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The Managing Director and Chief Executive Officer of First Bank of Nigeria Limited, Olusegun Alebiosu, has called for stronger collaboration between the Federal Government and key stakeholders in the housing sector to tackle Nigeria’s housing deficit, stressing that sustainable government intervention is critical to making homeownership affordable for millions of Nigerians.
Alebiosu made the call yesterday while speaking at the 20th Africa International Housing Show (AIHS) in Abuja, where stakeholders unveiled fresh initiatives aimed at expanding affordable housing delivery and improving access to mortgage finance.
He said increasing the supply of housing would help moderate property prices and improve access to decent accommodation, noting that private developers alone could not bridge the country’s housing gap because of the high cost of construction financing.
He advised Nigerians to regard home ownership as a long-term investment and urged prospective homeowners to take mortgage facilities that match their financial capacity.
Drawing parallels with housing systems in the United States and Europe, Alebiosu said government-backed social housing schemes had significantly expanded access to affordable homes and could serve as a workable model for Nigeria. He also highlighted the critical role of insurance in mortgage financing, explaining that lenders must assess borrowers’ repayment capacity and mitigate long-term lending risks before approving housing loans.
Representing President Bola Tinubu at the conference, the Minister of Housing and Urban Development, Engr. Mu’tazha Rabe Darma, announced plans to deliver about 150,000 affordable housing units nationwide under the proposed Tinubu Mass Social Housing Scheme.
According to him, the initiative will provide 200 housing units in each of the country’s 774 local government areas in two phases, complementing the ongoing New Hope Housing Programme.
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Darma said the Federal Government had recorded significant progress on major housing projects across the country, including the 2,888-unit New Hope Housing Estate in Katampe, Abuja, the 2,084-unit development in Ibeju-Lekki, Lagos State, and the 2,207-unit housing project in Lambu, Kano State. He added that beneficiaries had already taken possession of homes under the New Hope Rent-to-Own Housing Scheme.
The minister also disclosed that the government had commenced the National Housing Data Programme to develop Nigeria’s first integrated housing database, while efforts were underway to modernise land administration through the National Land Information System and geospatial mapping.
Founder of the Africa International Housing Show, Festus Adebayo, said this year’s theme, Housing Solutions for Low-Income and Informal Workers in Africa, underscores the urgent need to provide affordable housing for millions of Africans who remain excluded from the formal housing market.
He called for innovative financing mechanisms, land reforms, sustainable infrastructure, modern construction technologies and stronger partnerships among governments, the private sector and development finance institutions to bridge the continent’s housing gap.
Managing Director and Chief Executive Officer of the Federal Mortgage Bank of Nigeria (FMBN), Shehu Usman Osidi, said the bank had broadened access to affordable housing finance through a range of mortgage products, including the non-interest NIT Mortgage Loan, aimed at promoting financial inclusion for contributors in both the formal and informal sectors.
Also speaking, the Managing Director and Chief Executive Officer of the Ministry of Finance Incorporated (MOFI), Armstrong Takang, disclosed that the agency had verified more than ₦43 trillion worth of Federal Government assets and was leveraging them to attract private investment into the housing sector.
Takang said the MOFI Real Estate Investment Fund had disbursed over ₦130 billion in mortgage financing, offering homebuyers a 10 per cent equity contribution, a single-digit interest rate of 9.75 per cent and repayment tenures of up to 20 years. He added that more than 60,000 Nigerians had expressed interest in the initiative.
Chairman of the Senate Committee on Lands, Housing and Urban Development, Senator Aminu Waziri Tambuwal, reaffirmed the National Assembly’s commitment to supporting affordable housing initiatives through legislation aimed at strengthening the sector and improving access to decent housing for Nigerians.
