The Federal Mortgage Bank of Nigeria (FMBN) has shown a strong commitment to increasing homeownership in Nigeria by disbursing a total of N103.93 billion in mortgages between 2020 and 2022, according to the National Bureau of Statistics (NBS) 2023 Social Statistics Report. This figure highlights a significant push to make housing more accessible for Nigerians.
The breakdown of the disbursed funds shows a steady rise year-on-year, with N29.34 billion in 2020, N41.44 billion in 2021, and N33.15 billion in 2022. This trend indicates a growing demand for mortgage financing, potentially fueled by FMBN’s competitive offerings.
Shehu Osidi, the Managing Director of FMBN, recently emphasized the bank’s unwavering dedication to making housing a reality for all Nigerians. He reiterated this commitment during a meeting with a delegation from the Ekiti State Government, where a partnership was established to develop 2,000 housing units specifically for low and medium-income earners.
Osidi also highlighted FMBN’s distinct advantage in the mortgage market: their ability to provide financing at significantly lower interest rates than commercial banks. He pointed out that FMBN offers mortgages with single-digit interest rates, making homeownership a more attractive option for many Nigerians.
FMBN’s focus on affordability aligns with their core mission of ensuring accessible mortgage financing for all. By providing competitive rates and partnering with state governments, they are taking concrete steps to bridge the housing gap in Nigeria.
