The Federal Mortgage Bank of Nigeria (FMBN) approved more than ₦208 billion in housing and mortgage loans in 2025, financing 6,911 affordable housing units as the government seeks to expand access to homeownership.
The bank also disbursed more than ₦120 billion during the year to support housing construction, mortgage financing, home renovation, cooperative housing and Rent-to-Own schemes.
FMBN Managing Director and Chief Executive Officer, Shehu Usman Osidi, disclosed the figures on Monday, October 19, 2026, during the combined commemoration of World Habitat Day and World Cities Day in Abuja.
According to the bank’s statement published on October 20, 2026, the 6,911 housing units represented 96% of its annual target of 7,200 units under the 2025 Presidential and Ministerial Deliverables.
The performance left the bank 289 units short of its target.
The approval figure also marked a significant increase from the ₦71.5 billion recorded in 2024 and the ₦39.7 billion approved in 2023, according to figures reported by Nairametrics on October 19, 2026.
The 2025 approval amount was approximately 191% higher than the previous year’s figure, while the 2024 amount had risen by about 80% from 2023.
FMBN’s funding base also strengthened during the period, with National Housing Fund (NHF) collections reaching ₦152.4 billion in 2025, up 48% from ₦103 billion in 2024, according to the bank’s earlier disclosure reported by Nairametrics.
The NHF is a contributory scheme designed to mobilise funds for housing finance and provide eligible contributors with access to mortgage loans.
Osidi said the bank was expanding its products to address the different housing needs of Nigerians, including those living abroad and workers facing difficulties meeting housing costs.
The bank has formally launched its NHF Diaspora Mortgage Loan, which allows eligible Nigerians living abroad to access financing for property ownership in Nigeria.
Under the scheme, eligible contributors who have made at least 12 consecutive monthly contributions can obtain loans of up to ₦100 million at an annual interest rate of 9%, with repayment periods of up to 10 to 15 years depending on applicant age and profile, subject to a 30% equity contribution, affordability assessments, and other eligibility requirements.
FMBN also plans to introduce a non-interest mortgage product for NHF contributors seeking alternative financing arrangements and a Rent Assistance Product aimed at easing rental payment pressures on federal civil servants.
In its October 20, 2026 statement, the bank said it planned to launch the two products before the end of October.
The announcements come as housing affordability remains a major challenge in Nigeria, where access to mortgage financing and the cost of acquiring homes continue to constrain prospective homeowners.
While the increase in loan approvals and disbursements signals an expansion in housing finance, the bank’s ability to sustain the growth and improve access for low- and middle-income earners will remain important to its affordable housing objectives.
