The Federal Mortgage Bank of Nigeria (FMBN) approved more than ₦208 billion in housing and mortgage loans in 2025 and financed 6,911 homes, managing director Shehu Osidi said on 19 October at a World Habitat Day event in Abuja.
How fast it has grown:
Two years ago, the bank was approving a fraction of that.
2023: ₦39.7 billion approved
2024: ₦71.5 billion
2025: more than ₦208 billion
The bank also disbursed more than ₦120 billion last year across construction, mortgages, home renovation, cooperative housing and rent-to-own schemes. The 6,911 homes it financed came to 96% of its target of 7,200.
The money comes from workers. FMBN runs the National Housing Fund (NHF), which collects a monthly contribution from employees' salaries. Collections rose 48% to ₦152.4 billion in 2025, from ₦103 billion in 2024.
What's new:
FMBN is trying to widen who can borrow.
Diaspora mortgages. Launched in London on 7 August, the scheme offers loans of up to ₦100 million at 9% a year, repayable over a maximum of 10 years. Nigerians abroad can enrol in the NHF, complete identity checks and contribute online.
Coming before the end of October: a non-interest mortgage for NHF contributors, and a rent assistance programme for federal civil servants.
The bigger picture:
The growth is real, but so is the scale of the problem. Nigeria's housing shortage is usually measured in millions of homes, and 6,911 homes a year barely registers against it. The bank's own target for the year was 7,200.
The gap between approvals and disbursements also matters. ₦208 billion was approved, but just over ₦120 billion actually went out.
What it means for you:
If you work in Nigeria and see an NHF deduction on your payslip, you are already a contributor, which makes you eligible to apply for an FMBN mortgage. At 9% for the diaspora product, that is far cheaper than commercial borrowing, which the finance minister put at about 30% this week.
If you live abroad and have been watching Lagos or Abuja property prices from a distance, the diaspora scheme is a new route in, although approval still depends on affordability checks and other conditions.