The Minister of Housing and Urban Development, Arc. Ahmed Musa Dangiwa, has inaugurated the newly appointed board of the Federal Mortgage Bank of Nigeria (FMBN), marking a key milestone in the government’s efforts to boost affordable housing across the country.
The inauguration ceremony took place on Monday, May 26, 2025, in Abuja, with the minister emphasizing the crucial role FMBN plays in Nigeria’s housing sector as the implementing agency of the National Housing Fund (NHF) Scheme.
Dangiwa highlighted that the bank offers mortgage loans with attractive terms, including single-digit interest rates of between 6 and 7 percent, repayment tenors of up to 30 years, and low equity contributions ranging from zero to 10 percent. These features make housing finance more accessible compared to commercial lending options.
He charged the new board with driving reforms to improve mortgage disbursement, expand the NHF contributor base—especially within the informal sector and diaspora—and enhance operational efficiency through digital transformation projects, including the implementation of a core banking system.
The minister also set ambitious targets for the board, urging the delivery of at least 5,000 new homes annually and enabling 20,000 Nigerians to access mortgage financing each year as part of efforts to reduce the country’s housing deficit.
Dr. Nasiru Gawuna, the newly appointed board chairman, pledged to restore public confidence in the bank by promoting transparency, strengthening partnerships, and unlocking FMBN’s full potential to meet Nigeria’s growing housing needs.
The inauguration signals renewed commitment to revitalizing the mortgage system and supporting the federal government’s broader agenda of providing affordable housing to Nigerians nationwide.