The Family Homes Funds Limited (FHFL) has identified the absence of reliable housing data as one of the biggest obstacles to effective housing planning, policymaking, and regulation in Nigeria. The organisation said accurate and up-to-date data is essential for addressing the country’s housing deficit and guiding sustainable urban development.

Speaking at the Stakeholders’ Validation Workshop on the National Housing Data Programme in Abuja, FHFL Executive Director of Operations, Dr. Emeka Inegbu, described data as the foundation of successful housing development. He noted that governments and investors cannot make informed decisions without credible information on housing demand, supply, demographics, land availability, and infrastructure.

According to Inegbu, the lack of reliable housing data has continued to hamper policy formulation, investment planning, and regulatory oversight within Nigeria’s housing sector. He explained that countries with well-developed housing information systems are better positioned to attract investment, improve housing finance, and implement effective housing programmes.

He called for stronger collaboration among government agencies, financial institutions, developers, professional bodies, and research organisations to establish an integrated national housing database. Such a system, he said, would support evidence-based policymaking, improve market transparency, strengthen mortgage financing, and enhance confidence among local and international investors.

FHFL also stressed that credible housing data would improve urban planning, infrastructure development, land administration, and affordable housing delivery by enabling policymakers to accurately assess housing needs and allocate resources more effectively. The organisation maintained that digital data systems would also reduce inefficiencies and improve coordination across the housing value chain.

Industry stakeholders agreed that developing a comprehensive national housing data framework is essential for reducing Nigeria’s housing deficit, attracting investment, and creating a more transparent and efficient real estate market capable of supporting long-term economic growth.

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Family Homes Funds Limited (FHFL), Nigeria’s leading social housing financing fund, has been awarded the prestigious Sustainable Housing Award of the Year (Eco-Friendly Homes for Windows) at the Africa Housing Awards 2025.

This recognition underscores FHFL’s unwavering dedication to providing affordable, eco-friendly housing solutions and its transformative impact on the quality of life for low-income Nigerians.

Established to improve access to homeownership for families on low income, FHFL leverages investments from the private sector, multilateral agencies, and impact investors to raise long-term, low-cost mortgage finance.

Through this innovative approach, the Fund not only addresses the pressing housing deficit but also stimulates economic activity across Nigeria—creating over 84,478 jobs and financing more than 15,722 homes with a total investment of ₦69.4 billion.

FHFL’s strategy is rooted in collaboration, bringing together state governments, project developers, and development finance institutions to deliver affordable and innovative homes.

The organization’s mission aligns with the New Urban Agenda and the United Nations Sustainable Development Goals, championing sustainable cities and communities, poverty reduction, decent work, clean water access, and reduced inequalities.

The Sustainable Housing Award of the Year (Eco-Friendly Homes for Windows) is a testament to FHFL’s commitment to making affordable housing a reality, not just a dream. Their efforts have set new benchmarks for sustainability and inclusivity in Nigerian housing, ensuring that everyone has a place to call home.

Receiving this honor at the Africa Housing Awards 2025 highlights FHFL’s vital role in building a more inclusive, environmentally friendly, and prosperous Nigeria—while inspiring other stakeholders in the sector to pursue excellence and social impact.

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The Federal Government has handed over 100 two-bedroom energy-efficient homes to widows in Rigachikun, Kaduna State, under the Family Homes Funds Limited (FHFL) Social Housing Programme.

The project, which features urban farming spaces and solar-powered systems, was designed to promote sustainable living and economic empowerment among vulnerable women.

Speaking during the handover, FHFL Chairman Demola Adebise said the initiative represents “renewed hope and restored dignity” for beneficiaries. He noted that the development integrates home ownership with skills training, livelihood support, and climate-smart construction.

The project began when the widows collectively offered their land and sought government partnership to build affordable homes. The collaboration, according to officials, resulted in a model for inclusive housing delivery and empowerment.

Each home was constructed using Expanded Polystyrene System technology, cutting costs and carbon emissions by up to 40 percent. In addition, beneficiaries received livelihood training and cottage yards for food processing and income generation.

Managing Director of FHFL, Abdulmuttalib Mukhtar, described the scheme as proof that effective collaboration between citizens and government can drive measurable social change.

Minister of Budget and Economic Planning, Senator Atiku Bagudu, said the project aligns with President Bola Tinubu’s Renewed Hope Agenda, aimed at inclusive growth and tangible development outcomes.

Kaduna State Governor, Senator Uba Sani, commended the initiative as a model of people-centred governance, saying it created over 500 jobs during construction while providing affordable housing for 100 families.

The project was executed in partnership with the National Agency for Science and Engineering Infrastructure (NASENI) and the Kaduna State Government.

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The Family Homes Funds Limited (FHFL) is set to commission 100 housing units for widows in Kaduna on Monday, November 3, 2025, as part of its continued drive to provide decent and affordable homes for vulnerable groups across Nigeria.

Following the Kaduna event, another social housing project for widows will be commissioned in Ibadan, further demonstrating the FHFL’s commitment to inclusive and compassionate housing delivery.

This initiative aligns with the core mandate of the Family Homes Funds Limited to deliver affordable and social housing while creating jobs and improving the quality of life for low-income Nigerians. The widow housing projects are part of the FHFL’s broader social inclusion agenda, ensuring that no one is left behind in the national housing development efforts.

In a related development, the Family Homes Funds Limited, in collaboration with C-STEMP and the African Development Bank (AfDB), is currently in the process of implementing a training programme for artisans across the country. The initiative is aimed at enhancing local capacity in housing delivery, promoting skills development, and empowering young Nigerians for sustainable employment in the construction sector.

Housing TV Africa will bring you comprehensive coverage of the commissioning ceremonies and the ongoing artisan training program as the events unfold.

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The Federal Government has announced a N1 trillion real estate fund through the Ministry of Finance Incorporation to facilitate homeownership with a 12 percent interest rate, aiming to make housing more accessible.

This initiative is seen as a step in the right direction, experts and stakeholders are calling for an even lower interest rate, preferably in the single-digit range, to truly make homeownership a reality for low-income earners.

Festus Adedayo, Executive Director of the Housing Development Advocacy Network (HDAN), acknowledged that while a single-digit interest rate would have been ideal, the current economic realities of Nigeria make it difficult.

However, he emphasized that starting with 12 percent is manageable given the economic challenges the country is facing. He also stressed the need for locally produced building materials to reduce construction costs and called on the Central Bank of Nigeria (CBN) to take a more active role in the housing and mortgage sector. In his view, the government must also support the Family Homes Funds (FHF) and the Federal Mortgage Bank of Nigeria (FMBN) to promote social housing and cater to those who may not be able to afford even the 12 percent interest rate.

Adewunmi Okupe, Managing Director of Ace Hi-Teck Construction Co., pointed out that a salary earner making N360,000 per month would struggle to afford a mortgage at 12 percent interest. He advocated for an interest rate between 4 to 6 percent, stating that affordable housing must come with affordable interest rates. Okupe calculated that taking a mortgage on a N12 million home at 12 percent interest would mean paying N1.44 million annually in interest alone, which translates to N120,000 per month. Given this, he argued that such a loan structure would be unfeasible for the average Nigerian worker.

Some experts believe that the government’s current 12 percent interest rate will result in unproductive mortgages that won’t truly address the housing crisis. One expert, identified simply as “Evocati,” questioned how the government arrived at this rate, arguing that with the current cost of homes, the mortgage system, as structured, does not benefit the target population. He insisted that a combination of single-digit interest rates and some form of housing subsidy would be the only way to make homes accessible to lower-income earners.

Dr. Niyi Ade, another industry expert, agreed that while the 12 percent rate increases affordability to some extent, it still excludes those at the lowest economic level. He argued that intervention should go beyond interest rates and extend to building materials and cost-effective construction methods.

However, not all experts share the same sentiment. Some, like Banjo, believe that 12 percent is still a significant improvement compared to the over 30 percent interest rates currently offered in the market. He argued that while single-digit interest rates would be preferable, starting with 12 percent is a step in the right direction, especially given the Monetary Policy Rate (MPR) of 27.5 percent.

Lagos-based estate surveyor and valuer, Femi Oyedele, dismissed the idea of single-digit interest rates in Nigeria, stating that economic conditions and cultural factors do not support such rates. He suggested that a single-digit rate is unlikely in the next ten years. He also clarified that the Ministry of Finance Incorporation (MOFI) is not a mortgage bank but a commercial entity designed to facilitate financial transactions.

He pointed to a similar N250 billion initiative announced in late 2024, which was meant to stimulate economic growth through the housing sector but was not structured as an affordable mortgage fund. According to Oyedele, the N1 trillion fund at 12 percent interest is more of a low-interest commercial loan than a mortgage loan, as true mortgage financing requires a structured contribution from prospective homeowners rather than direct government intervention.

Another expert, Emmanuel, believes that achieving a single-digit interest rate is possible in the medium term, provided the Naira’s devaluation is controlled and economic policies become more disciplined and transparent. He suggested that if MOFI is managed efficiently, the N250 billion initiative could be leveraged to generate over N1 trillion in funding for inclusive housing development. This, he said, would not only boost affordable housing but also attract impact investment and additional mortgage products that the sector has long struggled to secure.

While the N1 trillion real estate fund represents progress, the debate on affordability continues. Many experts believe that without a lower interest rate and additional housing subsidies, the initiative will not fully address Nigeria’s housing deficit. Others argue that given the country’s current economic situation, 12 percent is a reasonable starting point. The coming months will reveal whether this policy can truly bridge the housing gap or if further reforms will be necessary to ensure that homeownership is within reach for more Nigerians.

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Originally developed under various state and federal housing schemes, these estates were meant to provide affordable homes to low and middle-income earners, but years later, they remain largely unoccupied, turning into symbols of wasted investment and misplaced priorities.

In Bauchi, several ambitious projects were launched, including the Unity Housing Estate, the Family Homes Funds Affordable Housing Project, and the Renewed Hope Estate. The Unity Housing Estate, a partnership between the state government and a private developer, was meant to provide 1,000 low-cost homes for civil servants.

The Family Homes Funds project, launched in 2020, aimed to deliver 2,500 housing units for average Nigerians, offering flexible payment options. Despite these efforts, a significant number of houses remain empty, plagued by high costs that put them out of reach for the very people they were intended for.

Residents lament that land prices in key areas like Kano and Jos roads have skyrocketed, with a single plot costing between N19 million and N20 million. Many argue that the soaring cost of construction materials—cement, steel, and wood—has driven housing prices far beyond affordability. Experts believe that without a functional mortgage system to help spread payments over time, homeownership will remain a distant dream for many Nigerians.

The situation in Jigawa is no better. Hundreds of houses built under the Federal Integrated Housing Scheme (FISH) in Dutse have been left unoccupied for years. The estate, which includes 48 two-bedroom and 24 three-bedroom semi-detached bungalows, has been severely affected by neglect. Windstorms and vandals have stripped many homes of their roofs, while the once-promising estate now serves as a grazing ground for cattle and a water collection point for vendors. Civil servants, who were supposed to be the primary beneficiaries, have been deterred by the high cost of purchase and rigid repayment structures.

Meanwhile, in Gombe State, there has been a more positive outcome. More than 50% of government-constructed houses have been allocated to buyers, with over 100 homes sold under the Federal Ministry of Housing’s Renewed Hope Estate initiative. Yet, even in Gombe, the high cost of acquiring these homes remains a major challenge, with prices ranging from N9.2 million for a one-bedroom apartment to N16.4 million for a three-bedroom bungalow.

The ongoing housing crisis raises pressing concerns about urban planning, economic waste, and government accountability. While policymakers continue to roll out new housing projects, the fundamental issue remains unaddressed—how to make these homes truly affordable for Nigerians who need them the most. Without urgent intervention, these empty estates will continue to decay, serving as stark reminders of a system that has failed its people.

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Over the years, FHFL has not only shown promise in fulfilling this mandate but has also evolved into a dynamic Development Finance Institution (DFI) that caters to a wide range of homeownership solutions on both the demand and supply sides of the housing market.

2.0 Early Years and Mission

In 2018, FHFL became fully operational as a company of the Federal Government of Nigeria with initial efforts focused on financing social housing projects – a critical step in ensuring that every Nigerian family could have a safe and decent place to call home. This was tied with the complementary role of creating jobs and promoting local production of building materials. One could say that FHFL combines social purpose and national ambition with the efficiency and competitiveness of the private sector.

Getting off the mark, FHFL had to contend with obvious barriers to affordable housing including access to land, high inflation, cost of construction, finance, and limited purchasing power on the demand side. Nonetheless, our first initiative was the development of 2,908 homes across five states – Ogun, Kano, Delta, Kaduna and Nasarawa, now referred to as the FHFL Legacy Estates. We directly executed these projects to demonstrate to the market, especially to developers, that affordable housing was not only possible but can be decent and impactful.

Beyond financing, we also began to undertake a lot of capacity building that is much needed in the housing sector. We engaged with several stakeholders including developers, partner financial institutions and cooperatives on the need to institutionalise corporate governance and innovation in their operations.

3.0 Impact and Achievements

1. 15,689 homes financed for low-income families

Since inception, FHFL has made significant strides in delivering on its promise. To date, we have financed the construction of over 15,000 homes across Nigeria, making homeownership a reality for thousands of families. These homes offer safe, secure, and sustainable living conditions, significantly improving the quality of life for thousands of households. Our projects span both urban and rural areas, ensuring broad accessibility and impact.

1. 84,000+ direct and indirect jobs created

Through our housing projects, FHFL has created over 84,000 jobs, both directly and indirectly. This includes employment in construction, manufacturing, and related industries, providing vital income and stability to local communities. Our focus on local hiring practices has further amplified the socio-economic benefits of our projects.

1. Training and development for artisans and professionals

Image: artisans training programme in North East

Recognizing the importance of skill development, FHFL has implemented comprehensive training programs for artisans and other professionals in the housing sector. Our capacity-building initiatives have equipped thousands with the skills and knowledge needed to excel in their trades, promoting high standards of craftsmanship and enhancing employment opportunities. This initiative has today benefitted over 3,000 artisans across Nigeria.

1. Promoting inclusive housing

Beyond meeting the housing need of families on low to middle income, FHFL has deliberate housing programs and projects for vulnerable groups such as internally displaced persons, women, and students.

Such programs include FHFL’s partnership with states in the Northeast of Nigeria – a region that is severely impacted by insurgency. Through this partnership, FHFL has financed the development of over 8,500 homes for families that were previously displaced by this insurgency, guaranteeing them a fresh start and a promising future.

Also, for universities across Nigeria, FHFL is in partnership with other stakeholders to provide sufficient hostel accommodation where students can have a decent living, and healthy learning environment. We laid the foundation for the first of this project in 2024 at the Akwa Ibom State University, where 1,600 new bed spaces including much-needed amenities like study and fitness areas, laundromat, and common areas is being built.

Image: Groundbreaking ceremony for students housing project in Akwa Ibom state

We are also supporting the provision of homes for widows across the country with a pilot phase of 200 homes in Northwestern Nigeria.

4.0 Evolution and Expansion

Recognizing the need to address various facets of the housing market, FHFL has evolved beyond its initial focus on social housing. Today, we operate as a full-fledged Development Finance Institution, offering innovative financing solutions that cater to diverse housing needs. Our portfolio now includes a range of homeownership products designed to meet the unique requirements of Nigerian families, whether through demand-side subsidies or supply-side financing.

READ ALSO: FG Inaugurates Family Homes Fund Board, Promises Affordable Housing for Low-Income Earners

1. Affordable Housing Fund (AHF)

The Affordable Housing Fund is aimed at financing the construction of affordable homes for families on low income. Towards achievement of this goal, FHFL is working in partnership with public and private sector developers by providing competitively priced direct financing – both debt and equity to finance projects that meet our strategic objectives.

1. Help to Own (HTO)

Help to Own is a Home Loans assistance initiative that allows households buy a new home by contributing only a 10% deposit rather than the traditional 20-30% deposit. The remaining 90% is funded by FHFL and our mortgage partners.

Image: Handover ceremony of new homes to Help-to-Own beneficiaries in Nasarawa state

1. Rental Housing Fund (RHF)

The Rental Housing Fund enables low-income households move into a new home with one month’s rent and deposit viz Rental Housing, Student Housing. The Fund aims to address Nigeria’s pressing affordable housing deficit by providing mid-income rental housing options to meet the growing demand for quality and accessible housing.​ The Rental Housing Fund seeks to address two (2) key finance challenges in Nigeria:​ absence of financing for the development of rental housing projects in Nigeria, and lack of infrastructure financing mechanisms for mid to large-scale projects.​

1. Land and Infrastructure Fund

The Land and Infrastructure Fund is a short-term construction finance facility for real estate developers, offering a 10% interest rate viz land banking, off-site infrastructure.

5.0 Capital Raising and Partnerships

A key factor in our success has been our ability to secure funding beyond government allocations. Besides the initial investment from the Federal Government and the Sovereign Wealth Fund, we also position ourselves to attract funding from the domestic capital market, international Development Finance Institutions (DFIs), the private sector, philanthropy funds, insurance funds, multilateral agencies, and impact investors. This diversification of income options and blended finance affords us a more stable and sustainable business model. These funds have enabled us to expand our initiatives and reach more families in need of housing solutions. Our strategic partnerships with international DFIs have also brought in valuable expertise and best practices, further enhancing our impact.

With the African Development Bank (AfDB), we have devised a strategic alliance aimed at expanding access to affordable homes on the demand side. Simultaneously, on the supply side, we have joined forces with the Agence Française De Développement (French Development Agency – AFD) to facilitate the provision of student housing within Nigerian universities. We also maintain strong affiliations with the ECOWAS Bank for Investment and Development (EBID) to bolster our operations and drive the development of additional housing projects.

In 2021, we achieved a significant milestone by successfully raising ₦30 billion through a Sukuk Bond Issuance in the capital market – the first in the history of Nigeria. This was a significant boost to our relentless pursuit of strong financial capabilities for affordable housing development in Nigeria.

To remain in good standing for partnerships and investments, we have diligently built an institution eligible for favourable investment grade ratings. Presently, our GCR rating stands at BBB+ (positive), while our Agusto & Co. rating is A+ with stable outlook. Existing now for only about 6 years, we are proud of this progress and have not lost sight of what is still ahead of us.

6.0 Commitment to Innovation and Sustainable Practices

In a market like Nigeria, both the demand and supply sides require significant interventions. So, by designing a range of interconnected demand and supply interventions, we have been able to deliver homes and homeowners at the same time. For example, our Affordable Housing Fund product finances the construction of homes, while our Help to Own Fund – a mortgage product – is making homeownership accessible to a broader segment of the population, promoting economic inclusion and financial stability. We continually explore new ways to make housing more affordable and accessible, leveraging technology and innovative financing models.

Furthermore, we have embraced Environmental, Social, and Governance (ESG) principles as the foundation for aligning our operations with global goals for environmental sustainability, equity, social justice, and transparency. Integrating ESG considerations into our corporate strategy is enabling the organisation to create sustained value for our investors, foster positive relationships with customers and local communities, and inspire confidence in our employees that we are an impact-driven organisation.

FHFL is committed to incorporating sustainable building practices in all our projects. This includes the use of eco-friendly materials and energy-efficient designs, contributing to environmental conservation and long-term cost savings for homeowners. In deepening local capacity in this regard, we are in partnership with the National Agency for Science and Engineering Infrastructure (NASENI) to support the promotion new building technologies, local content and training initiatives.

7.0 Supporting the Federal Government’s Renewed Hope Agenda

Images: ongoing work at the Renewed Hope site, Karsana, Abuja

Family Homes Funds Limited is supporting the Federal Government of Nigeria’s (FGN) ‘Renewed Hope Agenda’, with the core objective of revitalising the Nigerian economy, bringing about prosperity and unity. The agenda, according to President Bola Ahmed Tinubu represents a ‘’commitment to unleashing our country’s full economic potential, by focusing on job creation, access to capital for small and large businesses, inclusiveness, the rule of law, and the fight against hunger, poverty and corruption.’’

One of the key areas of the agenda is the Renewed Hope Cities and Estate Programme – a nationwide initiative for housing development. The programme’s ambition is to deliver 100,000 homes and create 1.2m direct and indirect jobs, leveraging public-private partnership. This is in addition to the value chain effects of purchase, supply of building materials, businesses around the construction sites, etc.

Family Homes Funds Limited is playing a crucial role in the actualisation of the Federal Government’s Renewed Hope Cities and Estate Programme, providing funding for the project as the pilot phase kicks off in Abuja where 20,000 of those homes would be built. We are very excited about this partnership, because we know that beyond homes, the construction and development of these new areas will generate employment opportunities, stimulate local businesses, and attract investments.

Conclusion

Family Homes Funds Limited remains dedicated to transforming the housing landscape in Nigeria through our comprehensive approach that combines affordable housing provision, job creation, economic stimulation, and capacity building. Our ongoing efforts continue to make a profound impact on the lives of individuals and communities, driving national progress and development.

From our early days of financing social housing to our current status as a comprehensive DFI, we have remained dedicated to improving the lives of Nigerian families through sustainable housing solutions. As we look to the future, we remain focused on our mission, driven by the belief that everyone deserves a place to call home.

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Ajuri Ngelale, Special Adviser to the President, Media, and Publicity, in a statement on Tuesday, said the appointment was in furtherance of efforts by the federal government to energize growth opportunities within the real estate sector.

The newly appointed members of the board include Demola Adebise – Chairman, Abdul Muttalab – CEO/Managing Director, and Abdullahi Musa – Executive Director (Finance).

Others are: Emeka Henry Inegbu – Executive Director (Operations), Representative of the Ministry of Finance Incorporated – (Non-Executive Director), and Representative of the Nigeria Sovereign Investment Authority (NSIA) – (Non-Executive Director).

The appointees also include Sam Okagbue – (Non-Executive Director), Musa Ahmed – (Non-Executive Director), Dr Eniang Nkang – (Non-Executive Director) and Bilkisu Usman – (Non-Executive Director).

“The President expects that the new members of the board will deploy their expertise, experience, and commitment to steer the Family Homes Funds towards achieving its mandate of driving growth and development in the real estate sector,” said the statement.

READ ALSO: Family Homes Funds: Beacon of Hope in Nigeria’s Housing Crisis

The FHFL is a federal government organization that supports low-income families to attain their home ownership dreams.

Its objective is to solve Nigeria’s housing deficit by making it easier for people to finance affordable housing projects that align with the New Urban Agenda and the Global Goals.

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