FG unveils mortgage reforms, local partnerships to expand homeownership

The Minister of Housing and Urban Development, Arc. Ahmed Musa Dangiwa, has reaffirmed the Federal Government’s commitment to fixing the structural and macroeconomic foundations needed to make housing affordable for Nigerians.

Speaking at the opening of the 19th Africa International Housing Show (AIHS) in Abuja on Tuesday, Dangiwa said President Bola Tinubu’s administration is actively stabilising the economy, strengthening the Naira, increasing real incomes, and curbing inflation, steps that will ultimately make homeownership attainable for citizens.

In a major policy announcement, Dangiwa unveiled the State-by-State Homeownership and Housing Development Campaign, a strategic outreach programme that will engage state governments, private sector players, and development partners to close the gap between federal housing policies and state-level implementation.

The campaign includes embedding Housing Reform Champions as Special Advisers to governors, setting up State Housing Roundtables, offering technical support, and ensuring alignment with federal programmes like the Federal Mortgage Bank of Nigeria (FMBN), Nigeria Mortgage Refinance Company (NMRC), Family Homes Funds, and the Mass Rent-to-Own and Equity Investment Facility (MREIF).

Outlining the Renewed Hope Housing Programme, the Minister said it consists of:

• Renewed Hope Cities: Large-scale urban developments with integrated infrastructure in major cities like Abuja, Lagos, and Port Harcourt.
• Renewed Hope Estates: Medium-density residential clusters across 30 states.
• Renewed Hope Social Housing Estates: Deeply affordable housing in every local government area, supported by targeted subsidies.

Dangiwa highlighted the creation of the MOFI Real Estate Investment Fund (MREIF) to provide long-term mortgage loans at 12% interest, alongside innovative Federal Mortgage Bank schemes such as the Rent-to-Own and Rental Assistance programmes aimed at urban workers and low-income earners.

The government is also rolling out the National Urban Renewal and Slum Upgrade Programme, focused on infrastructure, housing rehabilitation, and service delivery in underprivileged areas, in line with UN-Habitat and Addis Declaration principles.

Meanwhile, former Minister of Information, Prof. Jerry Gana, warned of Nigeria’s deepening housing crisis and called for urgent intervention.

He identified high inflation (23.71% as of April 2025), interest rates (27.5%), and heavy reliance on imported building materials (which make up 50–70% of housing costs) as key drivers of unaffordability.

Gana advocated the local manufacturing of building materials in Nigeria’s six geopolitical zones and urged the decentralisation of infrastructure management, empowering states and local governments to develop their own housing solutions.

He stated: “We must come together and produce ‘Made in Nigeria’ houses… promoting local content in housing is a strategic imperative.”

Representing former Head of State General Yakubu Gowon, Prof. Suleiman Bogoro echoed the need to prioritise affordable housing, inclusive development, and sustainable urban planning to achieve equitable growth.

Paul Okunlola of UN-HABITAT raised concerns over Africa’s growing housing deficit, with over 2.8 billion people globally lacking access to safe, affordable, and adequate housing.

He urged Nigeria to rethink its urban policies, land use laws, and financing models, noting the lack of reliable data on the nation’s housing needs as a major barrier.

Project 365: FG sets 2030 deadline to end Hepatitis epidemic in Nigeria

He concluded: “If you can’t measure it, you cannot fix it.”

“We must prioritise housing and basic services as key drivers of climate action and sustainable development.”