Nigeria's Government Targets 5,000 Mortgages by 2028
The federal government of Nigeria has set a target to deliver 5,000 mortgages annually by 2028 and to increase the maximum mortgage loan from ₦50 million to ₦85 million. This initiative aims to enhance access to affordable housing for Nigerians.
Minister of Housing and Urban Development, Muttaqha Rabe Darma, announced these targets on Thursday during the opening of the 15th Meeting of the National Council on Lands, Housing and Urban Development in Sokoto. The government is implementing reforms to strengthen Nigeria’s housing finance system, particularly for low- and middle-income earners.
The Federal Mortgage Bank of Nigeria (FMBN) has been directed to increase mortgage disbursements, targeting at least 70 percent of the previous year’s National Housing Fund (NHF) contributions into mortgage facilities annually. The government aims for 2,000 mortgages in 2026, rising to 5,000 by 2028, and plans to allocate 30 to 40 percent of mortgage bookings to informal sector workers.
Plus234Feed summary based on reporting from Blueprint. Read the original report below.
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