Nigeria's Housing Minister Targets 5,000 Mortgages by 2028

The Nigerian federal government has set a target to deliver 5,000 mortgages annually by 2028, as announced by the Minister of Housing and Urban Development, Muttaqha Darma, during the launch of the Federal Mortgage Bank of Nigeria’s non-interest mortgage product, Ijarah Muntahia Bittamleek, in Kano. This initiative is part of the National Mortgage Industry Policy issued in July 2026, which aims to reform the mortgage system and improve homeownership access.

The policy mandates the Federal Mortgage Bank of Nigeria (FMBN) to deliver 2,000 mortgages in 2026 and to disburse at least 40 percent of annual National Housing Fund collections as mortgages. Additionally, the maximum loan limit will increase from N50 million to N85 million, and mortgage applications will be processed within 30 working days.

The initiative also aims to increase National Housing Fund membership from over six million to 10 million by 2028, with a focus on informal-sector workers. The non-interest mortgage product is designed to be inclusive, allowing all eligible Nigerians to become homeowners.