The Federal Mortgage Bank of Nigeria has introduced the Diaspora-Initiated Mortgage Loan, aimed at enabling Nigerians living abroad who contribute to the National Housing Fund Scheme to access affordable mortgages for homeownership and property in the country.

Speaking at the 20th African International Housing Show in Abuja, the Managing Director, Shehu Usman Osidi said they have
recognised the need for greater inclusivity, providing contributors with ethical home financing option that is free from interest while ensuring equal access to affordable housing finance.

Osidi explained,”Together, these financing models are deliberately structured to make housing more affordable, expand access to mortgage finance, and ensure that Nigerians, whether resident at home or abroad, in the informal or formal sector, have viable pathways to homeownership.”

According to him, across Africa, rising land and construction costs, inadequate infrastructure, and limited access to affordable housing finance have placed homeownership beyond the reach of many low-income earners and informal sector workers.

The Managing Director further explained that in furtherance of financial inclusion and in response to the growing demand for ethical financing, the Bank offers the non-interest NIT Mortgage Loan, which has become a catalyst for dialogue, innovation and strategic action in the housing sector.

“As rapid urbanisation continues to outpace housing supply, the affordability gap is widening, highlighting the urgent need for innovative financing models, enabling government policies, and stronger public-private partnerships.

By working together to reduce the cost of housing delivery and expand access to affordable housing finance, we can develop sustainable solutions that make decent housing accessible to millions of Nigerians,” he added.

Osidi said Home Renovation Loan provides quick access to financing for essential home improvements, while the Rent Assistance Loan offers relief to workers who require support in meeting annual rental obligations, thereby reducing the financial burden associated with upfront rent payments.

“Over the years, the Bank has continued to expand its portfolio of products to address the diverse housing needs of Nigerians, and through the National Housing Fund (NHF) Scheme, contributors are able to access long-term, single-digit interest mortgages to purchase land, build or renovate their homes.”

He therefore said that the AIHS will provide an invaluable opportunity for meaningful engagement among key stakeholders to exchange knowledge, showcase innovative financing models, explore emerging technologies, and formulate practical policy recommendations that will improve housing delivery across Africa.