The Federal Government says Nigerians can now access up to ₦100 million in mortgage financing at a single-digit interest rate of 9.75%, marking a major step toward affordable housing and home ownership.
The Managing Director of the Federal Housing Authority (FHA) Mortgage Bank, Hayatudeen Atiku Awwal, disclosed this on Thursday during the handover of the ExpressView Estate to subscribers in Lugbe, Abuja.
The project was jointly developed by FHA and BAM Projects and Properties Limited.
According to Awwal, this new window of opportunity is made possible through reforms by the Federal Government, including the creation of the Ministry of Finance Incorporated (MOFI) and the Real Estate Investment Trust Fund (REITF).
“When you are looking at a $1 trillion economy, it’s feasible and achievable,” he said. “The President has done his part by setting up MOFI and the Real Estate Investment Trust Fund, which currently holds over ₦250 billion. Every Nigerian citizen now has access to up to ₦100 million at a single-digit interest rate of 9.75%.”
ExpressView Estate: A Model of Public-Private Partnership
Awwal described the Lugbe project as a “success story of partnership and perseverance.” The estate occupies 1.5 hectares of land, with another 1.5 hectares set aside for Phase 2. It features three-bedroom terrace duplexes with modern utilities, ample ventilation, and eco-friendly infrastructure.
“Most terraces today are about 100 to 110 square meters, but these are more spacious and efficiently planned. The return on investment for subscribers is already exceeding 100%,” he said.
He added that the estate was designed to promote sustainability, with FHA Energy overseeing metering, waste management, and noise control systems to ensure transparency and affordability.
Awwal said ExpressView would be developed into a fully green and sustainable estate, integrating energy-efficient systems, modern landscaping, and community-friendly waste management structures.
“We want this to be more than houses; we want it to be a home,” he noted.
He revealed that FHA has set an ambitious goal to deliver 10,000 housing units across Nigeria by 2027, in collaboration with credible private developers.
Private Sector Collaboration
In his remarks, Mr. Mansur Mohammed, Managing Director of BAM Projects, lauded FHA for its commitment to quality housing delivery, noting that the project represents a strong model of public-private collaboration.
“The FHA Mortgage Bank has been a true supporter of this project. This estate is a testament to what partnership can achieve,” he said.
Mohammed emphasized BAM’s dedication to community development, citing ongoing efforts to enhance local markets, expand green infrastructure, and promote eco-friendly living in Lugbe.
He added that BAM is also completing a 45-hectare housing project in Karsana and expanding into commercial and recreational developments across Abuja.
“We don’t just build houses; we build communities,” he said. “With more support, we can replicate and surpass this success nationwide.”
Would you take a ₦100 million mortgage at 9.75% interest? Share your thoughts in the comment section below — your opinion could shape the next phase of Nigeria’s housing reform.
Rate, Like 👍, Comment 💬, Share this article, Follow us on our social media handles, and Submit your own story to get featured and earn rewards!
WhatsApp Channel
Telegram Channel
