‎The Federal Mortgage Bank of Nigeria (FMBN) has announced plans to launch its Non-Interest Mortgage and Rent Assistance Products before the end of October 2026, as part of efforts to expand access to affordable housing finance and ease the burden of rent payments for federal civil servants.

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‎The Managing Director/Chief Executive of FMBN, Shehu Usman Osidi, disclosed this on Monday, October 19, 2026, during the combined commemoration of World Habitat Day and World Cities Day at the National Engineering Centre Auditorium, Abuja.

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‎Osidi said the initiatives form part of the Bank’s efforts to widen access to housing finance and respond to the diverse housing needs of Nigerians.

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‎“From the Rent-to-Own Scheme to Home Renovation Loans, from the NHF Diaspora Mortgage Loan to our Non-Interest Mortgage Financing initiatives, the objective remains the same: to broaden the pathways through which Nigerians can access decent and affordable housing,” he said.

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‎He noted that FMBN had formally launched the Diaspora NHF Mortgage Loan, which enables Nigerians living abroad to participate in the National Housing Fund Scheme and invest in housing back home.

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‎Highlighting the Bank’s achievements, Osidi disclosed that under the 2025 Presidential and Ministerial Deliverables, FMBN financed 6,911 affordable housing units, representing 96 per cent of its annual target of 7,200 units.

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‎He added that the Bank approved over ₦208 billion in housing and mortgage loans, with more than ₦120 billion disbursed to support housing construction, mortgage financing, home renovation, cooperative housing and Rent-to-Own initiatives.

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‎“These initiatives reflect our commitment to expanding access to housing finance and ensuring that more Nigerians have practical pathways to decent and affordable homes,” Osidi said.

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‎He reaffirmed the Bank’s commitment to working with the Ministry of Housing and Urban Development and other stakeholders to expand access to housing finance and support affordable housing delivery, in line with FMBN’s belief that “Everyone Deserves a Home.”

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‎In his keynote address, the Honourable Minister of Housing and Urban Development, Engr. Muttaqha Rabe Darma, PhD, represented by his Chief of Staff, Dr. Abba Yakubu, emphasised that adequate housing must go beyond the provision of physical structures.

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‎“Adequate housing must be affordable, safe, accessible and well located, with secure tenure and access to infrastructure, transportation, employment and essential social services,” the Minister stated.

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‎He identified high interest rates, limited long-term funding, stringent eligibility requirements and low mortgage penetration as major barriers to homeownership. He called for innovative financing mechanisms that respond to the needs of civil servants, young professionals, artisans, traders and informal-sector workers.

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‎The Minister disclosed that over 240 urban renewal and slum-upgrading projects had been delivered nationwide, with more than 100 additional projects at various stages of implementation.

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‎He stressed that urban regeneration must be inclusive and people-centred, supported by improved infrastructure, effective physical planning and community participation, while avoiding unnecessary displacement of existing residents.

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‎The commemoration, held as part of the global observance of Urban October, featured the themes “Adequate Housing for All” for World Habitat Day and “Regenerating the City: Adequate Housing for All” for World Cities Day. The event highlighted the importance of decent housing and inclusive, resilient and sustainable cities, bringing together key stakeholders in the built environment, including the Minister of State for Housing and Urban Development, Rt. Hon. Yusuf Ata, represented by Mrs. Edna Tobi of the Ministry’s Urban and Regional Planning Department and the Ministry's Permanent Secretary, Dr. Muhammad Shuaib Belgore, represented by the Director/Head of Urban and Regional Development.TPL Margaret Adejobi.

‎Other dignitaries and stakeholders included the Executive Director, Estate Services, Federal Housing Authority (FHA), Arc. Ezekiel Nya-Etok, representatives of the Real Estate Developers Association of Nigeria (REDAN), the Nigerian Society of Engineers (NSE) and the Nigerian Institute of Town Planners. Representatives of the United Nations and other international organisations, professional bodies, civil society, youth groups, the private sector and the media also participated in the commemoration.

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‎The event featured presentations by school children and members of the National Youth Service Corps (NYSC) on Urban October, as well as a cultural dance performance by a cultural troupe.

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‎The commemoration provided a platform for stakeholders to renew their commitment to expanding access to adequate housing and promoting inclusive, resilient and sustainable cities.

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