The Chief Executive Officer of FirstBank Nigeria Limited, Olusegun Alebiosu, has called on the Federal Government to take the lead in expanding access to mortgage finance, saying stronger public-sector intervention is critical to tackling Nigeria’s housing deficit.
Speaking at the 20th Africa International Housing Show (AIHS) in Abuja, Alebiosu stressed that affordable housing cannot be achieved without closer collaboration between government, financial institutions and other stakeholders in the housing sector.
According to him, increasing the supply of affordable homes would help lower property prices and improve access to decent housing for millions of Nigerians.
He noted that private developers alone cannot bridge the country’s housing gap due to the high cost of construction financing, insisting that government-backed housing programmes are essential.
Drawing lessons from the United States and Europe, Alebiosu said government-supported social housing schemes have successfully expanded home ownership and could serve as a model for Nigeria.
He also advised Nigerians to regard home ownership as a long-term investment and only take mortgage facilities that match their financial capacity.
The FirstBank CEO further highlighted the importance of insurance in mortgage financing, saying lenders must carefully assess borrowers’ repayment capacity and manage long-term lending risks before approving housing loans.
FG Targets 150,000 Affordable Homes
Representing President Bola Tinubu at the event, the Minister of Housing and Urban Development, Engr. Mu’taqha Rabe Darma, announced plans to deliver about 150,000 affordable housing units nationwide under the proposed Tinubu Mass Social Housing Scheme.
He said the initiative would provide 200 housing units in each of Nigeria’s 774 local government areas in two phases, complementing the ongoing New Hope Housing Programme.
The minister disclosed that the government is already implementing major housing projects, including the 2,888-unit New Hope Housing Project in Katampe, Abuja, the 2,084-unit development in Ibeju-Lekki, Lagos, and the 2,207-unit project in Lambu, Kano State.
He added that beneficiaries have begun taking possession of homes under the New Hope Rent-to-Own Housing Scheme.
Darma also revealed that the Federal Government has commenced the National Housing Data Programme, aimed at creating Nigeria’s first integrated housing database.
He said efforts are also underway to modernise land administration through the National Land Information System and geospatial mapping to improve efficiency and transparency in land management.
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Founder of the Africa International Housing Show, Festus Adebayo, said the conference theme, “Housing Solutions for Low-Income and Informal Workers in Africa”, reflects the urgent need to make affordable housing accessible to millions of Africans excluded from formal housing systems.
He called for innovative financing models, land reforms, sustainable infrastructure, modern construction technologies and stronger collaboration among governments, private investors and development finance institutions.
Managing Director of the Federal Mortgage Bank of Nigeria (FMBN), Shehu Usman Osidi, said the bank has expanded access to affordable housing finance through several mortgage products, including the non-interest NIT Mortgage Loan, designed to improve financial inclusion for workers in both the formal and informal sectors.
Meanwhile, Managing Director of the Ministry of Finance Incorporated (MOFI), Armstrong Takang, disclosed that the agency has verified over ₦43 trillion in Federal Government assets and is leveraging them to attract private investment into the housing sector.
He said the MOFI Real Estate Investment Fund has already disbursed more than ₦130 billion in mortgage financing, offering homebuyers a 10 per cent equity contribution, 9.75 per cent interest rate, and repayment periods of up to 20 years.
According to him, more than 60,000 Nigerians have expressed interest in the programme.
Also speaking, 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 through enabling legislation.
Esther Ososanya is an investigative journalist with Pinnacle Daily, reporting across health, business, environment, metro, Fct and crime. Known for her bold, empathetic storytelling, she uncovers hidden truths, challenges broken systems, and gives voice to overlooked Nigerians. Her work drives national conversations and demands accountability one powerful story at a time.