The Role of Mortgage Financing in Home Ownership in Nigeria: Evidence from Federal Mortgage Bank
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Background of the Study
Homeownership is a critical indicator of economic stability and social well-being. In Nigeria, achieving homeownership remains a challenge for many due to high property costs, limited access to affordable housing, and inadequate financing options (Adebisi & Ogunleye, 2024).
The Federal Mortgage Bank of Nigeria (FMBN) plays a pivotal role in promoting homeownership through mortgage financing, providing individuals with long-term loans to acquire residential properties. However, the effectiveness of mortgage financing in addressing Nigeria’s housing deficit is hindered by challenges such as high-interest rates, limited access to loans, and bureaucratic delays (Akinwumi, 2023).
This study examines the role of mortgage financing provided by FMBN in facilitating homeownership in Nigeria, analyzing its impact, challenges, and opportunities for improvement.
Statement of the Problem
Despite the efforts of FMBN, homeownership rates in Nigeria remain low, with many citizens unable to access mortgage financing due to stringent eligibility requirements, high costs, and lack of awareness. These issues limit the effectiveness of mortgage financing as a tool for addressing the housing deficit (Eze et al., 2025).
This study explores the role of mortgage financing in promoting homeownership, focusing on the challenges faced by FMBN and proposing solutions to enhance its impact.
Objectives of the Study
1. To analyze the role of mortgage financing provided by FMBN in facilitating homeownership in Nigeria.
2. To evaluate the challenges faced by FMBN in providing effective mortgage financing.
3. To recommend strategies for improving mortgage financing to address the housing deficit in Nigeria.
Research Questions
1. What role does FMBN play in promoting homeownership in Nigeria?
2. What challenges does FMBN face in providing mortgage financing?
3. What strategies can improve the effectiveness of mortgage financing in addressing Nigeria’s housing deficit?
Research Hypotheses
1. Mortgage financing significantly promotes homeownership in Nigeria.
2. Challenges in accessing mortgage financing hinder its effectiveness in addressing the housing deficit.
3. Improved mortgage financing policies enhance access to affordable housing in Nigeria.
Scope and Limitations of the Study
The study focuses on the role of FMBN in promoting homeownership through mortgage financing, analyzing its challenges and opportunities for improvement. Limitations include variations in housing market dynamics across regions and reliance on secondary data from the bank.
Definitions of Terms
• Mortgage Financing: Long-term loans provided to individuals for purchasing residential properties.
• Homeownership: The state of owning a residential property.
• Housing Deficit: The shortfall in the availability of affordable and adequate housing for the population
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