Stakeholders in the built industry have commended the Federal Mortgage Bank of Nigeria ,FMBN, for its bold reforms, innovative mortgage products, and renewed drive for affordable housing delivery.
At the just-concluded 19th Africa International Housing Show ,AIHS, 2025 in Abuja, the stakeholders praised the bank’s performance milestones, including a ₦11.5bn operational surplus in 2024.
The feat is the first in over three decades, alongside a record ₦103bn in National Housing Fund ,NHF, collections, ₦18.9bn in loan recoveries, and significant financing commitments for major housing projects across the country.
A statement made available to AljazirahNigeria by the IHS Convener, Barrister Festus Adebayo in Abuja yesterday, quoted the Minister of Housing and Urban Development, Architect Ahmed Musa Dangiwa, as describing FMBN’s achievements in mortgage disbursements, rent-to-own schemes, home renovation loans, and digital upgrades as “remarkable”.
He urged the bank to intensify efforts in making housing more affordable, and called for subsidies, flexible repayment models, and products tailored to the informal sector, as well as aggressive public sensitisation on NHF benefits.
At the event, FMBN’s Managing Director/Chief Executive, Shehu Usman Osidi unveiled three new mortgage offerings.
There are Non-Interest Mortgage Loan for Nigerians seeking ethical, interest-free financing; NHF Diaspora Mortgage Loan to enable Nigerians abroad to invest in homes back home; and Rent Assistance Loan to help contributors meet annual rent obligations while awaiting homeownership.
Osidi said the products were a direct response to market realities and the everyday housing needs of Nigerians.
He said the bank is modernising operations through its core banking application and deepening partnerships to drive project delivery nationwide.
Stakeholders at the event, however, urged FMBN to explore housing bonds backed by idle funds such as unclaimed dividends, adapt housing designs to income realities, digitise land titling to curb fraud, empower women as developers, and consider long-term equity-based housing funds to bring mortgage interest rates down to single digits.
