The Federal Mortgage Bank of Nigeria (FMBN) and the Nigeria Social Insurance Trust Fund (NSITF) have strengthened discussions on a strategic partnership aimed at improving access to affordable housing for Nigerian workers.

This formed the highlight of a courtesy visit by the Managing Director and Chief Executive Officer of NSITF, Oluwaseun Faleye, who led a delegation to the Managing Director of FMBN, Usman Shehu Osidi, at the bank’s headquarters in Abuja on Wednesday.

The meeting focused on exploring collaborative initiatives that would enhance the welfare of Nigerian workers, particularly through improved housing opportunities and social protection programmes.

Speaking during the engagement, the Managing Director of FMBN, Usman Shehu Osidi, reiterated the bank’s commitment to driving housing development in Nigeria through mortgage financing and housing construction initiatives targeted at workers.

He explained that the bank has facilitated the development of thousands of housing units across the country while providing mortgage loans to contributors under the National Housing Fund (NHF) scheme.

Osidi noted that stronger collaboration with institutions such as NSITF would further broaden the opportunities available to workers seeking access to decent and affordable housing.

According to him, partnerships among key government institutions remain critical in addressing Nigeria’s housing deficit while improving the overall welfare of workers.

On his part, the Managing Director and Chief Executive Officer of NSITF, Oluwaseun Faleye, described the visit as part of ongoing efforts by the organisation to strengthen institutional partnerships that support the long-term wellbeing of Nigerian workers.

Faleye explained that NSITF remains committed to protecting workers through social security programmes, particularly in cases involving workplace hazards, while also pursuing reforms aimed at improving the agency’s service delivery.

He expressed optimism that closer collaboration with the Federal Mortgage Bank of Nigeria would create new opportunities for Nigerian workers to access decent housing.

Members of the NSITF delegation also noted that partnership between the two institutions could open new pathways for workers to benefit from improved welfare programmes, including access to affordable homes.

As part of the visit, the NSITF delegation presented a symbolic gift to the management of the Federal Mortgage Bank of Nigeria, further underscoring the spirit of collaboration between both organisations.

Both institutions expressed confidence that sustained cooperation would contribute to improved living conditions, job creation and enhanced welfare for Nigerian workers.

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The Managing Director of the Federal Mortgage Bank of Nigeria (FMBN), Shehu Osidi, has led the bank to a historic ₦152.4 billion National Housing Fund (NHF) collection in 2025, the highest annual figure since the scheme was established.

The performance represents a 48 per cent increase over the ₦103 billion recorded in 2024 and signals a significant strengthening of Nigeria’s housing finance framework.

Strategic Repositioning of the Bank

Shortly after assuming office, Osidi introduced a reform-driven agenda focused on financial sustainability, operational efficiency, customer impact, and institutional renewal. This structured reset repositioned the bank around measurable revenue targets and tighter internal controls, creating a clearer pathway for expanding NHF collections.

The renewed governance structure improved compliance monitoring and enhanced contribution enforcement across both public and private sector participants.

Expansion of Contributor Base

A major factor behind the growth was the aggressive registration of new contributors into the NHF scheme. In 2025 alone, more than 139,000 Nigerians were added to the fund, building on strong registrations in the preceding year. Over the past two years, the bank has enrolled well above 300,000 new contributors.

The wider contributor pool significantly increased monthly inflows and strengthened liquidity across the scheme.

Reintegrating States Into the Scheme

The bank also recorded progress in re-engaging state governments that had previously withdrawn from the NHF programme. Oyo State approved the reintegration of its workforce after nearly three decades outside the scheme, while Kano State moved closer to full participation following a formal agreement with the bank.

Bringing state workers back into the NHF system expanded the contribution base and reinforced institutional confidence.

Improved Refund Efficiency and Public Confidence

NHF refunds rose to ₦15.6 billion in 2025, benefiting more than 55,000 contributors. The consistent increase in refund payments over recent years reflects reforms aimed at reducing processing delays and strengthening operational systems.

Faster refunds improved trust in the scheme and reassured contributors of fund accessibility when due.

Stronger Loan Performance and Recovery

The bank’s improved credit management framework also contributed to overall financial stability. Project loan disbursements rose significantly in 2025, while individual mortgage approvals recorded notable growth. Recovery of delinquent loans improved through dedicated task teams deployed nationwide.

Primary Mortgage Banks demonstrated stronger repayment discipline, reflecting improved oversight and credit quality within the system.

Institutional Stability and Surplus

FMBN previously posted its first operational surplus in over three decades, strengthening its balance sheet and improving its ability to scale lending activities. Enhanced financial discipline created the foundation for more sustainable NHF mobilisation.

Policy Alignment and Housing Delivery

The bank’s expanded support for large-scale housing initiatives under the Renewed Hope Housing Programme linked NHF collections to visible project delivery. Funding allocations for major housing projects in Lagos, Abuja, and other states reinforced the practical impact of contributions.

The record ₦152.4 billion collection in 2025 reflects a combination of structural reforms, contributor expansion, improved governance, and stronger credit oversight. Under Osidi’s leadership, the NHF scheme has entered a phase of accelerated growth, positioning it as a more robust instrument for advancing affordable homeownership in Nigeria.

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The Housing Development Advocacy Network (HDAN), Africa’s leading housing advocacy organisation, has criticised the persistent under-performance of Nigeria’s mortgage sector, warning that millions of citizens remain unable to access affordable homeownership.

HDAN raised the concern at the Mortgage Bankers Association of Nigeria (MBAN) Mortgage Finance Roundtable held recently in Lagos.

Speaking at the event, HDAN’s Executive Director, Festus Adebayo, lamented the mortgage system’s long-standing failure to support Nigerians who need housing finance the most. According to him, the sector has remained ineffective despite years of policy interventions.

“Nigeria’s mortgage sector is not delivering for the people who genuinely need it. Too many Nigerians are shut out because the system is not structured to support affordability or accessibility,” he said.

Adebayo explained that a large percentage of Nigerians operate outside the formal banking system, while many potential homeowners do not possess the income documentation required by banks. Even those who qualify, he noted, face prohibitive interest rates ranging between 18 and 30 per cent — a level that consumes almost half of a typical family’s monthly income and makes homeownership unrealistic.

Beyond interest rates, he highlighted deeper structural challenges. Land titling, he said, remains entangled in bureaucracy that slows transactions and discourages investors. He added that foreclosure laws are unreliable and painfully slow, making long-term mortgage lending unattractive because banks struggle to recover funds if borrowers default.

Adebayo stressed that meaningful change will require more than policy declarations. He urged the government to rebuild key pillars of the housing finance ecosystem, beginning with strengthening the Nigeria Mortgage Refinance Company (NMRC) and ensuring the availability of long-term capital to support lower-interest mortgage products. He also emphasised the need to properly support government-backed initiatives such as the Family Homes Fund to expand access to affordable housing.

He noted that Nigeria’s macroeconomic instability — including high inflation and a volatile currency — continues to make mortgage pricing unpredictable, discouraging banks from offering long-term loans. According to him, the country urgently needs de-risking tools such as mortgage insurance and government guarantees to restore investor confidence.

On affordability, Adebayo said even households earning about ₦500,000 monthly struggle with mortgage repayment, pushing many Nigerians toward incremental building, cooperative housing schemes, and rent-to-own arrangements. He urged Nigeria to adopt more flexible global homeownership models, including shared-equity systems, income-linked repayment plans, and hybrid rental-ownership options, to close the affordability gap.

Looking ahead, he outlined key steps needed to reposition the sector for improved performance. These include expanding refinancing opportunities and long-term capital sources, stabilising the macroeconomic environment, digitising land administration, attracting private and institutional investment, and developing flexible mortgage products tailored to informal workers and young people.

Adebayo said these reforms are essential if the mortgage industry is to support sustainable homeownership and contribute meaningfully to reducing Nigeria’s housing deficit.

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The Housing Development Advocacy Network (HDAN), Africa’s leading housing advocacy organisation, has criticised the persistent poor performance of Nigeria’s mortgage sector, warning that millions of Nigerians remain unable to access affordable homeownership.

The organisation, HDAN raised the concern during the Mortgage Bankers Association of Nigeria (MBAN) Mortgage Finance Roundtable held recently in Lagos.

Speaking at the event, the Executive Director of HDAN, Festus Adebayo, lamented the sector’s inability to support Nigerians who need mortgage financing the most. He said the system has not met the desired expectations over the years despite many years of consistent advocacy.

According to him, “Nigeria’s mortgage sector is not delivering for the people who genuinely need it. Too many Nigerians are shut out because the system is not structured to support affordability or accessibility.”

He noted that even those who qualify for mortgage loans face interest rates ranging between 18 and 30 percent, a burden that consumes nearly half of a family’s monthly earnings and makes homeownership unrealistic for most.

He added that the challenges extend far beyond high interest rates. Land titling remains deeply entangled in bureaucracy, slowing down housing transactions and discouraging investors.

Foreclosure laws, he said, are unreliable and slow, making long-term lending unattractive to mortgage banks because they cannot recover their investments easily if borrowers default.

Adebayo stressed that addressing these issues requires more than public declarations. He said the government must rebuild critical pillars of the housing finance system by strengthening the federal mortgage bank of Nigeria, Nigeria Mortgage Refinance Company (NMRC) and ensuring that long-term capital is available to support lower-interest mortgage products.

He also highlighted the importance of government-backed initiatives such as the Family Homes Fund and MREIF ,which, if properly supported, could significantly expand affordable housing for Nigerians.

He pointed out that Nigeria’s macroeconomic instability, driven by high inflation and a volatile currency, makes mortgage pricing unpredictable and discourages banks from offering long-term loans.

He explained that the country urgently needs de-risking tools such as mortgage insurance and government guarantees to restore confidence in mortgage lending.

Discussing affordability, Adebayo noted that even households earning around ₦500,000 monthly continue to struggle with mortgage repayment. He said this reality forces many Nigerians to resort to self-financing and incremental construction, rent-to-own schemes, and cooperative housing contributions.

He added that the country must begin to adopt more flexible homeownership models used globally, including shared-equity systems, income-linked repayment plans, and hybrid rental–ownership arrangements, if it hopes to close the affordability gap.

Looking ahead, Adebayo outlined several steps required to reposition the mortgage sector for improved performance. He said the country must expand refinancing opportunities and long-term capital sources, stabilise the economy, digitise land administration systems, attract private and institutional investment, and create flexible mortgage products tailored to informal workers and young people.

According to him, these reforms are essential if the mortgage industry is to support sustainable homeownership and contribute meaningfully to reducing Nigeria’s housing deficit

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Nigeria is taking a significant step toward reducing its housing deficit as the Securities and Exchange Commission (SEC) and the Federal Mortgage Bank of Nigeria (FMBN) begin work on a new Non-Interest Mortgage (NIM) framework designed to widen access to affordable housing for millions of citizens.

Strategic collaboration to deepen financial inclusion

The initiative, unveiled after a high-level meeting in Abuja on Friday, aims to establish a robust ecosystem for Sharia-compliant mortgages. It targets Nigerians who have long been excluded from conventional interest-based financing, particularly those seeking ethical and religiously compliant homeownership options.

Nigeria’s housing deficit—currently estimated at over 28 million units—has been worsened by a lack of accessible and affordable mortgage products. The proposed non-interest model is being positioned as a major tool for bridging this longstanding gap.

SEC to guide non-interest capital market instruments

Emomotimi Agama, Director-General of the SEC, said the Commission will provide the regulatory foundation to support the issuance of Sukuk and other non-interest capital market instruments that can finance mortgage development. He described the collaboration as essential to unlocking long-term housing finance.

According to Agama, establishing a clear regulatory pathway for non-interest, mortgage-backed securities will attract ethical investors at home and abroad. This, he said, will create a sustainable cycle of funding, construction, and homeownership across the country.

FMBN seeks inclusive mortgage products

FMBN’s Managing Director/Chief Executive, Shehu Osidi, emphasised that the partnership addresses a persistent gap in the National Housing Fund (NHF) scheme. Many eligible Nigerians, he noted, have avoided the scheme because of the interest-based nature of available mortgage products.

Osidi said the Bank is committed to developing mortgage options that respect ethical considerations, promote inclusion, and remain financially viable over the long term. He described the collaboration with SEC as a strategic step toward delivering affordable housing solutions nationwide.

Experts describe initiative as long overdue

Housing finance expert, Ebilate McYoroki, welcomed the development, calling it a transformative policy shift. He said the framework could draw in a large segment of potential homeowners and investors who were previously sidelined.

McYoroki added that successful implementation of the non-interest framework could significantly boost housing delivery, stimulate construction activities, and create new employment opportunities.

Exploring non-interest mortgage models

The SEC–FMBN partnership is reviewing several Sharia-compliant models designed to promote asset-backed, interest-free home financing.

These include the Musharakah diminishing partnership structure, the Ijara lease-to-own model, and the Murabaha cost-plus sale arrangement. Each model is built on shared risk, transparency, and equitable returns, making them suitable alternatives to conventional interest-driven mortgages.

Potential impact on Nigeria’s housing sector

If implemented effectively, the non-interest mortgage framework is expected to reduce the housing deficit, empower low- and middle-income earners, and foster greater financial inclusion. The initiative also has the potential to energise the construction industry, strengthen investor confidence, and support broader economic growth

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The Jigawa State Government has approved ₦19.6 billion for a major housing project. The plan includes building 560 homes across nine local government areas.

Commissioner for Information, Youth, Sports, and Culture, Sagir Musa, announced the decision after the recent Executive Council meeting in Dutse.

Phase Two of the State’s Housing Scheme

This project is part of the second phase of Jigawa’s Mass Housing Estate initiative. It will include:

• Three-bedroom detached houses

• Two-bedroom semi-detached houses

• All homes will have perimeter fencing for security

The houses will be built in:
Babura, Birnin Kudu, Dutse, Gumel, Hadejia, Kafin Hausa, Kazaure, Maigatari, and Ringim.

 Housing, Jobs, and Local Impact

According to the commissioner, this housing effort is designed to:

• Improve living conditions

• Boost the local economy

• Create jobs through construction and supply chains

 The Bigger Picture: Nigeria’s Housing Crisis

Nigeria is currently facing a housing deficit of over 28 million units. The Minister of Housing and Urban Development, Arc. Musa Dangiwa, revealed that:

• Over 75% of homes in Nigeria are substandard

• Nearly half of Nigerians live in informal or slum settlements

What the Federal Government Is Doing

To respond to the crisis, the federal government launched the Renewed Hope Cities and Estates program in 2024. The goal is to deliver 100,000 new homes across the country. Ownership plans include:

• Rent-to-own schemes

• Outright sales

• Single-digit, 30-year mortgage loans from the Federal Mortgage Bank

In April 2025, the federal government announced another plan to build 77,400 homes. About 80% of these are reserved for low-income families. They will be able to pay gradually, using one-third of their monthly income.

 Funding Challenges Remain

Despite progress, the government still faces funding issues. Minister Dangiwa urged the Senate to allocate at least ₦500 billion annually to housing.

To meet the goal of 550,000 homes per year over the next 10 years, ₦5.5 trillion will be needed every year — making the ₦500 billion request just a fraction of the real need.

Why Jigawa’s Move Matters

Jigawa’s new housing project may be one part of a much larger challenge, but it shows a serious commitment to tackling Nigeria’s housing crisis  one home at a time.

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In a statement released in Abuja, the Executive Director of HDAN, Barr. Festus Adebayo, described Mr. Osidi as a distinguished technocrat whose decades of service have significantly impacted Nigeria’s housing and mortgage finance sector.

Born on May 10, 1965, in Shafa Abakpa, Toto Local Government Area of Nasarawa State, Mr. Osidi is a seasoned banker with over 30 years of experience in the financial sector. He holds a Master’s degree in Business Administration and is a Fellow of the Chartered Institute of Bankers of Nigeria (FCIB).

Mr. Osidi joined the Federal Mortgage Bank of Nigeria in 2010 as an Assistant General Manager and has since played pivotal roles in the bank’s operations. He voluntarily retired from the Bank in September 2023 as General Manager, following his appointment as Chief of Staff to the Honourable Minister of Housing & Urban Development. In February 2024, he was appointed Managing Director/Chief Executive Officer of FMBN by President Bola Ahmed Tinubu—a move aimed at repositioning the bank to better address Nigeria’s housing challenges.

Since assuming leadership, Mr. Osidi has introduced impactful initiatives to promote affordable housing across the country. The bank has supported the construction of housing units for civil servants and collaborated with key stakeholders to implement the Renewed Hope Cities and Estates Programme, which aims to build 50,000 homes in its first phase.

His tenure has also witnessed strengthened partnerships with state governments, the military, and international organizations to expand access to mortgage financing. His commitment to transparency, innovation, and customer-centric service has played a major role in repositioning FMBN as a key institution in Nigeria’s housing finance landscape.

“Mr. Osidi is a man of vision and integrity. His contributions to housing finance and development in Nigeria are commendable. At HDAN, we value partners like him who share in our mission to bridge the housing gap across Africa,” Barr. Adebayo stated.

Under Mr. Osidi’s leadership, the bank has recorded significant progress and innovations aimed at making homeownership more accessible for Nigerians.

He is an alumnus of the Harvard Kennedy School of Govt, Harvard University, USA as well as the Wharton School, University of Pennsylvania, USA.

With his consistent drive and bold reforms, Mr. Osidi continues to shape the future of affordable housing in Nigeria, ensuring that the dream of homeownership becomes a reality for millions, one mortgage at a time.

Adebayo further prayed for Mr. Osidi’s continued good health, wisdom, and greater accomplishments in the years ahead.

— Ubong Usoro, Prince Folorunsho Adegoke

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Nigeria’s housing system is getting a much-needed upgrade, and the man leading the change is Honourable Ahmed Musa Dangiwa. As Minister of Housing and Urban Development, he brings both passion and expertise to the role.

He is not just another government official he’s an experienced architect with a clear goal: to create a more inclusive and sustainable Nigeria.

From Katsina to the National Stage

Dangiwa was born in Katsina State. His early years were shaped by a strong family focus on education and service. That background sparked his interest in design and infrastructure. He followed that path to Ahmadu Bello University in Zaria, where he earned degrees in Architecture.

To sharpen his leadership skills, he later studied at respected global schools such as the Wharton School, Harvard Kennedy School, and the University of Cape Town. These experiences gave him the tools to think beyond design and focus on broader development goals.

Building a Career on Action

He began his career as an architect in the private sector. Eventually, he moved into public service. In 2017, he was appointed as the Managing Director of the Federal Mortgage Bank of Nigeria (FMBN). During his time there, he brought major changes. He improved access to housing, updated the National Housing Fund, and earned public trust through transparency and action.

His results were clear. More people gained access to affordable housing, and the housing system became more efficient. These changes didn’t happen by chance they were the result of bold leadership and smart planning.

From Policy Ideas to Real Impact

Dangiwa isn’t a career politician, but his work has always influenced policy. He believes housing is more than shelter. For him, it’s a way to reduce poverty, support families, and grow the economy. His ideas gained attention, and in August 2023, President Bola Tinubu appointed him as Minister of Housing and Urban Development.

Driving Change with Focus

Since taking office, Dangiwa has set clear goals. He wants to close Nigeria’s housing gap by introducing better financing models, cutting red tape in land management, and working with both the public and private sectors. His strategy includes more than just building homes it’s about creating jobs, improving cities, and protecting the environment.

His work supports the Renewed Hope Agenda of the current administration. At the same time, he brings his own style: quiet, focused, and effective. While others may make noise, Dangiwa delivers progress.

A Blueprint for the Future

Dangiwa’s mix of technical skill and policy knowledge makes him stand out. His work shows that real change doesn’t always need loud promises. With careful planning and steady leadership, he’s helping build a better future—one home, one family, and one city at a time.

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But now, the Federal Mortgage Bank of Nigeria (FMBN) is introducing a transformative solution—the National Mortgage Registry (NMR). This initiative promises to reshape Nigeria’s mortgage system and create a more inclusive, efficient, and transparent market for homebuyers.

The Importance of the Housing Sector

The housing sector is a critical part of any economy. It’s often considered an indicator of economic growth or decline. Unfortunately, Nigeria’s mortgage penetration is very low—less than 1% of GDP, much lower than in other emerging markets. One of the key factors behind this is the absence of a centralized, verifiable mortgage system. Without it, fraud, multiple claims on properties, and delayed mortgage approvals have discouraged both local and foreign investment.

Challenges Homebuyers Face

Prospective homeowners in Nigeria have long dealt with lengthy approval processes, bureaucratic delays, and inconsistent lending practices. These inefficiencies have made it difficult for many Nigerians to access affordable housing finance. The housing deficit has only worsened, leaving millions unable to realize their dream of homeownership.

The National Mortgage Registry: A Game-Changer

The NMR is a digital platform that will centralize and record all mortgage transactions in real-time. This digital registry will provide a transparent, accessible system for tracking mortgage statuses, verifying property titles, and preventing fraud. It will be a tool for financial institutions, government agencies, and homebuyers, all of whom will benefit from a more efficient and reliable system.

Streamlining the Mortgage Process

One of the primary goals of the NMR is to speed up the mortgage process. The current system is slow and filled with red tape, which leads to delays in approvals and disbursements. The NMR will automate key processes, cut down paperwork, and give banks and mortgage institutions access to real-time data. As a result, loan approvals will be faster, administrative costs for lenders will be reduced, and mortgage interest rates may lower for borrowers.

Tackling Fraud and Legal Disputes

The NMR’s transparency is also a huge advantage in combating fraud and legal disputes. By creating a centralized, verifiable record of all mortgage transactions, the registry will prevent fraudulent property claims and reduce legal challenges. This will build trust between developers, investors, and homebuyers, making the mortgage market more secure and attractive to lenders.

Inclusivity for the Informal Sector

Over 60% of Nigeria’s workforce is employed in the informal sector, and many of these workers face difficulties in proving their income stability. This has prevented them from accessing mortgages. The NMR will address this issue by enabling alternative credit scoring methods and creating specialized mortgage products for informal workers, such as artisans, traders, and small business owners. This initiative aims to make homeownership accessible to more Nigerians across all income levels.

The Economic Impact: Boosting Investment

The NMR will also help attract foreign direct investment (FDI) to Nigeria’s housing sector. A transparent and efficient mortgage system will make the country’s real estate market more attractive to international investors. By aligning Nigeria’s mortgage system with global standards, the NMR will encourage public-private partnerships (PPPs) and foster new mortgage finance providers, leading to increased competition and innovation in the sector.

Preparing for the Future: Technological Innovations

The NMR is just the beginning of a broader digital transformation agenda at FMBN. By digitizing mortgage records, the registry sets the stage for future innovations, including the use of blockchain technology for enhanced security and AI-driven mortgage processing for faster approvals. There are also plans to create mobile-accessible mortgage verification systems, allowing users to check property details in real-time.

FMBN’s Larger Digital Agenda

The NMR is part of a larger push by FMBN to modernize Nigeria’s housing finance system. Other reforms include the deployment of a Core Banking Application to automate mortgage processing and improve service delivery, as well as the introduction of virtual property inspections, reducing the need for physical site visits. FMBN is also collaborating with fintech companies to integrate smart lending solutions into the mortgage system.

Current Progress and Timeline

As of March 2025, the NMR is in the final stages of testing. The system is expected to be fully deployed later this year. Next steps include finalizing security protocols, integrating with banking and land registry platforms, and conducting training programs for financial institutions and real estate developers. A nationwide public awareness campaign will also be launched to educate Nigerians on how to access and use the registry.

Conclusion: A Bright Future for Nigeria’s Housing Sector

The National Mortgage Registry (NMR) represents a major shift in Nigeria’s housing finance sector. By improving transparency, streamlining the mortgage process, and making homeownership more accessible, the NMR has the potential to accelerate housing development and economic growth. With the full implementation of this initiative, millions of Nigerians will soon have access to affordable mortgages, paving the way for a more inclusive housing market.

FMBN’s leadership in this transformation signals a promising future for Nigeria’s housing sector. As the NMR comes to life, it will not only address the housing deficit but also attract investment, create jobs, and ultimately improve the quality of life for many Nigerians.

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Government Commitment to Housing Reforms

Minister of Housing and Urban Development, Ahmed Dangiwa, announced this development during a high-level retreat in Lagos. The event brought together key stakeholders to discuss the future of housing and urban development under the Renewed Hope Agenda.

The Federal Ministry of Housing and Urban Development organized the retreat, providing a platform for industry experts, policymakers, and agency heads to evaluate the sector’s progress. Discussions focused on addressing critical challenges and exploring new strategies for sustainable growth.

Strengthening Regulatory Oversight

Stakeholders emphasized the need for stronger regulatory oversight to eliminate fraudulent practices, boost investor confidence, and create a more structured real estate market. Minister Dangiwa confirmed that the ministry is working closely with the National Assembly and other stakeholders to lay the groundwork for the Real Estate Regulatory Authority.

He also commended Abdulmumini Jibrin, Chairman of the House of Representatives Committee on Housing and Habitat, for his commitment to real estate reforms.

Increased Budgetary Allocation for Housing Development

As part of broader efforts to revamp the sector, the National Assembly has secured an additional N50 billion for the ministry’s 2025 budget. This financial boost follows an earlier proposed budget cut by the Budget Office. The reinstatement of funds underscores the government’s commitment to addressing Nigeria’s housing deficit.

According to Dangiwa, the additional funding will not only create more jobs in the construction industry but also help clear inherited liabilities, ultimately stimulating economic growth.

Progress in Housing Development

Determined to achieve tangible results, Dangiwa assured stakeholders that the ministry is focused on overcoming past setbacks. He highlighted that despite previous challenges, the current administration is implementing solutions to ensure lasting benefits.

In just 19 months, the ministry has initiated 14 active construction sites for a total of 10,112 housing units, many of which are nearing completion.

Advancements in Land Registration and Titling

The ministry has also made strides in land registration through the National Land Registration and Titling Programme, in collaboration with the World Bank. This initiative is streamlining land ownership processes, making property acquisition easier for Nigerians.

The World Bank is set to hold its second technical session on the program in March 2025. Additionally, land administration reforms are in progress to simplify property ownership, enabling Nigerians to acquire legal titles to their land and homes.

Strengthening Key Housing Institutions

Efforts are also underway to strengthen key institutions such as the Federal Mortgage Bank of Nigeria (FMBN) and the Federal Housing Authority (FHA). Policies are being implemented to enhance their efficiency and overall impact on the housing sector.

Legislative Support for Housing Development

During the retreat, Senator Aminu Tambuwal, Chairman of the Senate Committee on Lands, Housing, and Urban Development, emphasized the need for increased funding for housing projects. He reaffirmed the Senate’s commitment to recapitalizing the Federal Mortgage Bank and repositioning the FHA through adequate budgetary allocations.

Tambuwal also highlighted efforts to reinstate FHA in the federal budget. This move would enable it to replicate landmark housing projects such as FESTAC Town and Gwarimpa Estate.

Similarly, Abiante Awaji, Chairman of the House Committee on Regional Planning and Urban Development, called for a multi-sectoral approach to tackling housing sector challenges. He advocated for the reintroduction of technical education to bridge the skill gap in the construction industry. Awaji emphasized collaboration with the Ministry of Education and assured stakeholders that the National Assembly remains committed to aligning housing policies with President Bola Ahmed Tinubu’s Renewed Hope Agenda.

Future Outlook

With these comprehensive reforms on the horizon, stakeholders are optimistic that the establishment of a Real Estate Regulatory Authority will sanitize the sector, boost investor confidence, and provide millions of Nigerians with better access to affordable housing.

As the government moves forward with its ambitious plans, the success of these initiatives will depend on effective implementation strategies. All eyes are now on the next steps in transforming Nigeria’s real estate landscape.

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