The Securities and Exchange Commission (SEC) and the Federal Mortgage Bank of Nigeria (FMBN) have entered into a strategic partnership to establish a comprehensive Non-Interest Mortgage (NIM) scheme aimed at reducing Nigeria’s massive housing deficit, currently estimated at over 28 million units.
The initiative was formally announced on Friday during a high-level meeting in Abuja, where both institutions outlined plans to expand access to homeownership through ethical, Sharia-compliant financing models. The scheme is designed to accommodate millions of Nigerians who remain excluded from conventional, interest-based mortgage products.
A Major Step Toward Inclusive Housing Finance
Officials say the NIM framework will offer structured, non-interest home financing options that align with Islamic financial principles—an important development in a country where a significant portion of the population does not participate in interest-bearing financial services.
For decades, Nigeria’s housing deficit has been compounded by limited funding mechanisms, high construction costs, restrictive loan terms, and a shortage of mortgage products suited to diverse income and religious groups. By integrating capital market expertise from the SEC with FMBN’s experience in housing finance, the partners aim to create a scalable, affordable, and culturally acceptable solution.
A Catalyst for Housing Sector Reform
The collaboration is expected to lay the foundation for innovative housing products that can attract new investors, deepen the non-interest capital market, and enhance mortgage accessibility for low- and middle-income earners.
SEC and FMBN officials described the partnership as a “catalyst for bridging the housing deficit” and a key milestone in the government’s broader drive to reform the housing sector.
As implementation plans advance, stakeholders say the scheme could mark a turning point for millions of Nigerians seeking stable homeownership pathways without violating personal or religious principles.
