About 430 staff members of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) are set to benefit from a housing initiative under the Federal Government’s Renewed Hope Housing Programme.

The Minister of Housing and Urban Development, Engr. Dr. Muttaqha Rabe Darma, disclosed this on Wednesday in Abuja during the presentation of houses to the beneficiaries.

Darma said the initiative formed part of efforts to make home ownership more affordable for Nigerian workers and reduce the burden of rent on household incomes.

FG Targets 40–60% Rent Burden

The minister said the government was working to ensure workers no longer spend between 40 and 60 per cent of their income on rent.

“We are going to assure that in this country workers don’t spend 40 to 60 per cent of their income on rent,” Darma said.

He said reducing the amount workers spend on accommodation would ease financial pressure and allow families to meet other basic needs.

Darma also linked the high cost of housing to broader economic challenges, saying excessive housing costs could indirectly create incentives for corruption.

FG Targets 250,000 Abandoned Housing Units

The minister said the government was also reviewing abandoned housing projects nationwide as part of efforts to increase the country’s housing stock.

According to him, about 250,000 housing units in abandoned projects could potentially be recovered and made available to Nigerians, including civil servants.

“We are taking stock of them. We are taking statistics. We are moving to each and every state where we have these abandoned properties,” he said.

Darma said the Federal Government was engaging state governors on the possibility of taking over or acquiring some abandoned projects for allocation to civil servants and other Nigerians.

He also identified the rising costs of land, building materials and infrastructure as major challenges facing prospective homeowners.

Social Housing Programme to Cover 774 LGAs

The minister said the government was exploring financing options, including the National Housing Fund and mortgage facilities, particularly for workers in the informal sector.

He added that the planned social housing programme would target communities across the country, including the 774 local government areas.

The initiative is expected to involve partnerships among federal institutions, state governments, mortgage institutions, developers and private investors.

Darma urged government agencies and stakeholders to focus on delivering actual housing projects rather than limiting efforts to policy announcements.

430 NMDPRA Staff to Benefit

Speaking at the ceremony, NMDPRA Chief Executive Mallam Rabiu Abdullahi Umar said the authority was committed to improving staff welfare through initiatives that enhance productivity and wellbeing.

He said access to housing would provide greater security and stability for beneficiaries while strengthening their commitment to their responsibilities.

The NMDPRA chief commended the Federal Government, Ministry of Housing and Urban Development, Federal Mortgage Bank of Nigeria (FMBN) and other partners involved in the programme.

The President of the NMDPRA Staff Cooperative Society, Abdullahi Danladi Auta, described the housing allocation as a significant milestone.

Auta said about 430 NMDPRA workers would benefit from the initiative, with projects located in Abuja, Kano and Lagos.

365 Housing Units Earmarked for Abuja

The Chief Commercial Officer of Renewed Hope SPV Limited, Dare Makinde, said the first phase would provide different categories of housing units to NMDPRA staff.

The houses include two-bedroom and three-bedroom flats, as well as three-bedroom terraces with boys’ quarters and other categories across the project locations.

Makinde said 365 housing units were earmarked for Abuja, with additional units to be delivered in Kano and Lagos.

He also disclosed that the second phase of the project would commence in the coming year.

FMBN Managing Director Shehu Usman Osidi congratulated the beneficiaries and commended the partnership between NMDPRA, the Renewed Hope Housing Programme and other stakeholders.

He said the initiative demonstrated how collaboration could expand access to affordable housing and create more opportunities for workers to become homeowners.

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The MOFI Real Estate Investment Fund (MREIF) has provided more than N140 billion in mortgage financing to over 2,000 Nigerians since it began operations in March 2025.

The Federal Government-backed housing finance initiative has expanded its reach across the country. Mortgage beneficiaries now span 27 states, according to Olubiyi Adekunbi, Head of Real Estate Investment at ARM Investment Managers.

Adekunbi disclosed the figures during a FirstBank webinar titled “Beyond Rent: The Path to Home Ownership Leveraging FirstBank-MREIF Home Loan Scheme to Build Long-Term Wealth.”

MREIF Mortgage Disbursements Begin in 2025

MREIF began mortgage disbursements in April 2025. By August 2026, more than 2,000 people had received financing through the scheme.

Adekunbi said the fund has maintained a relatively fast application process. He added that applicants do not need personal connections to move their applications through the system.

The quickest mortgage transaction under the programme took less than three weeks, he said. However, applicants must submit the required documents and complete all due diligence checks before approval.

Adekunbi said eligible applicants could potentially complete the process and secure a home within a month.

Mortgages Available Across 27 States

Lagos and Abuja account for the largest share of applications under the scheme. However, MREIF has extended mortgage financing to properties in 27 states across Nigeria’s six geopolitical zones.

Properties in Ogun, Oyo, Enugu, Kano and Kaduna can qualify for financing. Applicants must provide valid land titles and clear ownership records for the properties.

The scheme also serves Nigerians living abroad, provided they meet the required eligibility and documentation conditions.

Adekunbi said the average age of applicants stands at 43. Mortgage repayment periods generally take retirement age into account.

Most loans are structured around a retirement age of 60. Some professionals, including lecturers and judges, may qualify for different arrangements because of their higher retirement ages.

Nigeria Needs More Housing Finance

The MREIF expansion comes as Nigeria continues to face a major shortage of housing.

Sani Yakubu, MREIF National Coordinator at the Ministry of Finance Incorporated (MOFI), said Nigeria needs to build at least 700,000 housing units each year to address the housing gap.

He said the country currently produces about 100,000 units annually. The difference between required and actual housing production highlights the scale of the supply challenge.

Yakubu linked part of the problem to limited access to affordable mortgage finance. Developers also face difficulties raising capital and obtaining proper land documentation.

He said MREIF aims to support existing financial institutions rather than replace them. The fund, he explained, is intended to help strengthen the mortgage market and increase access to long-term housing finance.

Government Provides N150bn for First Tranche

The first N250 billion tranche of the MREIF programme received N150 billion from the Federal Government.

Private-sector investors contributed the remaining N100 billion. The tranche forms part of the wider N1 trillion MREIF programme registered with the Securities and Exchange Commission.

Nigerian professionals developed the fund structure. Vetiva Capital Management serves as financial adviser, while STL Trustees acts as trustee and First Nominees serves as nominee.

The funding model is designed to attract additional capital into Nigeria’s real estate and mortgage sectors. Greater availability of long-term finance could help more households move from renting to home ownership.

MREIF Mortgage Terms

MREIF offers mortgages of up to N100 million at an interest rate of 9.75%. Eligible borrowers can repay the loans over periods of up to 20 years.

Applicants must provide at least 10% equity toward the property purchase. Contributors to the Contributory Pension Scheme can also use up to 25% of their Retirement Savings Account balance to meet the equity requirement.

MREIF caps its mortgage exposure at N100 million per property. Buyers seeking properties above that value must fund the balance through other sources.

These may include personal savings, approved pension withdrawals or other available funding.

MREIF Reports N14.49bn Profit

The mortgage expansion follows MREIF’s reported financial performance for the first half of 2026.

The fund recorded N14.49 billion in profit before tax for the six months ended June 30, 2026. It generated total income of N17.48 billion during the period.

Interest income from financial assets measured at amortised cost contributed N8.10 billion. Cash and cash equivalents generated a further N6.21 billion.

After a withholding tax charge of N250.5 million, profit after tax stood at N14.24 billion.

FirstBank Partnership Expands Mortgage Access

The latest figures also follow FirstBank’s partnership with MREIF to expand access to mortgage financing.

Under the partnership, eligible Nigerians can seek mortgage loans of up to N100 million. The initiative is part of broader efforts to increase access to home financing and support home ownership.

MREIF’s growing disbursement figures show the potential role of long-term mortgage finance in Nigeria’s housing market. However, expanding access will also require adequate housing supply, clear land titles and financing that households can sustain over the life of their loans.

For Nigeria’s housing sector, the continued rollout of MREIF could help connect homebuyers with longer-term finance while giving developers greater access to capital. The fund’s ability to expand beyond major markets will also be important as the country seeks to increase home ownership and narrow its housing supply gap.

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The Lagos State Government has warned contractors handling ongoing housing projects across the state to accelerate construction or risk losing their contracts, as it intensifies efforts to deliver at least 2,000 housing units before the end of the year.

Commissioner for Housing, Moruf Akinderu-Fatai, issued the warning during an inspection tour of the Abraham Adesanya Extension Housing Scheme and the Sangotedo Housing Scheme Phase II in the Lekki corridor.

The inspection team included the Permanent Secretary of the Ministry of Housing, Hafis Toriola, alongside directors, engineers and other technical officials of the ministry.

Akinderu-Fatai expressed dissatisfaction with the pace of work at some project sites, revealing that government had identified technical issues requiring immediate attention.

“We are not happy about the scope of work here and we also noticed some technical issues that we are going to resolve with the contractors.

“If the government has given them enough money to finish up these projects and they are slow, we will quickly take them off the site,” he said.

The commissioner said the projects form part of the state government’s broader plan to expand access to affordable housing and reduce the housing deficit through strategic public-private partnerships.

According to him, the developments under construction are expected to provide about 2,000 housing units upon completion, including the 526-unit Sangotedo Housing Scheme being executed through a Public-Private Partnership (PPP) arrangement.

Akinderu-Fatai acknowledged that the projects had suffered delays due to prevailing economic challenges, noting that construction was originally expected to have been completed about two years ago.

He attributed the setback largely to rising inflation and the sharp increase in the cost of building materials, which forced developers to seek reviews of project costs and implementation timelines.

The commissioner, however, stressed that the government had addressed many of the challenges and was now focused on ensuring timely delivery.

“We have gone past that. The level we are at now is delivery,” he stated.

He disclosed that the Ministry of Housing would hold urgent meetings with contractors handling the projects to address outstanding issues and ensure strict compliance with agreed timelines.

The Lagos State Government has consistently maintained that expanding housing infrastructure remains a key component of its development agenda, with ongoing investments aimed at increasing homeownership opportunities and improving living conditions for residents.

Akinderu-Fatai reiterated that the government would not hesitate to sanction or replace non-performing contractors whose actions could jeopardise the completion of critical housing projects.

The commissioner expressed optimism that some of the housing schemes could be ready for delivery within the coming months if contractors improve their pace of work and meet project milestones.

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The Real Estate Developers Association of Nigeria (REDAN) has expressed confidence that Nigeria can bridge its housing deficit within the next decade if governments at all levels prioritise faster land titling, improved infrastructure, affordable mortgage financing and stronger collaboration with the private sector.

President of REDAN, Oba Akintoye Adeoye, stated this in an interview with the News Agency of Nigeria (NAN) in Abuja, where he outlined key reforms needed to accelerate housing delivery across the country.

Adeoye, who is also the paramount ruler of Okeigbo in Ondo State, said although REDAN alone cannot eliminate the nation’s housing shortage, the association remains a critical contributor to efforts aimed at reducing the deficit.

According to him, every new housing development contributes to narrowing the gap and improving access to decent accommodation for Nigerians.

“Whatever the size of the shortage, every new building reduces the deficit. REDAN may not close the gap alone, but we remain a major contributor,” he said.

The REDAN president stressed that addressing Nigeria’s infrastructure challenges is fundamental to unlocking large expanses of land suitable for residential development.

He noted that many potentially viable locations remain underdeveloped due to inadequate road networks, unreliable electricity supply and limited access to water and other essential services.

“If we want to bridge the deficit, we must be intentional and pragmatic. We have to close the infrastructure gap first,” Adeoye said.

He also identified delays in land administration processes as a major obstacle to housing development, urging governments to simplify and accelerate the issuance of Certificates of Occupancy (C of O), Rights of Occupancy and other development approvals.

According to him, prolonged approval timelines discourage investors, increase project costs and slow down housing delivery.

“Land titling requires policy attention. Certificates of Occupancy and building approvals should be processed within one to four weeks,” he said.

He lamented that some approvals currently take as long as five years, a period he described as sufficient to complete thousands of housing units in other countries.

“Some approvals take up to five years. That period is enough to complete tens of thousands of housing units elsewhere,” he added.

Adeoye further emphasised the importance of affordable and long-term financing in expanding homeownership and stimulating growth in the housing sector.

He called for access to funding at single-digit interest rates and repayment plans that align with the long-term nature of housing investments.

“We need affordable funding at single-digit interest rates and long repayment periods. Long-term projects cannot be financed with short-term funds,” he said.

He explained that affordable mortgage financing remains essential for many Nigerians who desire homeownership but lack the financial capacity to purchase houses outright.

“Without affordable mortgages, many Nigerians cannot buy houses, regardless of the number built. Mortgage financing is critical to closing the housing deficit,” Adeoye stated.

Commenting on the Federal Government’s Renewed Hope Housing Programme, the REDAN president acknowledged ongoing efforts under the initiative but called for greater commitment to affordability and mortgage support.

“The programme is ongoing, but government should be more intentional, make it more affordable and provide mortgages for beneficiaries,” he said.

Adeoye assured Nigerians that members of REDAN would continue investing in quality housing projects despite prevailing economic and operational challenges in the real estate sector.

He reiterated the association’s commitment to partnering with government and other stakeholders to increase housing supply, promote homeownership and contribute to the nation’s economic development.

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The Minister of Housing and Urban Development, Engineer Muttagha Darma, has inspected over 2,084 housing units as part of ongoing efforts to deliver affordable housing to Nigerians under the Renewed Hope Agenda.

The inspected units form part of more than 15,000 housing units currently under development nationwide and scheduled for commissioning and occupation by October 2026.

According to a statement, the project is among the flagship Renewed Hope City developments being executed through a Public-Private Partnership (PPP) arrangement between the federal government and private sector developers, aimed at accelerating housing delivery across the country.

During an inspection visit to the Renewed Hope City project in Ibeju-Lekki, Lagos State, Darma commended the Federal Mortgage Bank of Nigeria (FMBN) for financing 1,500 housing units within the estate, describing the intervention as a significant contribution to affordable housing delivery.

The minister noted that the FMBN-backed project would provide housing for more than 6,000 Nigerians, reflecting the bank’s commitment to its mandate of expanding access to home ownership.

Expressing satisfaction with the pace of work, Darma said the project had reached an advanced stage of completion and was nearing readiness for occupation.

“I have seen more than 80 per cent completion. In fact, I can say between 85 and 90 per cent because all the houses already have fittings. Some of them are ready for occupation.

“With FMBN financing these 1,500 units, it means they have now housed about 6,000 Nigerians. They are certainly delivering on their mandate,” he said.

The minister added that large-scale housing developments such as the Ibeju-Lekki project contribute significantly to economic growth by creating jobs and stimulating activities across the construction value chain.

Speaking during the inspection, the Managing Director and Chief Executive Officer of FMBN, Shehu Usman Osidi, reaffirmed the bank’s commitment to providing affordable housing solutions for Nigerians.

Osidi urged developers to accelerate project delivery timelines to ensure beneficiaries gain timely access to completed homes. He also advocated a phased completion strategy that would allow finished units to be allocated and occupied without waiting for the entire project to be completed.

The FMBN boss further commended Legrande Properties for maintaining quality standards and ensuring steady progress on the development.

According to him, the housing scheme is being delivered through a cross-subsidy model designed to make home ownership more affordable for low- and middle-income earners.

“The housing units are being delivered through a cross-subsidy model designed to enhance affordability for low- and middle-income Nigerians across the different categories of beneficiaries to access decent housing under the project,” Osidi stated.

Darma had earlier conducted similar inspection visits to Renewed Hope City projects in Karsana, Abuja, and Lambu along Gwarzo Road in Kano State as part of efforts to monitor progress and ensure timely delivery.

Under the Renewed Hope Agenda of President Bola Ahmed Tinubu, the Federal Government plans to establish six Renewed Hope Cities, one in each geopolitical zone, to expand access to affordable housing and reduce Nigeria’s housing deficit.

In addition, the Ministry of Housing and Urban Development is implementing the Renewed Hope Estates Programme, with housing estates currently under construction in 12 locations across the country, covering two states in each geopolitical zone. The minister has already inspected projects in Katsina and Yobe states.

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The Minister of Housing and Urban Development, Muttagha Rabe Darma, has commenced a nationwide inspection of more than 15,000 housing units currently under construction across Nigeria as part of efforts to accelerate project delivery and expand access to affordable housing.

Speaking during an inspection visit to the Kano Renewed Hope City Project, the minister said the exercise forms part of the Federal Government’s commitment to ensuring that housing projects under the Renewed Hope Agenda of President Bola Tinubu are completed on schedule and delivered to deserving Nigerians.

According to Darma, the nationwide assessment is designed to provide first-hand information on the status of projects, identify implementation challenges and facilitate timely intervention where necessary.

Darma Begins Verification of 15,000 Housing Units Nationwide

The minister recalled that during the Public-Private Partnership (PPP) Housing Summit 2.0 held in Abuja, he announced plans to personally inspect housing projects across the country to verify the progress of over 15,000 housing units being developed under different Federal Government housing schemes.

He explained that the inspections would ensure that project reports align with realities on the ground and help eliminate delays in project delivery.

“The essence of these inspections is to ensure that projects are progressing as planned and that Nigerians begin to enjoy the benefits of these housing initiatives as quickly as possible. We are committed to removing bottlenecks and ensuring timely completion and delivery,” Darma said.

Kano Renewed Hope City to House Over 6,000 Residents

The minister disclosed that the Kano Renewed Hope City Project consists of 1,500 housing units of various categories and has the capacity to accommodate more than 6,000 residents based on an average household size of four persons.

He noted that the project will provide affordable and decent housing while promoting the development of a secure and sustainable community.

Darma expressed satisfaction with the quality and pace of work at the project site and urged contractors and other stakeholders to sustain their commitment to meeting delivery timelines.

Housing Projects Driving Economic Growth

The minister highlighted the economic benefits of the housing programme, stating that the projects are generating employment opportunities and supporting local businesses through the engagement of artisans, contractors, suppliers, transport operators and service providers.

“The economic impact of this project extends far beyond the housing units being constructed. It is creating jobs, supporting local businesses, attracting investments and contributing to the socio-economic development of the host communities,” he said.

He also commended the collaboration between the Federal Ministry of Housing and Urban Development and private sector partners, describing the Public-Private Partnership model as a critical strategy for addressing Nigeria’s housing deficit.

FG Reaffirms Commitment to Affordable Housing

Darma reiterated the Federal Government’s commitment to exploring innovative financing models and strategic partnerships aimed at increasing access to affordable housing, improving urban infrastructure and promoting inclusive development.

The minister had earlier announced plans to verify the availability of more than 15,000 housing units expected to be delivered within the next few months under various Federal Government housing initiatives.

According to him, the housing projects could accommodate thousands of Nigerian families once completed and allocated.

“Soon, we will begin to assess the availability of these 15,000 houses. I will move from place to place and make sure that these houses are there and not just on paper. We are going to be practical as much as we can,” he stated.

The Kano Renewed Hope City Project is among several flagship housing developments being implemented nationwide to reduce the housing deficit, stimulate economic growth and improve the quality of life of Nigerians under the Renewed Hope Agenda.

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First Bank of Nigeria, in partnership with the Federal Ministry of Finance through the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF), has launched an affordable mortgage financing initiative aimed at expanding access to home ownership for Nigerians.

The programme offers eligible Nigerians access to government-backed mortgage loans at a single-digit interest rate of 9.75 per cent per annum, with financing of up to ₦100 million for residential property acquisition.

The initiative seeks to address one of the major barriers to home ownership in Nigeria—limited access to affordable long-term housing finance. Rising property prices, high lending rates and stringent mortgage requirements have continued to place home ownership beyond the reach of many Nigerians.

Under the scheme, qualified applicants can access mortgage financing on favourable terms, creating a more affordable pathway from renting to owning homes.

According to First Bank, the partnership supports the Federal Government’s broader efforts to bridge Nigeria’s housing deficit, deepen mortgage penetration and promote financial inclusion through innovative housing finance solutions.

The bank noted that the programme combines affordability, accessibility and long-term sustainability, enabling more Nigerians to purchase homes without the burden of expensive commercial lending rates.

First Bank reaffirmed its commitment to supporting national development by providing financial products that improve the quality of life of citizens and stimulate economic growth.

Industry stakeholders have described the initiative as a significant step towards strengthening Nigeria’s housing finance ecosystem and increasing access to affordable mortgages for low- and middle-income earners.

The mortgage financing programme is expected to help more Nigerians transition into home ownership while supporting growth across the housing, construction and real estate sectors.

Interested applicants can obtain more information and begin the application process through First Bank’s mortgage platform.

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The Lagos State Government has raised concerns over Nigeria’s worsening housing crisis, warning that the country’s housing deficit could climb to nearly 28 million units if current intervention efforts are not accelerated.

The Commissioner for Housing, Hon. Moruf Akinderu-Fatai, disclosed that findings by the National Housing Data Technical Committee, inaugurated by the Federal Ministry of Housing and Urban Development, placed Nigeria’s official housing deficit at 14.925 million units.

Over 15 Million Homes Classified as Substandard

According to the commissioner, the challenge extends beyond the housing shortage, as an additional 15.2 million homes across the country have been identified as structurally defective or substandard.

He explained that when the number of inadequate housing units is combined with the existing deficit, Nigeria’s effective housing gap rises to nearly 28 million units.

Akinderu-Fatai warned that the growing deficit poses significant threats to economic development, urban planning, infrastructure delivery, and social stability across the country.

Lagos Remains the Epicentre of Housing Demand

The commissioner noted that Lagos State continues to experience the highest housing demand in Nigeria due to its rapidly expanding population and economic opportunities.

With an estimated population exceeding 17.8 million residents and an annual population growth rate of approximately 3.8 per cent, Lagos remains under intense housing pressure.

He attributed the challenge to rapid urbanisation, continuous rural-to-urban migration, and limited land availability within the state.

Independent estimates place Lagos State’s housing deficit at more than 3.3 million units, with the shortage particularly pronounced among low- and middle-income earners.

Affordable Housing Remains a Major Challenge

Akinderu-Fatai stressed that affordability remains one of the biggest barriers to homeownership for many Nigerians.

He explained that demand for affordable housing continues to outpace supply, especially in urban centres where rising construction costs and land prices have pushed housing beyond the reach of many households.

Federal Government Expands Housing Finance Initiatives

The commissioner highlighted several Federal Government interventions aimed at addressing the housing crisis.

Among them is the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF), which provides mortgage financing at a single-digit interest rate of 9.75 per cent and repayment tenures of up to 20 years.

According to him, such initiatives are designed to improve access to housing finance and support homeownership across different income groups.

Lagos Delivers Over 10,000 Housing Units

Akinderu-Fatai disclosed that the Lagos State Government has delivered 10,623 housing units over the past seven years through a combination of direct government investment and Public-Private Partnership (PPP) arrangements.

He added that ongoing housing projects across the state are expected to increase the number of delivered units to more than 14,000 before the end of 2026.

The commissioner reiterated the state government’s commitment to expanding affordable housing opportunities and reducing barriers to homeownership.

Housing Projects Driving Economic Growth

Beyond addressing accommodation needs, Akinderu-Fatai noted that housing developments have become a major driver of economic activity within Lagos.

He said investments in housing projects are creating employment opportunities, stimulating the construction sector, and boosting growth across the broader real estate value chain.

According to him, sustained collaboration between government and private sector stakeholders remains critical to closing the housing gap and ensuring access to decent, affordable housing for Nigerians.

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The Managing Director and Chief Executive Officer of the Federal Housing Authority (FHA), Oyetunde Oladimeji Ojo, has said the agency is repositioning itself to drive affordable housing delivery and revive key housing infrastructure, including the redevelopment of Festac Town.

Ojo stated that the administration of President Bola Ahmed Tinubu is injecting new life into the FHA through the Renewed Hope initiative, strategic collaborations and urban development programmes designed to expand access to home ownership nationwide.

According to him, the authority had struggled for years due to funding challenges and policy limitations but is now witnessing a renewed direction under the current administration.

“The Federal Housing Authority, as far back as 2014, was already commercialised. That’s the truth; it was as good as the FHA would have packed up. Now, we’ve come with new life. We are trying to build houses all over the country,” he said.

Addressing Nigeria’s housing deficit, Ojo noted that estimates range between 20 million and 28 million housing units, though exact figures remain uncertain.

He explained that the government had adopted a state-by-state engagement strategy rather than relying on policies developed from Abuja.

According to him, collaboration with governors has become crucial because land administration falls under state governments through the Land Use Act.

He revealed that several governors have provided land to FHA free of charge while also handling taxes and compensation costs, reducing the burden of project development.

Ojo stated that these partnerships would significantly reduce construction expenses and improve housing affordability for Nigerians.

“When we finish building these houses, they will be affordable because the state governments have already taken some of the bills. We are a government agency; we should not focus on increasing rates,” he explained.

He also highlighted ongoing housing projects across the country, including large-scale developments in Abuja and Kano.

According to him, the Federal Ministry of Housing is constructing about 1,000 housing units in Karsana, Abuja, while the FHA is developing 480 units and Kano has approximately 1,000 additional units under construction.

On access to the Renewed Hope housing programme, Ojo urged Nigerians to apply early through FHA offices, ministry channels and online platforms.

“One thing I tell Nigerians is: apply early. It is not when these houses are completed that people should begin to apply,” he said.

The FHA boss also outlined efforts to reduce construction costs through partnerships with state governments and engagement with manufacturers of building materials.

He disclosed that discussions had been held with cement producers to explore ways of making materials more affordable.

Speaking on the redevelopment of Festac Town, Ojo blamed years of neglect and administrative failures for the community’s current challenges.

He disclosed that FHA had commenced extensive rehabilitation work in partnership with the Lagos State Government.

“Festac came into being in 1977. Since 2003, FHA has not been funded by government; we are self-funding. But we are moving and have already started Phase Two of Festac Town,” he said.

He commended the Lagos State Government for ongoing construction on key roads and infrastructure projects in the area, including improvements on Second and Seventh Avenue as well as street lighting projects.

Ojo also assured Nigerians that house allocation under the scheme would remain transparent through structured application, profiling and verification processes.

He explained that applicants would be assessed based on financial capability and mortgage eligibility before housing units are assigned.

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The Lagos State Government has renewed its commitment to improving access to affordable housing finance, describing the housing sector as a vital tool for economic development, job creation, and social stability.

Governor Babajide Sanwo-Olu made the declaration during the 21st Annual General Meeting of the Lagos Building Investment Company Plc held in Ikeja.

Represented by the Commissioner for Housing, Moruf Akinderu-Fatai, the governor commended the management, board, and shareholders of the mortgage institution for maintaining steady operations despite prevailing economic pressures and market uncertainties.

According to Sanwo-Olu, the Lagos Building Investment Company has continued to demonstrate resilience in supporting inclusive growth through mortgage financing initiatives targeted at expanding homeownership opportunities.

“Despite the economic realities and changing market conditions, LBIC has remained resilient in promoting inclusive development through housing finance,” the governor stated.

He stressed that housing should not only be viewed as a social necessity but also as a major economic enabler capable of stimulating businesses and generating employment opportunities across multiple sectors.

“Housing goes beyond shelter. It drives economic activities, creates jobs, and supports businesses across the housing value chain,” he said.

Sanwo-Olu further noted that the Lagos State Government alone cannot solve the growing housing deficit, emphasising the need for stronger partnerships between government, financial institutions, and private investors.

“The public sector cannot address the housing challenge alone. Sustainable progress will require stronger collaboration with credible financial institutions and private sector stakeholders,” he added.

The governor also encouraged LBIC to leverage technology and innovation to improve mortgage accessibility, particularly for low- and middle-income earners who often struggle to secure housing finance.

According to him, the state government remains supportive of initiatives aimed at strengthening digital mortgage systems and expanding retail lending within the housing sector.

He expressed optimism that resolutions reached during the annual meeting would further strengthen the institution’s operations and position it for greater impact in Nigeria’s housing finance industry.

“I am confident that the decisions taken at this meeting will position LBIC for continued growth and stronger contributions to housing development,” Sanwo-Olu said.

The Lagos Building Investment Company was established to provide mortgage facilities for low-cost housing schemes in Lagos State and has since evolved into one of Nigeria’s leading primary mortgage institutions focused on expanding access to homeownership.

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