The Federal Mortgage Bank of Nigeria (FMBN) says it will launch its Non-Interest Mortgage and Rent Assistance Products before the end of October 2026 to expand access to affordable housing and ease rent payments for federal civil servants. The Managing Director and Chief Executive of FMBN, Shehu Usman Osidi, disclosed…...
The Federal Mortgage Bank of Nigeria (FMBN) says it will launch its Non-Interest Mortgage and Rent Assistance Products before the end of October 2026 to expand access to affordable housing and ease rent payments for federal civil servants.
The Managing Director and Chief Executive of FMBN, Shehu Usman Osidi, disclosed this on Monday, October 19, during the combined commemoration of World Habitat Day and World Cities Day at the National Engineering Centre Auditorium in Abuja.
Osidi said the planned products form part of the bank’s efforts to address the housing needs of Nigerians through alternative financing options and expanded access to mortgage facilities.
“From the Rent-to-Own Scheme to Home Renovation Loans, from the NHF Diaspora Mortgage Loan to our Non-Interest Mortgage Financing initiatives, the objective remains the same: to broaden the pathways through which Nigerians can access decent and affordable housing,” he said.
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According to a statement by the bank’s Group Head of Corporate Communications, Joe Abuku, Osidi also highlighted the bank’s performance under the 2025 Presidential and Ministerial Deliverables.
He disclosed that FMBN financed 6,911 affordable housing units during the period, representing 96 per cent of its annual target of 7,200 units.
The bank also approved more than ₦208 billion in housing and mortgage loans, with over ₦120 billion disbursed to support housing construction, mortgage financing, home renovation, cooperative housing and Rent-to-Own initiatives.
“These initiatives reflect our commitment to expanding access to housing finance and ensuring that more Nigerians have practical pathways to decent and affordable homes,” Osidi said.
He further disclosed that the bank had formally launched its Diaspora NHF Mortgage Loan, which allows Nigerians living abroad to participate in the National Housing Fund Scheme and invest in housing in the country.
Osidi reaffirmed FMBN’s commitment to collaborating with the Federal Ministry of Housing and Urban Development and other stakeholders to improve housing delivery, in line with the bank’s belief that “Everyone Deserves a Home.”
In his keynote address, the Minister of Housing and Urban Development, Muttaqha Rabe Darma, represented by his Chief of Staff, Abba Yakubu, said adequate housing must extend beyond the provision of physical structures to include affordability, safety, accessibility and access to essential services.
“Adequate housing must be affordable, safe, accessible and well located, with secure tenure and access to infrastructure, transportation, employment and essential social services,” the minister stated.
Darma identified high interest rates, limited long-term funding, stringent eligibility requirements and low mortgage penetration as major obstacles to homeownership in Nigeria.
He called for innovative financing mechanisms that would accommodate the needs of civil servants, young professionals, artisans, traders and workers in the informal sector.
The minister also disclosed that more than 240 urban renewal and slum-upgrading projects had been delivered nationwide, with over 100 additional projects at various stages of implementation.
He stressed that urban regeneration should be inclusive and people-centred, supported by improved infrastructure, effective physical planning and community participation, while avoiding unnecessary displacement of residents.
The event, held as part of the global observance of Urban October, featured the themes “Adequate Housing for All” for World Habitat Day and “Regenerating the City: Adequate Housing for All” for World Cities Day.
It brought together stakeholders from the built environment, including representatives of the Federal Housing Authority, the Real Estate Developers Association of Nigeria, the Nigerian Society of Engineers and the Nigerian Institute of Town Planners.