More than 20,000 Lagos families have benefited from government-backed mortgage and rent-to-own housing programmes since the establishment of the Lagos State Mortgage Board, according to the agency’s General Manager and Chief Executive Officer, Bayowa Foresythe.

Foresythe said the Lagos Home Ownership Mortgage Scheme, popularly known as LagosHOMS, was created to provide a more affordable pathway to homeownership for low- and middle-income residents.

The Lagos State Mortgage Board was inaugurated in 2014 following concerns over the state’s growing housing deficit and the inability of many residents to purchase homes through outright payment.

According to Foresythe, the government recognised that the conventional cash-and-carry property market excluded many working families whose incomes could support gradual repayment but not immediate property acquisition.

The state consequently introduced mortgage and rent-to-own options that allow eligible residents to make an initial equity contribution and spread the outstanding cost of their homes over 10 years.

Foresythe said LagosHOMS properties had been allocated across the state’s five administrative divisions, known collectively as IBILE: Ikeja, Badagry, Ikorodu, Lagos Island and Epe.

Among the locations identified under the programme are Sangotedo Phases I and II, Surulere, Igbogbo and Ibeshe in Ikorodu, Epe, Ogba, Ilupeju, Ajara in Badagry, Odonosa and Idale.

The housing portfolio includes 360 units in Igbogbo, 420 units in Ibeshe and about 360 units in Epe.

Other developments include 96 and 144 units within the Sir Anthony Enahoro Housing Scheme in Ogba, 120 units at the Oba Mufutau Olatunji Hamzat Housing Estate in Ilupeju and more than 400 units in Ajara, Badagry.

Foresythe said additional housing developments were still under construction as the state worked to expand the supply of homes.

He explained that reduced equity requirements, relatively lower interest rates and the 10-year repayment period had made the programme more accessible to participating residents.

The state government has also introduced an optional early-completion arrangement for beneficiaries with consistent payment records.

Under the arrangement, qualified beneficiaries who have maintained uninterrupted payments for six years may be permitted to settle their outstanding balances instead of waiting until the end of the original 10-year period.

Foresythe identified life insurance, fire insurance, estate-management services and continuing support for beneficiaries as important measures introduced to sustain the scheme.

Despite the reported progress, he acknowledged that Lagos continues to face a substantial housing shortage because demand is growing faster than supply.

The state attracts new residents daily, and each additional household requires accommodation, placing further pressure on the existing housing stock.

Foresythe said neither the government nor private developers could independently deliver all the homes required in Lagos. He therefore advocated stronger partnerships with private investors to accelerate housing construction.

He also urged existing beneficiaries to meet their repayment obligations promptly, explaining that recovered funds would help the government extend housing opportunities to other residents.

The LagosHOMS experience demonstrates how rent-to-own and long-term mortgage arrangements can help workers move from tenancy into homeownership without paying the full property price at once.

However, meeting Lagos’ housing demand will require significantly increased construction, serviced land, affordable development finance and sustained public-private collaboration.

The post LagosHOMS Expands Homeownership Access to Over 20,000 Families appeared first on Housing TV Africa.

The dream of building a personal home is becoming increasingly difficult for young Nigerians as rising construction costs, expensive land, limited mortgage access and declining purchasing power combine to weaken housing affordability.

For many young people, securing employment and maintaining regular savings no longer provide a reliable path to homeownership. A growing proportion of household income is now spent on food, rent, transportation, electricity and other necessities, leaving little for land acquisition or construction.

A 2024 savings report by PiggyVest indicated that 65 per cent of Nigerians surveyed either earned below ₦100,000 monthly or had no income.

Only 57 per cent reportedly had some form of financial safety net, down from 64 per cent in the preceding year. The report also found that just 15 per cent had increased their savings, while 19 per cent of those who previously maintained emergency funds had lost them.

The income challenge has been compounded by sharp increases in the prices of essential building materials.

A March 2026 market report placed the price of a 50-kilogramme bag of cement at between ₦11,500 and ₦15,000, compared with about ₦2,500 to ₦3,000 in 2019.

This represents an increase of as much as 367 per cent within seven years.

For a residential project requiring hundreds of bags of cement, the price difference can add several millions of naira to the construction budget.

Other building inputs, including reinforcement steel, sand, granite, roofing sheets, tiles, electrical materials and plumbing products, have also recorded substantial price increases.

Some major building materials reportedly rose by more than 60 per cent, with the increase attributed to inflation, exchange-rate instability, transportation expenses, taxes and higher production costs.

These price changes create severe difficulties for individuals constructing their homes in phases. A budget prepared at the foundation stage may no longer be realistic by the time the owner is ready to begin roofing or finishing work.

Land acquisition presents another major obstacle. In Lagos, Abuja and other rapidly growing urban centres, the cost of land can consume a substantial portion of a young worker’s lifetime savings before construction even begins.

Prospective homeowners must also pay for surveys, title documentation, planning approvals, architectural drawings and other preliminary requirements.

Borrowing is equally difficult. Commercial interest rates remain too high for many individuals seeking loans to build or purchase residential properties.

Although mortgage products are available, eligibility conditions, equity contributions, property-documentation requirements and repayment obligations can exclude workers with modest or irregular incomes.

Labour and professional services add another layer of expense. Residential construction requires masons, carpenters, plumbers, electricians, roofers, painters and tilers.

Developers and individual builders must also engage qualified architects, engineers and quantity surveyors to ensure that projects comply with planning requirements and safety standards.

Attempts to reduce costs by avoiding competent professionals can expose homeowners to defective construction, project abandonment, building failure and future legal problems.

The seven major pressures affecting young prospective homeowners are declining disposable income, expensive cement, rising prices of other materials, high land costs, costly credit, increased labour and professional fees, and inflation during construction delays.

The situation underscores the need for housing policies that recognise the income realities of Nigeria’s young population.

Government interventions could include serviced land schemes, single-digit mortgages, rent-to-own programmes, housing cooperatives, affordable building-material initiatives and support for professionally managed incremental construction.

Reducing the cost of homeownership will require more than encouraging young Nigerians to save. It demands coordinated reforms covering land, finance, infrastructure, construction materials, wages and property documentation.

Without such reforms, owning a home could remain beyond the reach of millions of young Nigerians despite their willingness to work, plan and save.

The post 7 Factors Making It Harder for Young Nigerians to Build Homes in 2026 appeared first on Housing TV Africa.

FirstBank, in collaboration with the MOFI Real Estate Investment Fund (MREIF), has highlighted opportunities for Nigerians to access affordable mortgage financing as part of efforts to reduce the country’s housing deficit and improve access to homeownership.

The financial institutions made this known during a home loan webinar themed, “Beyond Rent: The Path to Home Ownership Leveraging FirstBank-MREIF Home Loan Scheme to Build Long-Term Wealth.”

The webinar was aimed at informing Nigerians in both the formal and informal sectors about available mortgage opportunities and how they can use the scheme to finance homeownership.

Under the FirstBank-MREIF home loan scheme, eligible applicants can access mortgages with repayment periods of up to 20 years at a fixed interest rate of 9.75 per cent per annum, subject to applicable terms and eligibility requirements.

The webinar also highlighted the broader opportunities provided through MREIF, an initiative of the Ministry of Finance Incorporated, which seeks to expand access to long-term mortgage financing and address Nigeria’s housing deficit.

The fund ultimately aims to mobilise up to N1 trillion to expand mortgage access and support housing development across the country.

Speaking during the webinar, FirstBank’s Head of Personal Banking, Chukwuka Okonkwo, said the partnership was designed to broaden access to mortgage financing and contribute to closing Nigeria’s housing deficit.

Okonkwo said FirstBank’s extensive branch network and digital lending platforms provided the bank with the capacity to support Nigerians seeking to own homes.

He said the bank had also established partnerships with developers across several states after conducting research to identify properties that qualify for mortgage financing.

According to him, the bank intends to extend the mortgage opportunity to Nigerians in the diaspora and provide an end-to-end homeownership solution.

He said the partnership with MREIF would help ensure that the scheme reaches Nigerians across several states.

FirstBank’s Head of Security Documentation and Transactional Support, Legal Services, Uzoamaka Ihegazie, also explained the measures the bank takes to protect customers through proper property documentation.

She said the bank verifies property ownership and land documentation before financing is provided.

According to her, the process includes obtaining the Certificate of Occupancy, charting the survey plan to establish that the land is properly allocated for residential purposes and conducting title verification.

She said these documentation and verification processes were necessary to protect customers and prevent ownership-related problems after they take possession of their properties.

Also speaking, Executive Director, Sales and Investment, Leadway Pensure, Oluwafemi Adebayo, commended FirstBank for providing Nigerians with an opportunity to access mortgage financing.

He said access to homeownership was particularly important for Nigerians preparing for retirement, while also highlighting the possibility of using Retirement Savings Account pension schemes to procure property and create wealth.

The National Coordinator of MREIF, Sani Yakubu, said the fund was established to address Nigeria’s housing deficit by making long-term, low-cost mortgages available to average citizens while also stimulating activity in the construction sector.

Yakubu said many Nigerians had already benefited from the initiative and encouraged more eligible Nigerians to apply.

The post FirstBank, MREIF Promote Long-Term Mortgages to Help Nigerians Own Homes appeared first on Housing TV Africa.

The National Youth Council of Nigeria (NYCN) has backed Lagos State Deputy Governor, Dr Obafemi Hamzat, over his call for economic policies that would improve the earning capacity and living conditions of young Nigerians.

NYCN Lagos Chairman, Mr Adigun Ibrahim, made the position known in a statement issued in Lagos on Sunday, saying the council agreed that stronger incomes were essential to helping young people cope with rising housing and living costs.

Ibrahim said the challenge facing young workers extended beyond employment opportunities to whether their earnings were sufficient to support independent living. He noted that rent and other essential expenses were placing increasing pressure on young people whose incomes had not kept pace with the cost of living.

Hamzat had argued that improving the economy should include creating conditions that allow citizens, particularly young people, to earn more. He also pointed to the reliance of many young workers on parents and relatives for accommodation, especially at the early stages of their careers.

According to the deputy governor, controlling the cost of essential goods and services should be part of efforts to improve living conditions. The comments highlight the connection between household purchasing power and access to housing, particularly for workers attempting to establish independent households.

READ ALSO : Taraba Takes Delivery of 188 Federal Housing Units, Promises Transparent Allocation

Ibrahim said NYCN welcomed the emphasis on affordability but stressed that assistance from family members should serve as a temporary support system rather than a substitute for economic and housing policies that enable young people to live independently.

The council called for greater investment in affordable housing, improved wages, decent employment and economic programmes targeted at young people. It also advocated wider access to housing finance to help young workers obtain decent accommodation without placing excessive pressure on their incomes.

The issue has broader implications for Nigeria’s housing sector because housing affordability is closely tied to income levels and access to finance. Even where housing supply exists, workers may struggle to secure suitable accommodation when rents, transport costs and other household expenses consume a large share of their earnings.

For the mortgage and housing finance market, the NYCN position also points to the importance of creating financing options that reflect the realities of younger workers. Access to suitable housing finance can be difficult when income is low or unstable, limiting the ability of many potential buyers to transition from renting to homeownership.

Ibrahim said policies should not require young Nigerians to reduce their ambitions because of economic constraints. Instead, he argued that government and other stakeholders should work toward an economy in which young people can earn enough to pursue independent lives and meet basic needs.

The NYCN chairman commended Hamzat for connecting discussions about youth welfare with earnings, housing and broader economic conditions. He also reaffirmed the council’s willingness to work with the Lagos State Government and other stakeholders on measures aimed at improving economic opportunities and living conditions for young Nigerians.

The wider significance of the discussion lies in the relationship between employment, income and housing affordability. For Nigeria’s growing young population, sustainable access to decent housing will depend not only on increasing housing supply but also on creating economic conditions that give workers the purchasing power and financing capacity to afford it.

The post NYCN Backs Hamzat on Youth Earnings, Affordable Housing appeared first on Housing TV Africa.

The Federal Government has pledged to include judicial officers and court personnel in its housing interventions across Nigeria.

The Minister of Housing and Urban Development, Muttaqha Darma, made this known in Abuja during a courtesy visit by the Administrator of the National Judicial Institute (NJI), retired Justice Babatunde Adejumo (OFR).

Darma said the ministry would carry the judiciary along as it implements housing projects across the 36 states and the Federal Capital Territory (FCT).

FG Targets Nigeria’s Housing Deficit

The minister said the government remains committed to reducing Nigeria’s housing deficit, which he estimated at about 15 million units.

He acknowledged the scale of the challenge. However, he said sustained commitment, proper planning, strong partnerships and joint efforts could help reduce the gap.

Darma also assured judicial officers and court workers that they would not be excluded from federal housing programmes.

The minister said the housing ministry takes a broad national approach to its projects. The programmes cover different locations and levels of government, including states and local government areas.

He added that the ministry would continue to seek partnerships with institutions that can support the Renewed Hope Housing Agenda.

Judiciary Seeks Housing Consideration

Adejumo commended the Federal Government for its efforts to tackle the country’s housing shortage.

He also called on the ministry to consider the housing needs of judicial officers and court personnel when allocating homes under its housing programmes.

According to him, members of the judiciary and court staff also face housing challenges. He therefore expressed the NJI’s willingness to work with the ministry through lawful and legitimate partnerships.

Adejumo stressed that such cooperation must respect the independence and constitutional duties of the judiciary.

NJI Offers Training Support

The proposed partnership could also cover training and human capacity development.

Adejumo said the NJI has conference facilities and other resources that the ministry could use for relevant training programmes.

The institute provides training, capacity building and continuing education for judicial officers and court personnel.

He said cooperation between the two institutions could create opportunities for knowledge sharing and professional development.

The partnership could also help both organisations develop training programmes linked to the implementation of housing policies and programmes.

Housing and Public Sector Welfare

The discussion highlights the wider role of housing in public-sector welfare.

Government housing programmes do not only involve the construction of homes. They also involve land, infrastructure, finance, allocation and access to suitable locations.

For the housing and construction sectors, wider government housing programmes can also support demand for new developments. They can create opportunities for developers, contractors, financiers and other professionals across the property value chain.

The inclusion of judicial officers and court personnel could therefore form part of a broader effort to address housing needs among public-sector workers.

The Federal Government’s engagement with the NJI also shows the importance of institutional partnerships in delivering housing programmes. As Nigeria works to reduce its housing deficit, effective planning and transparent implementation will remain important to expanding access to decent housing.

The post FG to Include Judicial Officers, Court Personnel in Housing Plans appeared first on Housing TV Africa.

REDAN Seeks New Housing Finance Models

The Real Estate Developers Association of Nigeria (REDAN) has called for stronger blended finance structures to increase investment in Nigeria’s housing and infrastructure sectors.

REDAN President, Oba Akintoye Adeoye, made the call at the 2026 Africa Environmental, Social and Governance (ESG) Conference and Exhibition in Lagos.

John Saka, Executive Secretary and Business Development Specialist at REDAN’s national secretariat, disclosed this in a statement issued on Thursday in Abuja.

Adeoye said Nigeria’s housing and infrastructure needs require more than traditional sources of funding. He called for closer cooperation among government, developers, mortgage institutions, commercial banks and development finance institutions.

He also identified institutional investors and other sources of capital as important partners in expanding housing investment.

Blended Finance Could Support Housing Investment

Blended finance combines public, private and development-focused funds to reduce investment risks. It can also help attract private capital to projects that may face funding challenges under normal commercial terms.

Adeoye said this approach could help developers finance more housing projects while improving affordability for Nigerians.

He urged REDAN and the Mortgage Banking Association of Nigeria (MBAN) to promote financing models that support sustainable and affordable housing.

According to him, stronger links between developers and financial institutions could create better conditions for long-term investment in the sector.

The issue is important because housing projects often require significant upfront capital. Developers also need access to financing that matches the long development periods of housing and infrastructure projects.

Better financing structures could therefore support projects that might struggle to secure funding through conventional commercial loans alone.

REDAN Pushes Green Innovation

Adeoye also urged real estate developers to adopt more green technologies and sustainable construction practices.

He said developers could improve efficiency and long-term value through energy-efficient buildings, renewable energy and sustainable construction materials.

He also highlighted water efficiency, waste management, climate-resilient infrastructure and smart technologies as areas with room for greater innovation.

Adeoye said developers should view sustainable real estate as an investment rather than simply an additional cost.

Energy-efficient buildings can reduce operating expenses over time. Sustainable materials and better resource management can also improve building performance and the experience of occupants.

For Nigeria’s housing industry, the shift towards sustainable development could also support buildings that are better prepared for environmental and climate-related pressures.

Governance Remains Critical

The REDAN president also stressed the need for stronger governance across the real estate sector.

He identified transparency, accountability, ethical business practices and responsible leadership as key elements of a credible property market.

Adeoye said good governance can strengthen consumer confidence and improve investor trust. It can also support access to finance and improve the credibility of real estate businesses.

Strong governance remains important to both developers and consumers. Clear business practices can help protect buyers while creating greater confidence among financial institutions and investors.

ESG Conference Focuses on Practical Solutions

The 2026 Africa ESG Conference and Exhibition focused on the theme, “ESG as a Competitive Advantage: Blended Finance, Green Innovation, and Governance for Nigeria’s Real Estate Future.”

REDAN and the Mortgage Banking Association of Nigeria jointly organised the conference. The Nigeria Mega Project Expo 2026 partnered with both organisations for the event.

The conference provided a platform for stakeholders to discuss how environmental, social and governance principles can influence Nigeria’s real estate sector.

Adeoye urged participants to move beyond discussions and focus on practical solutions and partnerships.

For Nigeria’s housing market, the discussion highlights the close link between finance, sustainability and good governance. Expanding access to suitable funding, encouraging efficient building practices and improving industry standards can help create stronger conditions for housing and infrastructure investment.

The wider significance lies in bringing developers, lenders, government agencies and investors closer together. Such cooperation can help the sector develop financing models and business practices that support a more sustainable and accessible real estate market.

The post REDAN Urges Blended Finance to Unlock Nigeria’s Housing Potential appeared first on Housing TV Africa.

Ogun promotes flexible housing finance

The Ogun State Government is expanding its affordable housing programme as it seeks to help more residents become homeowners.

The government is using flexible financing, new housing projects and community regeneration to address some of the barriers to home ownership.

State Commissioner for Housing, Jamiu Omoniyi, disclosed this during an X community conversation on affordable housing, financing and opportunities in Ogun State. More than 2,500 people took part in the discussion.

Omoniyi said many prospective homeowners struggle with the high cost of construction. He also noted that many residents cannot afford to pay the full cost of a house at once.

Rent-to-Own scheme targets more residents

The commissioner highlighted the proposed Prince Court Estate at Kobape Phase IV as one of the projects offering a flexible route to home ownership.

He urged prospective buyers to consider the Rent-to-Own scheme for the estate. Gateway Mortgage Bank is partnering with the state government on the scheme.

The arrangement could help residents who cannot afford an outright property purchase. It allows the government to link housing delivery with a financing option for eligible beneficiaries.

Omoniyi said the state’s housing policy goes beyond building houses. He said the government also wants to create conditions that allow genuine beneficiaries to access and maintain their homes.

More housing projects across Ogun

The government has developed housing schemes in several parts of the state. These include Kobape Phases I–III, Kemta, Itanrin, Ikenne and Iperu.

According to Omoniyi, the projects target different groups of middle-income earners. The government has also expanded its intervention to existing communities through regeneration projects.

READ ALSO : How FG’s N10bn Housing Scheme Could Ease Nigeria’s Housing Burden on Civil Servants

These projects include areas such as Ibara GRA in Abeokuta and GRA Ijebu-Ode. The regeneration work aims to improve existing neighbourhoods while supporting economic activity in the built environment.

Housing projects create artisan jobs

Omoniyi also pointed to the impact of the ministry’s direct-labour approach.

He said more than 5,000 artisans had gained income opportunities through various housing project sites.

The approach allows local artisans to take part in housing construction. It also helps the ministry monitor projects more closely and reduce some construction costs.

The commissioner said the model also increases opportunities for local content providers within Ogun’s built environment.

Government subsidises land and infrastructure

Omoniyi described housing as a social service of government. He said the state subsidises land costs and provides major infrastructure within its estates.

These measures aim to reduce the financial burden on beneficiaries. Land, infrastructure and construction costs can significantly affect the final price of a home.

The government is also working to improve security of tenure for people who have subscribed to its housing schemes.

Omoniyi said the ministry was clearing a backlog of title documents. The process includes documentation for beneficiaries of estates delivered before 2019.

Ogun moves to protect genuine beneficiaries

The commissioner urged prospective homeowners to patronise the state’s housing schemes.

He said the ministry would continue to monitor developments after allocating houses and plots. It will also work to protect genuine beneficiaries and reduce speculation within government housing schemes.

The government said its wider objective is to turn affordable housing projects into secure and sustainable home ownership. It also wants housing construction to support economic activity across Ogun State.

Ogun’s approach shows why affordable housing requires more than the construction of new homes. Financing, land costs, infrastructure and secure property documentation all affect access to home ownership.

By combining housing development with flexible financing, community regeneration and title documentation, the state is seeking to address several parts of the housing challenge at the same time. The success of these efforts will depend on how effectively residents can access the schemes and sustain ownership over time.

The post Ogun Expands Affordable Housing Drive to Boost Home Ownership appeared first on Housing TV Africa.

By Adebayo Tobi

Nigeria’s housing conversation has focused heavily on one question: How many homes does the country need to build?

With the country facing a housing deficit estimated at more than 28 million units, increasing housing supply is clearly important. But there is another question that deserves just as much attention: How many Nigerians can actually afford the homes being delivered?

That question could define the next phase of Nigeria’s housing and real estate market.

Across Lagos, Abuja, Port Harcourt, Ibadan and other growing urban centres, residential development continues to expand. New estates, apartments and gated communities are appearing in areas where demand for housing remains strong.

Yet a growing number of Nigerians are finding themselves priced out of homeownership.

READ ALSO : Why Government JVs Struggle to Deliver Affordable Housing in Nigeria

The house may exist, but can people afford it?

Housing affordability is not simply about the price attached to a property.

For a prospective homeowner, affordability also depends on income, mortgage rates, deposit requirements, land costs, construction expenses, transportation, infrastructure charges and the general cost of living.

This means that a property can be technically available without being financially accessible.

A young professional may have a stable income and still struggle to raise the required deposit. A family may be able to afford monthly payments but not the initial equity contribution. Another household may find a property within its budget but reject it because its location creates unaffordable transportation costs.

These realities show why Nigeria’s housing challenge cannot be solved by construction alone.

The affordability gap is widening

The cost of delivering housing has become a major concern for developers and buyers.

Land, building materials, labour, infrastructure and financing all influence the final price of a property. When these costs rise, developers face pressure to increase selling prices or reduce the scale and specifications of projects.

Buyers, meanwhile, are dealing with household incomes that may not increase at the same pace as property prices.

This creates what can be described as an affordability gap  the distance between the cost of available housing and what households can realistically pay.

Closing that gap should become a central part of Nigeria’s housing conversation.

Developers must understand the real market

The private sector has an important role to play.

Developers naturally respond to market opportunities, and there will always be demand for premium residential developments. But Nigeria also needs housing products designed around the purchasing power of the broader population.

The question should not only be, “What can we build?”

It should also be:

“Who is the intended buyer, and can that buyer realistically afford it?”

This requires developers to pay closer attention to housing design, location, construction methods, infrastructure costs and payment structures.

Smaller but well-planned homes, efficient designs and phased developments could provide alternative ways of reducing the entry cost for some buyers.

Financing remains a critical piece

Even where property prices are relatively manageable, access to long-term housing finance remains important.

For many households, homeownership cannot be achieved through savings alone. A functioning mortgage market, longer repayment periods and suitable financing products can help spread the cost of purchasing a home over a period that is more consistent with household income.

Developers and financial institutions also have room to explore innovative payment models that can make property acquisition more accessible.

The objective should be simple: make the journey to homeownership financially realistic.

Government also has a role

The affordability challenge cannot be left entirely to developers.

Government policies on land, taxation, infrastructure, planning, building regulation and housing finance can significantly influence the cost of delivering homes.

Efficient land administration can reduce delays and uncertainty. Better infrastructure planning can reduce the burden developers pass on to buyers. Clear and predictable regulations can also improve the environment for housing investment.

At the same time, housing policy must recognise that affordable housing is not simply about constructing cheaper buildings. It is about creating communities where people can live safely and sustainably without housing consuming an unreasonable share of their income.

The opportunity in Nigeria’s housing market

Nigeria’s housing challenge is enormous, but so is the opportunity.

Millions of people need decent homes, while developers, investors, financial institutions and construction professionals are searching for sustainable opportunities.

The market can bring these interests together if affordability becomes a stronger part of the development equation.

Nigeria does not only need more houses.

It needs more homes that ordinary working Nigerians can realistically aspire to own.

The future of the housing industry should therefore be measured not only by the number of units delivered, but also by whether those units create genuine pathways to homeownership.

The biggest opportunity may be found in the space between what Nigerians need, what they earn, and what the market currently offers.

Bridging that gap will require collaboration, innovation and a willingness to rethink conventional approaches to housing delivery.

The post Nigeria’s Housing Market Needs Homes People Can Actually Afford appeared first on Housing TV Africa.

The International Monetary Fund (IMF) has urged Nigeria and other major African economies to strengthen fiscal, monetary and governance reforms as part of efforts to improve economic stability and promote broader-based growth.

In its assessment of reform priorities across eight of the African Union’s largest economies, the IMF identified fiscal reform as a key priority in all but one of the countries reviewed. For Nigeria, the areas highlighted include tax policy, revenue collection, public financial management and more efficient government spending.

The Fund also identified improvements to monetary policy frameworks and policy transmission as priorities for Nigeria, Egypt and Ethiopia. In Nigeria’s case, it said governance reforms should include stronger fiscal transparency, better public financial management and improved anti-corruption measures.

The IMF said stronger domestic revenue mobilisation and more transparent and efficient public spending would help African economies build more resilient institutions. It argued that stronger fiscal and monetary frameworks can support sustainable and inclusive economic growth.

Nigeria’s tax reform agenda

The recommendations come as the Federal Government continues to implement a wide-ranging reform of Nigeria’s tax system. The new framework, which took effect in January 2026, is built around the Nigeria Tax Act, Nigeria Tax Administration Act, Nigeria Revenue Service (Establishment) Act and Joint Revenue Board (Establishment) Act.

The reforms are intended to simplify tax administration, remove overlapping taxes, improve compliance and broaden government revenue. They are also designed to reduce the regulatory and tax burden on smaller businesses.

However, businesses continue to cite taxation as a major operating challenge. The Central Bank of Nigeria’s July 2026 Business Expectations Survey found that 70.8 per cent of respondents identified high and multiple taxation as their biggest constraint, ahead of insecurity and high interest rates.

For the housing and construction sectors, the quality of fiscal policy has direct implications. Developers, contractors and property businesses operate within a wider environment shaped by taxation, public infrastructure spending, interest rates and access to finance. Changes that improve tax administration while reducing unnecessary duplication could affect project costs and investment decisions.

Monetary policy remains a concern

The IMF’s call for stronger monetary policy frameworks follows an aggressive tightening cycle by the Central Bank of Nigeria (CBN) in recent years.

After Olayemi Cardoso became CBN governor in 2023, the bank pursued tighter monetary and liquidity conditions alongside foreign exchange reforms. The measures were aimed at addressing inflationary pressures, strengthening market confidence and improving macroeconomic stability.

The Monetary Policy Rate stood at 18.75 per cent in 2023 before the CBN began raising it in 2024. The benchmark rate increased to 22.75 per cent in February 2024 and eventually reached 27.5 per cent by the end of that year.

The CBN also increased banks’ Cash Reserve Ratio from 32.5 per cent to 45 per cent in early 2024 and later to 50 per cent as part of efforts to reduce excess liquidity.

The policy environment has since moved towards gradual easing as inflationary pressures moderated and economic conditions improved. Presidential aide Tope Fasua has nevertheless argued that the country should reconsider its tight monetary stance, warning that persistently high interest rates could restrict economic expansion without delivering the desired reduction in inflation.

Financing risks and infrastructure

The IMF’s concerns also extend to Nigeria’s approach to sovereign financing. In June, the Fund cautioned the country over plans to raise as much as $5 billion through a derivatives-based financing arrangement with First Abu Dhabi Bank.

The IMF warned that such structures can expose governments to significant risks because their terms may be difficult to evaluate fully.

The Federal Government has also secured about $1.2 billion in financing from the United Arab Emirates for construction of a major section of the Lagos–Calabar Coastal Highway.

Infrastructure financing remains important to Nigeria’s wider development prospects because transport networks and public investment influence access to housing, construction activity, land values and the expansion of urban centres.

For Nigeria, the IMF’s recommendations therefore extend beyond macroeconomic indicators. Stronger public finances, effective monetary policy, transparent governance and disciplined infrastructure financing can shape the operating environment for businesses and determine how effectively public resources support economic and urban development.

The post IMF Urges Nigeria to Deepen Fiscal, Monetary and Governance Reforms appeared first on Housing TV Africa.

Nigeria has ranked 56th among the world’s 60 poorest countries in a 2026 ranking by Global Finance magazine.

The ranking uses GDP per capita based on purchasing power parity (PPP). Nigeria recorded $9,532.92, placing it close to the upper end of the list.

However, Nigeria fell 12 places from its 44th position in the 2025 ranking. The decline places the country among several African economies with low GDP-PPP per capita.

Africa dominates the ranking

African countries make up nine of the 10 poorest countries on the 2026 list. Yemen is the only non-African country in the bottom 10.

Burundi ranks as the poorest country, with GDP per capita of $994.23. The Central African Republic follows with $1,437.72. South Sudan ranks third at $1,467.19.

Yemen comes fourth with $1,590.19. Mozambique, Malawi, Somalia, Liberia, Madagascar and the Democratic Republic of the Congo complete the bottom 10.

The ranking uses PPP to compare economic conditions across countries. The measure adjusts for differences in prices, living costs and inflation.

This provides a different picture from nominal GDP per capita. It focuses more on the amount of goods and services that income can buy within each economy.

Nigeria ranks above several African economies

Nigeria ranks above several African countries on the list. Niger is 11th with $2,108.46, while Sudan ranks 13th with $2,427.43.

Burkina Faso is 16th with $3,060.34. Lesotho ranks 17th at $3,211.83, followed by Chad and Guinea-Bissau.

Mali takes 20th place with $3,480.41. Togo ranks 21st, while The Gambia and Sierra Leone occupy the 22nd and 23rd positions.

Uganda ranks 26th with $3,923.83. Rwanda and Tanzania follow at 29th and 30th.

Zambia ranks 31st with $4,380.77. Ethiopia follows at 32nd with $4,498.55. Guinea and Benin rank 33rd and 34th respectively.

Senegal occupies 37th place with $5,440.63. Cameroon follows in 38th position with $5,782.69.

Kenya ranks 44th with $7,590.60. Zimbabwe is 46th with $7,985.23, while Côte d’Ivoire takes 48th place with $8,165.34.

Ghana ranks 51st with $8,613.25. Mauritania is 52nd at $8,831.81, while Djibouti ranks 55th with $9,435.70.

Nigeria comes next at 56th with $9,532.92. Nicaragua ranks 57th with $9,765.25.

Nigeria’s economic position and housing

Nigeria’s ranking also has implications for the housing and real estate sectors.

Household income affects the ability of families to pay rent, buy land or purchase homes. It also influences demand for mortgages and other forms of housing finance.

Lower purchasing power can make housing costs harder to manage. It can also limit the number of households that can afford formal housing in major cities.

The construction sector faces similar pressures. High costs for land, building materials, labour and finance can make new housing more expensive.

These challenges make affordable housing policies important for Nigeria. Housing programmes must also consider household incomes and access to finance.

Wider African picture

The ranking shows that low-income economies remain heavily concentrated in Africa. Countries across West, East, Central and Southern Africa appear throughout the lower part of the table.

Angola ranks 59th with $10,274.90. Laos ranks 60th with $10,379.98, placing it at the bottom end of the ranking despite being outside Africa.

The 2026 figures also show notable changes from the previous ranking. Burundi moved from second place to first, while South Sudan fell from first to third.

The Democratic Republic of the Congo moved from seventh to 10th. Nigeria recorded one of the more notable changes, falling from 44th to 56th.

For Nigeria’s housing sector, the figures highlight the link between economic capacity and access to decent housing. Income levels affect homeownership, rent affordability, mortgage access and the ability of households to invest in property.

The ranking therefore offers more than an economic comparison. It also points to the importance of stronger incomes, affordable housing supply, accessible housing finance and effective infrastructure investment in improving living conditions.

The post Nigeria Ranks 56th Among World’s Poorest Countries in 2026 appeared first on Housing TV Africa.