The Federal Mortgage Bank of Nigeria (FMBN) increased its housing and mortgage loan approvals to more than ₦208 billion in 2025, up from ₦71.5 billion in the previous year, as it financed 6,911 affordable housing units nationwide.
The latest figures represent an increase of approximately 191% in approved loans, although the number of homes financed remained below the bank’s annual target of 7,200 units.
FMBN Managing Director and Chief Executive Officer, Shehu Usman Osidi, disclosed the figures on Monday, October 19, during the 2026 World Habitat Day and World Cities Day commemoration in Abuja. Brandspur Banking News Desk gathered that 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 initiatives.
The 6,911 units represented about 96% of the bank’s 2025 housing delivery target under the Presidential and Ministerial Deliverables, leaving a shortfall of 289 homes.
The difference between approved loans and disbursed funds is also significant. While approvals indicate financing commitments authorised by the bank, disbursements represent funds released for housing-related activities. The figures therefore measure different stages of the financing process.
FMBN’s loan approvals have risen sharply over the past two years. The bank approved ₦39.7 billion in housing loans in 2023 before increasing the figure to ₦71.5 billion in 2024. The latest increase comes alongside stronger contributions to the National Housing Fund (NHF), the pool of funds used to provide eligible contributors with access to mortgage financing.
NHF collections reached a record ₦152.4 billion in 2025, representing a 48% increase from the ₦103 billion collected in 2024, according to figures previously disclosed by the bank.
Beyond its existing housing finance programmes, FMBN is expanding the options available to Nigerians seeking to purchase or improve residential properties.
One of its latest initiatives is the Diaspora NHF Mortgage Loan, launched in London on August 7, 2026. Under the scheme, eligible Nigerians living abroad can access loans of up to ₦100 million at an annual interest rate of 9%, with repayment extending over a maximum of 10 years.
Applicants can complete enrolment, meet Know Your Customer requirements and make the necessary NHF contributions remotely. However, access to the loans remains subject to affordability assessments and other eligibility conditions.
Osidi also announced plans to commence two additional housing products before the end of October 2026. The proposed non-interest mortgage scheme is intended for NHF contributors seeking an alternative to conventional interest-based financing, while the rent assistance programme is designed to ease rental payment pressures on federal civil servants.
The initiatives target different housing needs, from financing property purchases to helping workers meet immediate accommodation expenses.
However, the scale of loan approvals alone does not establish how many Nigerians have moved into completed homes or how affordable those properties are relative to household incomes. The number of completed units, beneficiary eligibility, property prices and repayment terms remain important measures of the programmes’ impact.
For FMBN, the challenge is to translate its expanding financing capacity into accessible housing opportunities for eligible Nigerians while sustaining disbursements and meeting its housing delivery targets.
