In a fresh push to tackle Nigeria’s housing deficit, estimated at 28 million units, the Securities and Exchange Commission (SEC) and the Federal Mortgage Bank of Nigeria (FMBN) have unveiled what they call Non-Interest Mortgage (NIM), designed to provide access to homeownership.
NIM, developed through a strategic collaboration between SEC and FMBN, is a comprehensive initiative targeted at millions of Nigerians, particularly those excluded from conventional interest-based mortgages.
The initiative will give them access to homeownership through ethical, Sharia-compliant financing structures, while the new partnership is expected to catalyse bridging the housing gap.