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The federal government has set a target of delivering 5,000 mortgages annually by 2028 and increasing the maximum mortgage loan from ₦50 million to N85 million to expand access to affordable housing for Nigerians.
The Minister of Housing and Urban Development, Muttaqha Rabe Darma, announced the targets Thursday during the opening of the 15th Meeting of the National Council on Lands, Housing and Urban Development in Sokoto.
Darma said the government was implementing reforms to strengthen Nigeria’s housing finance system and enable more Nigerians, particularly low- and middle-income earners, to own homes.
He noted that the Federal Mortgage Bank of Nigeria (FMBN) had been directed to increase mortgage disbursements, with a target of channeling at least 70 per cent of the previous year’s National Housing Fund (NHF) contributions into mortgage facilities annually.
The minister said the government is targeting 2,000 mortgages in 2026, with the figure expected to rise to 5,000 by 2028.
He said the initiative was designed to bridge the gap between workers’ contributions to the NHF and the actual delivery of housing finance.
Darma also announced plans to allocate between 30 and 40 per cent of mortgage bookings to workers in the informal sector, who often struggle to access conventional housing loans because of irregular income and other lending requirements.
“The proposed reforms are designed to strengthen the housing finance system, improve access to mortgage facilities and ensure that more Nigerian workers can benefit from their contributions to the National Housing Fund,” he said.
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