The Federal Mortgage Bank of Nigeria (FMBN) says it financed 6,911 housing units in 2025, representing a 300 percent increase compared with the 2,165 units financed in 2024.
The bank’s Managing Director and Chief Executive, Mr Shehu Osidi, disclosed this during the FMBN Day at the ongoing 2026 Legacy Edition of the Africa International Housing Show (AIHS) in Abuja.
Osidi said 367 Nigerians became homeowners through the bank’s Rent-to-Own Scheme in 2025, acquiring homes valued at more than N7.1 billion, as FMBN recorded significant growth across its housing finance programmes aimed at addressing the country’s housing deficit.
He noted that collaboration among government agencies, private developers and financial institutions remains critical to expanding access to affordable housing for low-income earners and workers in Nigeria’s vast informal sector.
“Our Rent-to-Own product continued to provide opportunities for Nigerians, with 367 beneficiaries accessing homes valued at over N7.1 billion,” Osidi said.
He explained that the scheme enables beneficiaries to become homeowners through affordable monthly repayments, eliminating the need for the substantial upfront deposits typically required to purchase homes.
Osidi described the Rent-to-Own Scheme as one of the bank’s most successful housing products, attributing its growth to stronger stakeholder partnerships and improved housing finance delivery.
According to him, FMBN disbursed N13.8 billion to 15,290 beneficiaries under its Home Renovation Loan Scheme, representing an 86 percent increase over the previous year.
The Managing Director further disclosed that the bank strengthened its loan recovery efforts – with recoveries rising from N14 billion in 2024 to N27.3 billion in 2025.
He said the improvement reflected enhanced operational efficiency and growing public confidence in the management of the National Housing Fund (NHF) Scheme.
“Through strategic partnerships, FMBN financed 6,911 housing units during the year, achieving about 96 per cent of its annual target. The figure represents a 300 per cent increase from the 2,165 housing units financed in 2024. As part of President Bola Ahmed Tinubu’s Renewed Hope Housing Programme, the bank is currently financing 3,139 housing units nationwide,” Osidi stated.
He revealed that FMBN has provided N27 billion in construction finance for housing projects in Ibeju-Lekki, Lagos State. Additional investments include N19.9 billion for housing developments in Karsana, Federal Capital Territory (FCT), N10 billion in Port Harcourt and N7.8 billion in Enugu State.
According to Osidi, the projects are generating employment opportunities across the housing value chain, creating jobs for artisans, engineers, architects, building material suppliers, transport operators and other professionals.
He noted that renewed confidence in the bank’s operations has encouraged previously disengaged stakeholders to rejoin the National Housing Fund Scheme.
“These milestones underscore the confidence that governments and organised labour now repose in FMBN,” he said.
Osidi also announced the development of new housing finance products, including a Non-Interest Mortgage Product, a Diaspora NHF Mortgage and a Rent Assistance Loan, designed to expand access to affordable housing finance for different categories of Nigerians.
He reaffirmed the bank’s commitment to extending affordable housing opportunities beyond workers in the formal sector to artisans, traders, farmers, transport operators and millions of Nigerians engaged in the informal economy.
