FMBN Finances 6,911 Housing Units In 2025, Seeks Stronger Partnerships To Tackle Housing Deficit

The managing director and chief executive officer of the Federal Mortgage Bank of Nigeria (FMBN), Shehu Usman Osidi, has disclosed that the bank financed 6,911 housing units in 2025, representing a 300 per cent increase over the 2,165 units delivered in 2024, as it intensified efforts to bridge Nigeria’s housing deficit through strategic partnerships.

Osidi said the record performance marked one of the most successful years in the bank’s history, attributing the achievement to stronger collaboration with the Federal Ministry of Housing and Urban Development, the National Assembly, the Central Bank of Nigeria (CBN), organised labour, state governments, developers, primary mortgage banks and other stakeholders.

Speaking at the third edition of the Federal Mortgage Bank of Nigeria Day (FMBND) during the Africa International Housing Show (AIHS) in Abuja, Osidi stressed that partnerships had become indispensable in delivering affordable housing, particularly for low-income earners and workers in the informal sector.

He noted that while Nigeria’s housing deficit runs into millions of units, the burden falls mostly on low-income Nigerians and informal workers who make up more than two-thirds of the country’s workforce but remain largely excluded from conventional mortgage financing.

According to him, many Nigerians are unable to meet the documentation and equity contribution requirements demanded by commercial lenders despite contributing significantly to national productivity.

“The challenge cannot be solved by government alone. Neither can it be solved by financial institutions acting in isolation. Partnership is no longer optional; it is the most sustainable pathway to achieving affordable housing at scale,” he said.

The FMBN boss revealed that project loan disbursements rose sharply from N31.5 billion in 2024 to N79 billion in 2025, describing it as one of the highest levels of construction financing ever provided by the bank.

He said the investments had created thousands of jobs for artisans, engineers, architects, quantity surveyors, transporters, suppliers and other players within the housing value chain.

Osidi further disclosed that the bank’s regular National Housing Fund (NHF) mortgage disbursements climbed to 8.2 billion, representing a 38 per cent increase over the previous year, while the Rent-to-Own Scheme enabled 367 beneficiaries to access homes valued at more than N7.1 billion.

He also announced that FMBN recorded unprecedented growth in its Home Renovation Loan scheme, disbursing N13.8 billion to 15,290 beneficiaries in 2025, an 86 per cent increase compared to the previous year.

According to him, NHF refund payments also rose to ₦15.6 billion, benefiting 55,068 contributors, while loan recoveries increased from ₦14 billion to ₦27.3 billion, reflecting improved operational efficiency and growing public confidence in the management of the National Housing Fund.

Osidi said the bank is currently financing 3,139 housing units under the Federal Government’s Renewed Hope Housing Programme, with construction financing totalling ₦27 billion for the Ibeju-Lekki project in Lagos, ₦19.9 billion for Karsana in Abuja, ₦10 billion for Port Harcourt, and ₦7.8 billion for Enugu.

He added that stakeholder confidence in the bank had continued to grow, citing the return of Oyo State workers to the National Housing Fund after 27 years and Kano State’s renewed participation in the scheme after more than two decades.

To expand access to affordable housing finance, Osidi said the bank had introduced innovative mortgage products, including the Non-Interest Mortgage Loan, the Diaspora NHF Mortgage Loan, and the Rent Assistance Product.

He also announced plans to formalise a partnership with the Federal Government Staff Housing Loans Board to provide federal civil servants with multiple housing finance options covering home ownership, rent support, renovation and incremental housing development.

Osidi maintained that Nigeria’s housing finance system must be redesigned to accommodate millions of artisans, traders, farmers, transport operators, small business owners and self-employed professionals who have remained outside the formal mortgage market.

He called on governments, developers, investors, financial institutions, labour unions, cooperative societies and development finance institutions to work together in reducing housing costs, attracting long-term capital and developing innovative financing models capable of expanding mortgage access for low-income and informal sector workers.

The FMBN chief reaffirmed the bank’s commitment to ensuring that affordable housing becomes accessible to every hardworking Nigerian, insisting that inclusive housing finance remains central to national economic development and the success of the National Housing Fund Scheme.