FMBN Seeks Stronger Alliances to Bridge Housing Gap

The Managing Director and Chief Executive of the Federal Mortgage Bank of Nigeria (FMBN), Shehu Usman Osidi, has underscored the importance of strategic partnerships in expanding affordable housing access for low-income and informal sector workers, saying collaboration remains the most sustainable pathway to addressing Nigeria’s housing deficit and deepening financial inclusion.

Speaking at the 2026 FMBN Day during the Africa International Housing Show (AIHS) Legacy Edition in Abuja, Osidi said millions of Nigerians remain excluded from traditional mortgage systems despite their significant contribution to national economic productivity. He stressed that affordable housing challenges cannot be solved by government or financial institutions acting alone.

“Partnership, therefore, is no longer optional. It has become the most sustainable pathway towards achieving affordable housing at scale,” he said.

The FMBN chief noted that the theme of this year’s event, “Leveraging Partnerships for Sustainable Affordable Housing for Low-Income and Informal Workers,” reflects both the realities of Nigeria’s housing sector and the bank’s experience in delivering results through collaboration with government agencies, regulators, developers, labour unions, cooperative societies and development finance institutions.

Osidi reported that 2025 was among the most successful years in the bank’s history, driven largely by strategic alliances across the housing value chain. According to him, FMBN financed 6,911 housing units during the year, representing about 96 percent of its annual target and a 300 percent increase over the 2,165 units financed in 2024.

The bank also expanded support for affordable housing development, increasing project loan disbursements from ₦31.5 billion in 2024 to ₦79 billion in 2025.

He said the investments generated employment opportunities for thousands of artisans, engineers, architects, quantity surveyors, suppliers and small businesses linked to the housing sector.

FMBN’s mortgage products also recorded strong growth. Regular National Housing Fund (NHF) mortgage disbursements rose to ₦8.2 billion, while the bank’s Rent-to-Own scheme enabled 367 beneficiaries to access homes valued at over ₦7.1 billion. The Home Renovation Loan programme reached a record ₦13.8 billion, benefiting 15,290 Nigerians.

The bank further strengthened support for contributors through improved NHF refund processing, with payments increasing to ₦15.6 billion and beneficiaries rising to 55,068 in 2025.

Osidi said FMBN is playing a key supporting President Bola Tinubu’s Renewed Hope Housing Programme through construction financing for 3,139 housing units across Lagos, Abuja, Port Harcourt and Enugu. He added that growing confidence in the institution had encouraged Oyo and Kano state governments to rejoin the National Housing Fund scheme after decades of withdrawal.

Highlighting the bank’s drive for innovation, Osidi announced the introduction of new products including the Non-Interest Mortgage Product, Diaspora NHF Mortgage and Rent Assistance Loan, designed to serve diverse income groups and expand access to housing finance.

He also disclosed that FMBN is formalising a partnership with the Federal Government Staff Housing Loans Board to provide federal civil servants with more housing finance options covering home ownership, rent support, renovation and incremental housing development.

Reaffirming the bank’s commitment to inclusive development, Osidi pledged that FMBN would continue strengthening partnerships with governments, labour unions, cooperative societies, developers and mortgage institutions to make affordable housing accessible to all Nigerians.

“Affordable housing must become a practical reality for every hardworking Nigerian, not only those in formal employment, but also artisans, traders, farmers, transport operators, small business owners, self-employed professionals and the millions of Nigerians whose daily enterprise sustains our national economy,” he said.

He described this vision as the essence of inclusive development and the enduring promise of Nigeria’s National Housing Fund Scheme.