The Federal Mortgage Bank of Nigeria (FMBN) has introduced a special mortgage loan for Nigerians living abroad. The new product, called the Diaspora Mortgage Loan, was officially launched by the Managing Director and Chief Executive Officer of FMBN, Shehu Usman Osidi, during the opening ceremony of the 2025 African International Housing Show (AIHS) in Abuja on Tuesday.
Speaking at the event, He said the mortgage loan is a new step by the bank to support more Nigerians, including over 15 million citizens in the diaspora, to own houses in their home country without the usual stress and risk.
“We are launching the Diaspora Mortgage Loan, specially designed to provide a safe and seamless homeownership pathway for Nigerians living abroad,” he said. “This product removes the usual risks and challenges they face when trying to buy or build properties in Nigeria.”
He noted that many Nigerians abroad often face disappointments and scams when they try to invest in real estate at home. With this new plan, FMBN will help them access genuine mortgage loans that will allow them to own their houses safely and legally.
Apart from the Diaspora Mortgage Loan, the FMBN boss also said the bank is preparing to introduce more products to help Nigerians who want to rent or build homes. These new housing products will start rolling out from August 2025.
One of them is the FMBN Non-Interest Mortgage Loan, which will follow Islamic banking principles. This means it will offer home financing to Nigerians who prefer not to take loans that involve interest, in line with their religious or ethical beliefs.
Another product is called the Rent Assistance Product. It is meant to support contributors to the National Housing Fund (NHF) — both in the formal and informal sectors — to pay their house rent. He explained that this rent loan will help people cover short-term rental needs while they work towards owning their own houses through the FMBN mortgage scheme.
“These products are part of our plan to modernise mortgage financing in Nigeria,” He said. “We are focusing on creating solutions that are inclusive, ethical, and practical for all Nigerians.”
He added that the aim is to break down the barriers that make it hard for ordinary Nigerians to access home loans. The bank wants to include more people in the housing system, especially those with low income or living outside the country.
He said the used of opportunity to call for more teamwork between housing developers, financial institutions, and government agencies. He said FMBN cannot do the job alone and needs strong partnerships to solve Nigeria’s huge housing deficit.
He also praised the African International Housing Show (AIHS) for bringing together housing experts, developers, and investors from all over Africa. He thanked the Convener of the show, Barrister Festus Adebayo, for his consistent efforts in promoting affordable housing and creating a platform where new ideas can be shared.
“The African International Housing Show continues to be a crucial platform for dialogue, innovation, and collaboration. We salute Barrister Adebayo’s vision and the impact this gathering continues to make year after year,” he said.
The launch of the Diaspora Mortgage Loan and the new mortgage products comes at a time when the Nigerian government, under President Bola Ahmed Tinubu, is renewing its commitment to provide affordable housing under its Renewed Hope Agenda.
Housing experts believe that the efforts by FMBN could help reduce Nigeria’s housing deficit, which is estimated to be over 17 million units. Many Nigerians struggle to own homes due to lack of access to affordable financing options.
With these new mortgage products, FMBN is showing readiness to support both local and overseas Nigerians in achieving their housing dreams, while also improving the general living condition in the country. The bank said it will continue to work towards providing easy access to ethical and non-interest housing finance, in line with its mission to promote homeownership for all classes of Nigerians.
