The Nigerian Institute of Quantity Surveyors (NIQS) has raised concerns over what it described as widespread corruption within Nigeria’s housing and financial sectors, warning that the menace is crippling the country’s mortgage system and making homeownership increasingly difficult for citizens.

Speaking at a press briefing in Lagos as part of the Institute’s golden jubilee celebration, NIQS General Secretary, Azeez Ayodabo, urged the Federal Government to review existing mortgage policies to make access more flexible and income-based.

“The government should adjust mortgage thresholds according to income categories. It’s unrealistic to advertise a three-bedroom maisonette for a level six or seven civil servant. Housing schemes should be structured in categories—bungalows, flats, terraces, and duplexes—to match citizens’ earnings,” Ayodabo said.

He lamented that corruption and lack of transparency have weakened the system. According to him, many developers who accessed government loans between 2006 and 2009 failed to deliver affordable homes despite receiving public funds.

“Corruption has eroded the mortgage system. Some exploited connections to access loans meant for the public and diverted funds, forcing the government to take direct control of the process,” he added.

Ayodabo also stressed the vital role of quantity surveyors in ensuring cost efficiency and project integrity.

“Quantity surveyors should be involved throughout projects, not just in preparing the Bill of Quantities. Their oversight prevents cost overruns, material substitution, and poor workmanship,” he explained.

Lagos Chapter Chairman, Rilwan Balogun, called for broader inclusion of quantity surveyors in national infrastructure projects, noting that their expertise is critical to transparency and value for money.

“Engaging QS consortiums early in projects like the Lagos–Calabar Coastal Highway could have prevented inflated costs and opacity,” he stated.

Balogun added that government should mandate the submission of properly prepared Bills of Quantities for all building approvals to reduce cases of abandoned and substandard projects.

Also speaking, NIQS Deputy Chairman, Femi Falusi, highlighted the encroachment of non-professionals into the QS field due to technology misuse.

He called for policies that make it mandatory for all cost estimates and Bills of Quantities to be prepared and stamped by registered quantity surveyors, adding that the Institute continues to encourage members to embrace digital tools and innovation to remain competitive.

The post Corruption Eroding Nigeria’s Mortgage System, NIQS Warns appeared first on Housing TV Africa.

The question of whether Nigerian Youth will ever truly afford a place to call home remains one of the most pressing issues in the country’s housing sector.

In an exclusive interview with Housing Tv Africa, Managing Director of West Lake Infrastructure and Property Development Company, Bldr. Lawal Magaji shared insights on the challenges and opportunities that define the future of home ownership for Nigerian youths.

According to Magaji, the housing crisis is not just only in Nigeria but the whole world as a result of income inequality and rapid urbanization in major cities across the world, calling for policy reforms and Transformative collaboration between governments and private sectors.

“If you are talking about housing, you need to look at it from different perspectives starting from the global view of the housing sector. All over the world there are issues of housing shortages as a result of income inequality and rapid urbanization, especially in major cities across the world where we have large population without houses.

“All over the world, it is difficult for someone to just bring tons of money and buy a house and walk away. Very few people can afford to do that even in developed countries. That is why we have the mortgage system and so many other financial institutions backed by government to provide subsidized interest rates.” He stated.

He stressed that the future of home ownership lies in deliberate policy reforms, innovative financing, intensive collaboration with government and private sectors as well as creative housing models tailored for the youth.

“We have a very large population and the largest chunk of that population is constituted by the youths, so it is a very large segment that we need to deal. If there is a deliberate effort by the government and the political will is there, honestly we will be able to do a lot, we will be able to reduce the housing deficit especially with regards to the youths.” Magaji explained.

The West Lake chief also highlighted the role of a working mortgage system fostered by subsidized interest rates from the government, calling for the adoption of the provision of social housing to assist the physically challenged, widows and victims of house demolition.

“The government can build what is called Social housing. Social housing can cater for a lot of underprivileged youths. We built about 500 social houses at Kuje in Abuja which was supposed to be continuous but the administration ended, and it was not able to continue for some reasons I cannot say.

“These houses were built for vulnerable people. The government partnered with major companies in the country through CSR budget to fund the construction of those houses. The House accommodated victims of house demolition, HIV patients who faced stigmatization, physically challenged people and widows.”

Despite the hurdles, Magaji expressed optimism that the Renewed Hope Housing Agenda by the current government administration is moving in the right direction to provide Nigerians with affordable homes urging the youths to take advantage of the opportunity.

He further advised government to take advantage of the National Youth Service Corps (NYSC) program to advocate and educate the youths on how to key into the system.

“The Renewed Hope Housing Agenda is a good step by the current administration, but the government needs to do more in terms of advocacy and educate the youths. During their NYSC for instance, the ministry can go there and educate the youths on how to key into the system”

With more than 70 percent of Nigeria’s population under 35, the issue of affordable housing is not just an economic challenge but a social imperative.

Experts like Magaji insist that the next decade will determine whether the country can turn its youthful population into homeowners or leave them confined to a lifetime of renting and overcrowded slum living.

The post Political Will and Policy Reforms Key to Youth Home Ownership- West Lake MD appeared first on Housing TV Africa.

The Federal Government has announced that Nigeria requires the construction of approximately 550,000 housing units each year over the next decade to address the nation’s growing housing deficit.

 

Minister of Housing and Urban Development, Ahmed Musa Dangiwa, made this statement during the groundbreaking ceremony for Graceland Estate in Enugu. He added that achieving this goal would demand around N5.5 trillion annually.

 

Dangiwa attributed the significant housing shortfall to the ineffective implementation of previous housing policies and the underperformance of housing delivery institutions. He also highlighted several challenges, including an undeveloped housing market, a lack of a robust secondary mortgage system, and unfavorable macroeconomic conditions.

Commending the efforts of Enugu State Governor Peter Mbah for embracing President Bola Tinubu’s housing policy, Dangiwa emphasized that the Federal Government’s interventions were already producing tangible results.

 

“Under the Renewed Hope Cities and Estates Programme, we have commenced construction of 6,612 housing units across 13 states and the Federal Capital Territory (FCT). Many of these units are now in advanced stages, and we plan to complete the majority by December to provide Nigerians with affordable housing options,” Dangiwa said.

 

Governor Mbah, represented by his deputy, Ifeanyi Ossai, encouraged Nigerian universities to conduct research focused on reducing the high cost of building in the country. He stressed that currency devaluation had driven up labor costs, making it difficult for the average Nigerian to afford homes even when they are available.

 

Mbah also praised the Federal Government for including Enugu as a part of its national housing initiative, underscoring the importance of collaboration in addressing the housing crisis.

 

The housing sector continues to face significant challenges, but stakeholders remain optimistic that ongoing efforts will provide relief and improve access to affordable housing across Nigeria.

The post Nigeria needs 500,000 Housing Units Annually to Bridge Deficit- Dangiwa appeared first on Housing TV Africa.

With a housing deficit running into tens of millions, homeownership rate at over 25%, and a mortgage financing requirement conservatively estimated between 15-20 trillion naira, there is a great deal of work to be done.

Housing is typically capital-intensive in Nigeria due to the high cost of construction, surging land prices, and excessive financing costs. The high capital requirement of housing has made long-term financing critical in driving affordability; particularly for lower and middle-income groups.

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Interest rates for mortgage products from commercial institutions are typically between 25%-35% per annum for a tenor of up to 20 years. A model mortgage transaction would assume an interest rate of 20% on a ₦ 50 million mortgage over 15 years. Using the loan amortization calculator by a mortgage bank, the borrower would have made total payments amounting to 3x the principal at ₦158,066,685.

Paying 3x the principal on a mortgage transaction appears like daylight robbery.

The post Understanding Nigeria’s unattractive mortgage system with double digits interest rate appeared first on Housing TV Africa.