The Federal Mortgage Bank of Nigeria (FMBN) says it approved more than N208 billion in housing and mortgage loans and financed 6,911 affordable housing units in 2025.
FMBN Managing Director and Chief Executive Officer Shehu Osidi disclosed this at the 2026 World Habitat Day and World Cities Day commemoration in Abuja on Monday, organised by the Federal Ministry of Housing and Urban Development.
“Under the 2025 Presidential and Ministerial Deliverables, the bank financed 6,911 affordable housing units, representing 96 per cent of its annual target of 7,200 units.
“During the period, over N208 billion in housing and mortgage loans was approved.
“Over N120 billion was disbursed to support housing construction, mortgage financing, home renovation, cooperative housing, and rent-to-own initiatives,” he said.
Mr Osidi said the bank has facilitated thousands of mortgages since its establishment and that FMBN was expanding its interventions to address Nigerians’ changing housing needs through products such as the Rent-to-Own Scheme, Home Renovation Loans, NHF Diaspora Mortgage Loan and Non-Interest Mortgage Financing.
The managing director said the bank had formally inaugurated the Diaspora NHF Mortgage Loan to enable Nigerians living abroad to invest in affordable housing in the country.
He also announced plans to begin implementing the Non-Interest Mortgage Product and Rent Assistance Product before the end of October.
According to him, the Non-Interest Mortgage Product is designed for NHF contributors who prefer ethical financing options.
He explained that the Rent Assistance Product is expected to ease rental payment burdens for federal civil servants and provide a pathway towards eventual homeownership.
Mr Osidi said FMBN would continue collaborating with the Federal Ministry of Housing and Urban Development and other stakeholders to expand access to housing finance and support affordable housing delivery.
He urged stakeholders to work towards building resilient, inclusive and sustainable cities where adequate housing would be accessible to all.
Earlier, the national president of the Nigerian Institute of Town Planners (NITP), Ogbonna Chime, called for coordinated action to address Nigeria’s housing deficit, informal settlements and inadequate urban infrastructure.
Mr Chime, represented by Garba Jibrin, the institute’s second national vice-president, said addressing the country’s housing challenges required more than building housing units.
He emphasised the importance of effective physical planning, sound land management, infrastructure provision, urban regeneration and appropriate development control.
Mr Chime emphasised the need for stronger collaboration among the three tiers of government, professional bodies, the private sector, academia and local communities to achieve sustainable urban development.
He also called for greater attention to youth-driven initiatives, climate action and urban resilience, noting that young people should be empowered to contribute innovative solutions to urban challenges.
(NAN)
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