a diaspora mortgage product During the World Habitat Day and World Cities Day event in Abuja, Osidi confirmed the formal introduction of the Diaspora National Housing Fund (NHF) Mortgage Loan. The product, unveiled in London on 7 August 2026, allows Nigerians living abroad to borrow up to N100 million at an interest rate of 9 percent per annum, with repayment terms of up to ten years. Applicants must register for the NHF, complete Know‑Your‑Customer checks and meet affordability criteria before receiving approval.

Growing funding base for the NHF The NHF, a contributory scheme that pools contributions to provide affordable mortgages, recorded a record collection of N152.4 billion in 2025. This amount marks a 48 percent rise from the N103 billion collected in 2024, underscoring the expanding pool of resources available for mortgage financing.

Outlook FMBN indicated plans to roll out two additional housing finance products before the end of October, aiming to further broaden the range of options for prospective homeowners and developers. The bank’s heightened loan approvals, near‑target delivery of housing units, and the diaspora mortgage launch together signal a concerted effort to address Nigeria’s housing deficit and stimulate the sector’s growth.