By John Umeh
In a bold move to tackle Nigeria’s housing deficit and improve homeownership across the country, the Federal Government has launched a new single-digit interest mortgage loan scheme aimed at providing affordable housing solutions for millions of Nigerians.
Announced during a high-level briefing in Abuja, the initiative is part of the government’s broader economic reform agenda to stimulate growth, reduce poverty, and promote inclusive development. The new mortgage program offers loans at single-digit interest rates—significantly lower than prevailing market rates—making it easier for low- and middle-income earners to purchase or build their own homes.
Minister of Housing and Urban Development, Arc. Ahmed Dangiwa, who unveiled the scheme, emphasized that the government is committed to removing financial barriers to homeownership.
“For too long, many Nigerians have been locked out of the housing market due to high-interest rates and rigid financing conditions,” Dangiwa said. “This program is designed to change that narrative and provide our people with realistic pathways to owning decent homes.”
The mortgage loans, facilitated through the Federal Mortgage Bank of Nigeria (FMBN) and other approved primary lending institutions, will be available to eligible Nigerians who contribute to the National Housing Fund (NHF). The government has also partnered with select real estate developers to ensure a steady supply of affordable housing units across urban and semi-urban areas.
According to officials, the single-digit interest rate will range between 6% to 9%, depending on income level and loan tenure, with repayment periods extending up to 30 years in some cases. First-time homeowners, civil servants, and self-employed individuals are expected to benefit significantly from the scheme.
Stakeholders in the housing and financial sectors have lauded the development as a game-changer. Industry experts say the initiative could unlock massive investment in the housing sector, create jobs, and stimulate economic activity across the country.
Citizens interested in the loan are encouraged to visit designated branches of the FMBN or log on to the NHF portal to begin their application process. The government has assured that application procedures will be simplified to ensure inclusivity and transparency.
With the launch of this new affordable mortgage loan program, the Federal Government says it is taking decisive steps to bridge Nigeria’s estimated 17 million housing deficit and empower more citizens to achieve the dream of owning a home.
