FG Commends NMDPRA Housing Scheme as 430 Workers Receive Home Allocations

The Federal Government has commended the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) for supporting access to affordable housing for its workers through the Renewed Hope Cities and Estates Programme.

The Minister of Housing and Urban Development, Mr Muttaqha Darma, gave the commendation during the formal presentation of allocation letters to eligible NMDPRA staff under the housing programme.

Darma described the initiative as significant against the background of Nigeria’s housing deficit and the difficulties many Nigerians face in accessing decent homes.

He said the Federal Government remained committed to expanding access to affordable housing through partnerships with institutions and other stakeholders in the housing sector.

According to the minister, Nigeria requires more than 16 million housing units to address its housing deficit and provide accommodation for Nigerians without adequate housing.

“Providing housing to Nigerians remains a major responsibility. Providing houses to 110 million unhoused Nigerians is a task, a very big one,” Darma said.

The minister said the NMDPRA initiative should not be assessed solely by the number of homes being allocated to its workers.

“I consider the NMDPRA initiative beyond the number of houses being allocated.

“Forget about the mention of 450 housing units. No, I am not looking at it from that angle. I am looking at it from delivery of housing to Nigerians,” he said.

Darma stressed that every opportunity to deliver housing to Nigerians was important, regardless of the number of people who directly benefited from a particular project.

He also highlighted the rising cost of construction and building materials, which has made homeownership increasingly difficult for many Nigerians.

430 NMDPRA workers receive allocations

The Chief Executive of NMDPRA, Malam Rabiu Umar, said about 430 members of staff in Abuja, Kano and Lagos were receiving allocation letters under the Renewed Hope Cities and Estates Programme.

Umar described the development as an example of how government policies and institutional partnerships could translate into tangible benefits for workers.

He said staff welfare was an important part of institutional performance, noting that workers who have greater peace of mind and confidence in their personal future are better positioned to contribute effectively to their organisations.

The NMDPRA chief executive commended the Authority Staff Cooperative Society, the Renewed Hope Access to Housing Committee and other partners involved in facilitating the initiative.

The partners include the Federal Mortgage Bank of Nigeria (FMBN), Family Homes Funds Limited, City Code Mortgage Bank Limited, Renewed Hope SPV, Key Shelter Limited and participating developers.

FMBN processes N8.3bn in mortgage applications

The Managing Director and Chief Executive of FMBN, Mr Shehu Osidi, said NMDPRA staff had subscribed to 430 housing units in Karsana, Abuja, and Janguza, Kano.

He disclosed that 197 National Housing Fund mortgage applications valued at approximately N8.3 billion were being packaged for submission to FMBN by City Code Mortgage Bank.

Osidi said the mortgage applications formed part of the financing structure designed to help eligible workers access homes through sustainable mortgage arrangements.

FMBN has also provided a N100 billion off-take guarantee for the Renewed Hope Cities and Estates Programme, beginning with the Karsana project, alongside N19.9 billion in direct funding.

The financing and guarantee arrangements are intended to give developers greater certainty, support construction financing and enable eligible workers to access completed housing through mortgage financing.

Osidi said FMBN would continue working with developers, primary mortgage banks, cooperative societies, employers and other financial-sector partners to increase the supply of affordable homes and strengthen access to mortgage finance.

He also disclosed that FMBN would soon introduce a Rent-to-Own product for eligible civil servants.

The bank has already launched a Diaspora Mortgage Loan and has signed a memorandum of understanding for a N10 billion housing loan scheme for Federal Civil Servants.

More than 1,000 NMDPRA staff applied

The President of the Authority Staff Cooperative Society, Mr Abdullahi Auta, said more than 1,000 NMDPRA workers had applied for the housing initiative.

However, about 430 staff had so far been accommodated under the current allocation exercise.

Auta appealed for continued support to enable additional workers who are still awaiting allocation to benefit from the scheme.

Details of housing units across Abuja, Kano and Lagos

The Chief Commercial Officer of Renewed Hope SPV Ltd., Dare Makinde, said the first phase of the project in Abuja consists of 365 housing units.

The Abuja development includes two-bedroom and three-bedroom flats, as well as three-bedroom terrace duplexes with boys’ quarters.

In Kano, the project includes 14 units comprising three-bedroom and four-bedroom bungalows, fully detached houses and three-bedroom terrace duplexes with boys’ quarters.

Lagos has 56 units comprising two-bedroom and three-bedroom apartments with boys’ quarters.

Makinde said a second phase of the project would be delivered next year to accommodate some applicants who could not benefit from the first phase.

He added that additional housing projects were planned for Asaba, Enugu and Ibadan.

Makinde also called on other public and private organisations to support housing schemes for their workers, particularly as rising rents continue to make homeownership and decent accommodation more difficult for many employees.

Government expands housing support for workers

The NMDPRA housing initiative forms part of a wider push by the Federal Government to expand access to housing through institutional partnerships and mortgage financing.

The government has also been implementing other housing projects targeted at workers and civil servants.

In August, the Federal Mortgage Bank of Nigeria joined the Federal Ministry of Housing and Urban Development and the Office of the Head of the Civil Service of the Federation for the groundbreaking of a 250-unit Renewed Hope Civil Service Estate at Dukpa, Gwagwalada, Abuja.

The estate comprises two-bedroom and three-bedroom bungalows and is being developed to provide decent and affordable housing for federal civil servants.

The Federal Government also approved a N10 billion housing loan scheme for federal civil servants earlier in 2026, with the Federal Housing Loans Board and FMBN entering into an agreement to facilitate access to affordable housing loans.

For the NMDPRA programme, the combination of housing allocations, mortgage financing, cooperative participation and government-backed project support is intended to provide workers with a structured route to homeownership.

The first phase of allocations covers projects in Abuja, Kano and Lagos, while additional developments are planned for other cities.

The initiative is expected to provide further opportunities for NMDPRA workers who are yet to receive allocations as subsequent phases of the housing programme are delivered.

The post NMDPRA Staff Receive 430 Homes Through Renewed Hope Housing Programme appeared first on Housing TV Africa.

AceRoyal Unveils 1,000-Home Villa Nova Estate in Abijo

AceRoyal Estates, a subsidiary of AceRoyal Group, has launched Villa Nova, a master-planned residential community featuring 1,000 villa-style bungalows in Abijo, Lagos.

The development is designed to expand access to homeownership through secure and fully titled properties, structured financing and delivery guarantees, with the broader objective of contributing to efforts to address Nigeria’s housing deficit. 

Villa Nova offers two-bedroom, three-bedroom and five-bedroom bungalow configurations within a fully secured and professionally managed environment.

According to AceRoyal Estates, the project was developed in response to some of the longstanding challenges facing Nigeria’s real estate sector, particularly land title disputes, delays in project completion and inadequate infrastructure.

The company said the development is built around a three-way structure involving government support, banking participation and private-sector development execution.

Under the arrangement, the Lagos State Government provides backing for the land title and supporting infrastructure at the site, while Nova Bank serves as the project’s primary financial partner.

The bank is providing structured mortgage plans for qualified homebuyers. The financing arrangement also includes a full refund guarantee for eligible buyers if the developer fails to meet the scheduled delivery timelines. 

Project Built Around Title, Financing and Delivery

The Villa Nova development places three key elements at the centre of its model: verified land title, access to structured mortgage financing and accountability for delivery.

AceRoyal Estates said aligning government support, institutional financing and private development execution from the beginning is intended to address some of the concerns that prospective property buyers face when purchasing homes.

The company said the structure is also designed to improve buyer confidence in large-scale residential developments across Lagos State.

Speaking at the launch, the Chief Executive Officer of AceRoyal Estates, Dr. Endurance Cletus Agonor, described Villa Nova as an example of the company’s approach to discipline and accountability in residential development.

Agonor said the project involved building 1,000 homes to a common standard while ensuring that land title, financing and project execution were aligned from the beginning.

He said the company intends the development to establish a standard for what homebuyers should expect from property developers in Nigeria. 

Structured Mortgages for Qualified Buyers

Mortgage financing is a major component of the Villa Nova proposition.

Through Nova Bank’s participation in the project, qualified buyers can access structured mortgage plans to finance their homes.

The arrangement is intended to reduce the need for prospective homeowners to provide the entire purchase price upfront and provide a financing structure through which eligible buyers can spread the cost of acquiring their homes.

The delivery guarantee is another component of the model.

AceRoyal Estates said eligible buyers would be protected by a full refund guarantee if the developer fails to meet agreed delivery timelines, subject to the applicable terms and conditions.

The company said the combination of title security, financing and delivery accountability is intended to address three major concerns in the property market: whether the land is properly titled, whether buyers can access sustainable financing and whether purchased homes will be delivered as promised. 

Large-Scale Housing Development in Lagos

Villa Nova represents a move by AceRoyal Estates into large-scale residential development, with the project planned as a single master-planned community rather than a collection of individually developed properties.

The development comes as Lagos continues to experience strong demand for residential accommodation, particularly along emerging growth corridors where housing developments are expanding.

The broader housing challenge extends beyond simply increasing the number of units available.

For prospective homeowners, factors including financing, land documentation, infrastructure and project delivery can determine whether a property purchase ultimately results in actual homeownership.

Villa Nova has been structured around these issues, with the developer seeking to combine housing supply with financing and delivery assurances. 

BusinessDay previously reported that Nigeria’s effective housing deficit could approach 28 million units when structurally deficient and substandard housing is included alongside the official deficit figure. Lagos is among the country’s areas facing significant housing demand, with population growth, urbanisation and limited available land adding pressure to the market. 

AceRoyal Group’s Real Estate Expansion

Founded in 2016, AceRoyal Group is a Nigerian conglomerate with interests in real estate, construction, financial services and hospitality, as well as an expanding international presence.

Its real estate subsidiary, AceRoyal Estates, focuses on property development and on expanding access to property ownership through residential and other real estate projects.

The company also operates in areas including land sales, commercial developments, estate and facility management, real estate investment advisory, valuation, surveying, property documentation and regularisation.

AceRoyal Estates has previously undertaken residential projects, including Eko Paragon Residence, a 105-unit development delivered in partnership with the Lagos State Development and Property Corporation.

The company currently operates across Lagos, Abuja, Oyo, Enugu and Edo, according to information provided about its operations.

What Villa Nova Offers

The Villa Nova project offers buyers a choice of two-bedroom, three-bedroom and five-bedroom bungalow configurations.

The homes are planned within a gated and professionally managed community, while the project structure includes land-title support, mortgage financing for qualified buyers and delivery guarantees.

The development therefore combines the physical delivery of residential units with financial and documentation arrangements intended to give buyers greater certainty throughout the acquisition process.

For AceRoyal Estates, the project provides an opportunity to demonstrate whether this integrated approach can be implemented successfully across a 1,000-home development.

For Lagos, the project adds another large-scale residential development to the state’s expanding housing pipeline at a time when demand for homes continues to put pressure on available supply.

The success of the development will ultimately depend on the execution of the project, delivery of the planned homes and the ability of qualified buyers to access the financing and other arrangements attached to the development.

The post AceRoyal Unveils 1,000-Home Villa Nova Estate in Abijo 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.

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.

Lagos State Deputy Governor, Obafemi Hamzat, has advised young people, particularly those at the early stages of their careers, to make housing decisions based on their income and financial capacity rather than rushing to secure independent accommodation.

Hamzat gave the advice on Thursday during a question-and-answer session on Nigeria Info FM, while responding to concerns over how a 22-year-old earning ₦100,000 monthly could afford a self-contained apartment or mini-flat costing about ₦1 million in annual rent.

The deputy governor said young Nigerians should not feel pressured to move out and rent their own accommodation immediately after getting a job if their earnings cannot comfortably support the cost.

He explained that living with parents, relatives or other family members was consistent with traditional living arrangements in Nigeria and could provide young workers with an opportunity to establish themselves financially before taking on higher housing expenses.

“Don’t let us misunderstand ourselves as a people. We are cultural people. Do you understand? So, if I start work as a young person and I’m not married, a lot of us live with our parents. A lot of us live with our cousins,” Hamzat said.

He also referenced living arrangements in countries such as Turkey, where young people may remain with family members or share accommodation while building their financial independence.

According to him, there is nothing wrong with starting with modest accommodation and upgrading as income increases.

“So, if you don’t start from the top self-contained, you don’t start from the top. You start from the average depending on,” he said.

Hamzat Sets 40% Rent Benchmark

Hamzat also advised workers against committing an excessive share of their earnings to accommodation.

He said spending more than 40 per cent of one’s income on rent was too high because workers still needed to cover food, clothing, transportation and other essential expenses.

“In fact, if you spend more than 40 per cent of your income on rent, it is too high because you must eat, you must buy clothes, you must do transportation,” the deputy governor said.

He encouraged young people to consider affordable housing options while developing a culture of saving and gradually improving their housing situation as their financial capacity grows.

Lagos Promotes Mortgage Financing

Beyond the issue of rental affordability, Hamzat said the Lagos State Government was promoting mortgage financing as an alternative route to homeownership.

He explained that purchasing a property through a single upfront payment was beyond the reach of many Nigerians, making mortgage financing necessary for expanding access to homeownership.

According to him, the Lagos State mortgage board was established to provide financing options to residents who can demonstrate their ability to repay.

“But, you know, the challenge is we cannot continue to buy houses the way we buy rice and yam. Do you understand? So, we must buy properties using a mortgage, and that’s why we have a mortgage board in Lagos,” Hamzat said.

LASRRA Identification to Support Mortgage Assessment

Hamzat also explained how the Lagos State Residents Registration Agency (LASRRA) identification system could support the mortgage process.

He said the system could help establish a resident’s identity, address and place of employment, information that could assist lenders in assessing an applicant’s ability to repay a housing loan.

“So, that’s why we said people must have LASRRA number, so we can know that, okay, you live in Lagos. This is where you live. This is your address. This is where you work. So that there is a credit bill that checks everything that says, okay, you can pay,” he said.

₦7m Property Example

Using a ₦7 million property in Bisedi as an example, Hamzat explained how mortgage financing could allow a prospective homeowner to spread the cost of the property over several years.

He said a buyer could make an initial payment of 10 per cent, equivalent to ₦700,000, and repay the outstanding balance over a 10-year period.

“So, if a flat in Bisedi, which is seven million naira, you pay 10 per cent with 700,000, and over 10 years, you are able to pay monthly,” he said.

Hamzat added that the monthly repayment would depend on the buyer’s income and ability to repay.

“Some people pay 25,000 monthly or 35,000, whatever it is, depending on your income,” he said.

According to him, mortgage financing provides residents with an alternative to paying the full purchase price at once, which many prospective homeowners may not be able to afford.

“That is the way to go because we know that a lot of people will not be able to afford to pay a one-shot deal,” he said.

Hamzat Urges Young People to Start Small

The deputy governor encouraged young Nigerians to begin with housing they can afford while developing a consistent savings culture and working towards eventual property ownership.

He said young workers should not feel that they must immediately secure expensive accommodation when they are just starting their careers.

“But the bottom line is, like I said, the culture of ability to save, so that if people see that you can save money, then I can give you a property.

“It doesn’t have to be, if you are a young person, you can start with one bedroom or even a self-contained, like you explained,” he said.

Housing Affordability Linked to Income

Hamzat acknowledged that housing affordability cannot be separated from the wider economic environment.

He stressed the need to improve residents’ earning capacity so that more Nigerians can afford decent accommodation and eventually own homes.

“What is important is we must also build our economy in such a way that people earn better, you understand, so that everybody can be uplifted, and that is the bottom line,” he said.

He added that reducing the cost of goods and services would also help residents manage their incomes and make more sustainable housing decisions.

“The cost of buying things is what we need to fix first, and then when we fix that, which is what the Federal Government is doing now, then we’ll be able to talk a lot more about other pillars that stop on top of that,” Hamzat said.

The post Lagos Deputy Governor Urges Young Workers to Consider Living With Parents Over High Rent appeared first on Housing TV Africa.

Property valuation professionals have warned that persistent insecurity, inflation, exchange rate volatility, and other economic shocks are making it increasingly difficult to determine accurate property values across Nigeria. They say the growing uncertainty is affecting investment decisions, mortgage financing, insurance assessments, and overall confidence in the real estate market.

According to experts, property valuation depends heavily on stable market conditions and reliable transaction data. However, security challenges in several parts of the country, coupled with rising construction costs and fluctuating economic indicators, have significantly altered market behaviour, making traditional valuation methods more difficult to apply.

Estate surveyors and valuers explained that insecurity has forced many investors and residents to relocate from affected communities, reducing demand in some areas while increasing pressure on safer urban centres. These migration patterns have created uneven property price movements, making it harder to establish fair market values for residential, commercial, and industrial properties.

The professionals also pointed to inflation and the depreciation of the naira as major factors driving up the cost of land acquisition, building materials, labour, and infrastructure development. As construction costs continue to rise, replacement values for existing buildings have increased, requiring valuers to regularly adjust their assessments to reflect prevailing market realities.

Industry stakeholders noted that banks, insurance companies, developers, and investors rely on accurate property valuations when making lending, investment, taxation, and compensation decisions. They warned that inaccurate valuations could expose financial institutions and investors to unnecessary risks while affecting the credibility of Nigeria’s real estate market.

To address these challenges, valuation experts called for improved access to reliable market data, stronger collaboration among industry professionals, and wider adoption of technology-driven valuation systems. They argued that better data collection and standardised valuation practices would improve transparency and help the industry respond more effectively to changing economic conditions.

The stakeholders further urged government authorities to strengthen security, stabilise the macroeconomic environment, and support policies that encourage investment in the housing and real estate sectors. They maintained that restoring investor confidence is essential to improving market stability and ensuring more accurate property valuations.

Experts believe that while economic uncertainty may continue to influence the property market in the short term, stronger institutions, better market information, and sustained economic reforms will enhance valuation accuracy and support long-term growth in Nigeria’s housing and real estate sector.

The post Insecurity, Economic Shocks Disrupt Property Valuations Across Nigeria appeared first on Housing TV Africa.

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.

The post REDAN: Nigeria Can Close Housing Deficit in 10 Years with Affordable Mortgages, Faster Land Titling appeared first on Housing TV Africa.

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.

The post First Bank, Federal Ministry of Finance Expand Access to Home Ownership Through 9.75% Mortgage Financing appeared first on Housing TV Africa.

The House of Representatives Committee on Housing and Habitat has commenced an investigation into the operations of the Ministry of Finance Incorporated (MOFI) Real Estate Investment Fund (MREIF), a major federal government housing finance initiative established to expand access to affordable home ownership for Nigerians.

The investigative hearing is scheduled to begin tomorrow, with the Managing Director and the entire management team of the Fund expected to appear before the committee to provide explanations on its administration, performance and implementation.

Lawmakers To Review Fund Performance

Chairman of the House Committee on Housing and Habitat, Hon. Abdulmumin Jibrin, said the exercise is part of the National Assembly’s constitutional oversight responsibilities and is aimed at ensuring that the Fund is operating in line with its objectives.

According to him, lawmakers will conduct a comprehensive assessment of the Fund’s governance structure, financing framework, project implementation strategy and overall contribution to housing delivery across Nigeria.

“The committee is embarking on this exercise to ensure that the administration and performance of MREIF meet the expectations of the President and the aspirations of Nigerians seeking affordable housing opportunities,” Jibrin stated.

Petitions To Be Examined

Jibrin disclosed that the committee would also review several petitions submitted by stakeholders regarding the operations of the Fund.

He stressed that transparency, accountability and effective service delivery remain critical to the success of government-backed housing programmes.

The lawmaker noted that the management team’s appearance before the committee is mandatory, adding that the House is determined to establish whether the Fund is effectively addressing Nigeria’s housing challenges.

Understanding The MREIF Initiative

The MOFI Real Estate Investment Fund was established under the Ministry of Finance Incorporated as part of the Federal Government’s broader strategy to address Nigeria’s housing deficit and strengthen long-term financing in the real estate sector.

The Fund was designed to mobilise long-term capital from public and private sector institutions, including pension fund administrators, commercial banks, insurance firms and development finance institutions.

Government expects the initiative to create a sustainable financing platform capable of supporting large-scale housing development projects while expanding access to affordable mortgage facilities for low- and middle-income earners.

Key Component Of Renewed Hope Housing Programme

MREIF is regarded as one of the key financing pillars of the Federal Government’s Renewed Hope Housing Programme, which aims to increase housing supply, stimulate economic growth, create jobs and improve home ownership opportunities nationwide.

The initiative is expected to play a significant role in addressing the country’s housing shortage by providing affordable financing options and encouraging greater private-sector participation in housing development.

Focus Of The Investigation

As part of the ongoing probe, the House Committee is expected to examine whether the structure and implementation of the Fund align with its stated objectives.

Lawmakers will assess issues relating to transparency in fund management, deployment of resources, accessibility of mortgage products and the delivery of affordable housing projects.

The outcome of the investigation is expected to provide a clearer picture of the Fund’s performance and help determine whether additional legislative or policy measures are required to strengthen Nigeria’s housing finance framework.

The post Reps Launch Probe of MREIF Over Affordable Housing Fund Operations appeared first on Housing TV Africa.

The MOFI Real Estate Investment Fund (MREIF) has recorded a Net Asset Value (NAV) of N270.29bn at the close of the 2025 financial year, reflecting steady growth from the N261.83bn reported at the start of the fourth quarter.

Details contained in its Q4 2025 investor report filed with the Nigerian Exchange Limited show that the fund maintained strong performance momentum within its first year of operations.

Structured as a N1tn shelf programme, MREIF operates as a closed-end real estate investment fund under a unit trust scheme, regulated by the Securities and Exchange Commission. The fund commenced operations on March 17, 2025, following full subscription and regulatory clearance for its N100bn Series 2 issuance.

Income Performance and Investor Returns

For the 10-month period ended December 31, 2025, the fund posted total income of N36.54bn, largely driven by interest income on financial instruments and loans.

Commercial investors earned an impressive annualised yield of 19.28 percent, underscoring the fund’s attractiveness in Nigeria’s capital market space.

ARM Investment Managers Limited, the fund manager, announced a final distribution for 2025:

• Series I investors: N3.7468 per unit

• Series II investors: N9.7192 per unit

Investors on the register as of February 20, 2026, will receive dividend payments electronically on February 27, 2026.

Mortgage Expansion Across 21 States

Beyond asset growth, MREIF intensified efforts to address Nigeria’s housing deficit.

By December 31, 2025, the fund had:

• Originated 1,082 mortgages

• Disbursed N70.72bn

• Covered 21 states and the Federal Capital Territory

• Onboarded 18 Eligible Financial Institutions (EFIs), including eight commercial banks and 10 mortgage banks

• Executed two offtake guarantees worth N5bn

In Q4 alone, the fund disbursed N23bn to finance 336 mortgage applications.

The fund’s strategy combines concessionary public capital with private sector funding to provide single-digit interest rate mortgages through partner financial institutions.

Strong Credit Ratings

Sponsored by the Ministry of Finance Incorporated, the fund has secured:

• Aaa rating from Agusto & Co

• AA rating from Global Credit Rating (GCR)

These ratings reinforce investor confidence and the fund’s credit strength.

The post MOFI Real Estate Fund Expands, Reaches N270bn appeared first on Housing TV Africa.