Capital & Finance · Nigeria
Nigeria targets 5,000 annual mortgages and an ₦85 million loan ceiling by 2028
Housing minister Muttaqha Darma has set new lending targets for the Federal Mortgage Bank of Nigeria, including a proposed allocation for informal-sector workers and stronger use of National Housing Fund contributions.
By Africa Property Review ·
Nigeria’s housing minister, Muttaqha Darma, has outlined plans to increase annual mortgage delivery to 5,000 and raise the maximum mortgage loan from ₦50 million to ₦85 million by 2028. Voice of Nigeria reported the proposals on 16 October 2026 following his address to the National Council on Lands, Housing and Urban Development in Sokoto.
The lending targets centre on the Federal Mortgage Bank of Nigeria and the use of National Housing Fund contributions. Darma said the bank was expected to disburse at least 70 per cent of the previous year’s contributions through mortgages annually. The stated objective is to improve the connection between money paid into the fund and finance reaching people seeking to buy homes.
The minister set an intermediate target of 2,000 mortgages for the current year, rising to 5,000 annually by 2028. The proposed ₦85 million ceiling is also described in the report as a 2028 objective. These figures should therefore be understood as the government’s delivery and reform targets, rather than confirmation that the higher loan amount is already available to every applicant.
Access for informal-sector workers is another part of the programme. Darma proposed allocating between 30 and 40 per cent of mortgage bookings to that group. The report identifies irregular incomes and limited access to conventional lending arrangements as obstacles such workers face when seeking home finance. It does not provide the underwriting criteria or an application process for the proposed allocation.
The minister also outlined plans for a National Housing Finance Authority. As described by Voice of Nigeria, the proposed body would coordinate regulation, strengthen accountability and improve the performance of housing finance. Its announcement is a proposal for institutional reform, not confirmation that a new authority is already operating or accepting mortgage applications.
Darma linked wider access to lending with the recently launched Diaspora Mortgage Programme, which is intended to help Nigerians abroad pursue home ownership in Nigeria. He also cited Rwanda’s experience with institutional reforms and mortgage refinancing as an example from which Nigeria could draw lessons. The emphasis was on financing the purchase of homes alongside the delivery of new buildings.
The Sokoto meeting brought together federal and state housing officials and agencies. In a separate contribution, parliamentary committee chair Awaji-Inombek Abiante advocated lower-cost lending, more transparent land registration and greater use of local building materials. Those recommendations were distinct from the minister’s mortgage targets and should not be treated as newly effective lending terms.
For developers and prospective buyers, implementation remains the central issue: the amount of lending actually delivered, the borrowers reached and the conditions attached to finance. The report provides policy direction and numerical targets, but not completed disbursement results. Source: Voice of Nigeria, report by Charles Ogba published on 16 October 2026.
Source: Voice of Nigeria, reporting the National Council on Lands, Housing and Urban Development