FG Targets 5,000 Mortgages, N85m Loan Ceiling by 2028
The federal government has unveiled plans to expand mortgage delivery to 5,000 by 2028 and raise the maximum housing loan from N50 million to N85 million, in a major proposed reform aimed at widening access to…
Nigeria's mortgage sector remains one of the smallest relative to GDP in Africa, with housing finance historically constrained by high interest rates, low wages relative to property costs, and limited participation from commercial lenders. The National Housing Fund and agencies like the Federal Mortgage Bank of Nigeria have long been tasked with closing the country's housing deficit, which various estimates have put in the tens of millions of units, but uptake of formal mortgages remains low compared to the scale of demand, particularly among low- and middle-income earners.
The proposed increase in the loan ceiling and the 2028 target for new mortgages signal an attempt to make housing finance more realistic against rising construction costs and property prices, which have long outpaced the previous N50 million cap. Both Leadership and Nairametrics report the same core figures — the new N85 million ceiling and the 5,000-mortgage target — but neither outlet's coverage details how the plan will be funded, which agency will implement it, or the specific interest rates and eligibility criteria that would apply, leaving key implementation questions still unanswered.