Access Holdings Plc has revealed that its mortgage loan portfolio reached approximately ₦289.3 billion in the first quarter of 2025, making up 2.3% of its total loans, according to its Q1 interim report published on the Nigerian Exchange Group (NGX).
The bank’s total loan book stood at around ₦12.2 trillion as of March 2025. Though mortgages represent a small fraction of this figure, they continue to play a key role in the bank’s lending operations. As of December 2024, Access Bank’s mortgage loans had been higher at ₦318 billion, indicating a modest decrease within the three-month span.
Of the current mortgage total, ₦218 billion was attributed to personal loans, suggesting a stronger consumer-facing mortgage base compared to corporate counterparts. The lender also reported an expected credit loss (ECL) of ₦9.1 billion associated with its mortgage exposure for 2024.
A Broader Industry Snapshot
Access Bank’s mortgage activity reflects a broader trend in Nigeria’s banking sector, where mortgage lending remains relatively subdued due to structural and economic challenges. In 2024, Stanbic IBTC reported an increase in its mortgage loans under its Personal and Private Banking arm, rising from ₦941 million in 2023 to ₦1.073 billion in 2024. Retail mortgage lending for the bank also grew to ₦26.85 billion, up from ₦15.18 billion.
Similarly, First Holdco nearly doubled its retail mortgage loan book, growing from ₦133.09 billion in 2023 to ₦264.21 billion in 2024.
Mortgage Banking Trends
The overall health of Primary Mortgage Banks (PMBs) showed mixed signals. Their total assets plummeted significantly in the third quarter of 2024, dropping from ₦454.67 billion in Q3 2023 to just ₦1.41 billion—a decline of 99.6%. Despite this, PMBs saw a rise in loan disbursements, with loans climbing to ₦269.60 million, up from ₦192.27 million year-on-year.
Meanwhile, liabilities in the PMB sector also increased to match total assets at ₦1.41 billion, up from ₦1.18 billion the previous year.
A report by the Central Bank of Nigeria (CBN) on the National Housing Fund (NHF) scheme showed a fair gender split among beneficiaries, with 57% male and 43% female participation. Approval rates stood at 66%, while 27% of applications were still being processed. Notably, 70% of PMBs reported that it took over 12 months to finalize an NHF mortgage application, reflecting persistent inefficiencies in the system.
Federal Government Initiatives
In a bid to address Nigeria’s housing shortfall, the Federal Mortgage Bank of Nigeria (FMBN) announced plans to construct 5,000 new homes annually through its Renewed Hope Cities and Estates Programme. The FMBN also aims to issue 20,000 mortgage loans each year, supported by efforts to widen NHF participation.
Housing Minister Ahmed Musa Dangiwa urged the FMBN to accelerate loan disbursement processes and expand the NHF collection base to include more Nigerians.
Industry Challenges and Expert Views
Mortgage experts continue to stress the need for regulatory reforms to improve access and affordability. Noah Ibrahim, Chief Strategy Officer of Green Mortgage, pointed to high interest rates, limited access to long-term financing, and tough eligibility criteria as key obstacles hampering mortgage uptake in Nigeria.
As the country grapples with a growing housing deficit, stakeholders are calling for streamlined procedures and policy interventions that could make home ownership more accessible for average Nigerians.
