AG Mortgage Bank Targets One Million Mortgages by 2030

AG Mortgage Bank Plc has announced a new five year growth strategy aimed at becoming Nigeria’s largest housing finance institution by 2030. The bank unveiled what it calls a transformational plan that focuses on five priorities: organizational restructuring, building a stronger capital base, expanding mortgage access, deepening national impact and improving shareholder value.

A central part of the plan is the goal to deliver one million mortgages by 2030. This is one of the most ambitious targets seen in Nigeria’s mortgage sector in recent years and speaks directly to the country’s estimated 20 million unit housing deficit. The bank says it intends to reach a wider range of income groups and make home ownership more attainable.

The Managing Director and Chief Executive Officer, Ngozi Anyogu, said the bank is responding to the financial pressures many Nigerians face when trying to acquire a home. She noted that home ownership often forces people to make difficult sacrifices and that the bank wants to ease that burden by providing more accessible and affordable mortgage options.

AG Mortgage Bank holds a National Mortgage Banking License from the Central Bank of Nigeria, which allows it to operate across the country. The bank already maintains regional offices in Lagos, Abuja and Enugu, with its headquarters in Ikeja. The new strategy aims to deepen its presence in both major cities and underserved regions.

Beyond mortgage lending, AG Mortgage Bank plans to support the full housing value chain. This includes construction financing and tailored mortgage solutions for developers, cooperatives, religious institutions, businesses and schools. The bank says its long term aim is to help create shared economic value across the real estate ecosystem, from developers to end buyers.

If the bank succeeds in scaling up to one million mortgages within five years, it could mark a significant shift in Nigeria’s housing finance landscape. For decades, limited mortgage availability has restricted home ownership and slowed housing development, leaving many families unable to access long term financing. A stronger mortgage pipeline could help expand formal housing supply and reduce reliance on informal or self constructed housing.

However, observers note that success will depend heavily on broader economic conditions. Interest rates, inflation, construction costs and currency stability all influence mortgage affordability. The implementation of the bank’s strategy will also require strong collaboration with regulators, developers and other financial institutions to ensure that mortgage products remain viable and sustainable.

The coming months will reveal how aggressively AG Mortgage Bank begins rolling out new products under its 2025 to 2030 plan. Market analysts will also be watching how the bank builds its capital base, how it engages with developers and how quickly it moves to expand mortgage access to middle and lower income earners.

AG Mortgage Bank believes the new strategy positions it to play a major role in reshaping housing finance in Nigeria. Whether it succeeds will depend on execution, economic conditions and the strength of partnerships within the country’s real estate and financial sectors.