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The Federal Housing Authority (FHA) Mortgage Bank has rolled out a bold expansion strategy valued at β¦100 billion, aimed at strengthening access to mortgage finance, scaling up its operations nationwide, and addressing Nigeriaβs huge housing shortfall. The plan, unveiled during the commissioning of the bankβs new head office complex in Gwarimpa, Abuja, includes establishing 20 new branches across the country, widening its customer base to 100,000 families, and significantly increasing its mortgage loan portfolio within the next two to three years. Speaking at the ceremony, the Managing Director of FHA Mortgage Bank, Dr. Hayatudeen Atiku Awwal, described the expansion blueprint as a transformative step that will reposition the bank as a national leader in mortgage financing. According to him, the new headquarters is not just a physical structure but a representation of renewed efficiency, customer confidence, and capacity for growth. As part of the roadmap, the bank is seeking a national licence that will allow it to operate as a nationally licensed primary mortgage institution. This move, officials say, will empower FHA Mortgage Bank to broaden its branch network, mobilise more long-term housing funds, and provide innovative financial products to Nigerians both at home and abroad. One of the flagship initiatives under the new plan is the Diaspora Mortgage Project, designed to create opportunities for Nigerians in the diaspora to invest in real estate back home. The bank also revealed it is engaging pension funds, insurance firms, and development finance institutions to strengthen its capital base and ensure the sustainability of its lending programs. Dr. Awwal further noted that the bank has already made significant strides in recent years. Through the National Housing Fund scheme, the institution facilitated over β¦27 billion worth of mortgages for 3,427 Nigerians. Additionally, more than 6,000 individuals accessed home loans through the PENCOM retirement savings account platform, reflecting the bankβs growing credibility in Nigeriaβs housing finance sector. Analysts believe the FHA Mortgage Bankβs expansion comes at a pivotal moment. Nigeria is estimated to have one of Africaβs largest housing deficits, running into tens of millions of units. With limited access to affordable mortgage financing being a key barrier, the bankβs expansion and targeted products could help reduce the gap and support the Federal Governmentβs housing delivery agenda. The institution also disclosed that its new growth plan will focus on establishing branches in states with FHA estates, enhancing collaboration with industry stakeholders, and leveraging modern IT infrastructure to support a larger loan portfolio. Officials emphasised that repayment discipline and risk management would remain central to the bankβs operations even as it expands. If fully implemented, the β¦100 billion expansion strategy could transform the mortgage landscape, unlocking wider access to affordable housing finance and encouraging greater private-sector participation in housing delivery across Nigeria.
