Valuers Urge FG to Ease Land Access, Expand Infrastructure to Cut Housing Deficit

Estate surveyors and valuers have called on the Federal Government to make land more accessible and increase infrastructure development as part of measures to address Nigeria’s housing deficit, which they estimate at more than 21 million units.

The professionals also urged increased investment in housing, particularly for low- and middle-income earners, while stressing the importance of reliable national data for property valuation, infrastructure planning and broader economic development.

The calls were made on Thursday at the Estate Surveyors and Valuers Registration Board of Nigeria Valuers Assembly in Abuja, where professionals discussed challenges affecting the housing sector and the contribution of estate surveyors and valuers to national development.

The President of the Nigerian Institution of Estate Surveyors and Valuers, Bature Muhammad, said greater access to land would enable more Nigerians to develop their own homes rather than depend entirely on government-built housing.

Muhammad said the government could also adopt site-and-services schemes by opening up land, providing basic infrastructure such as roads, demarcating plots and making the serviced plots available to individuals for construction.

He added that government should continue to build housing units to complement efforts by individuals and private developers.

“The issue of housing deficit in Nigeria has been a recurring decimal. Each year, 2 million, 20 million, 30 million,” Muhammad said, while outlining the measures he believed could help address the problem.

He said increasing access to land should be one of the priorities.

“Government can equally enter into the issue of site and services scheme, where government opens up land, constructs roads and demarcates those plots, and gives it to people to construct. Another issue is for government to build more housing,” he said.

Muhammad also acknowledged the Federal Government’s Renewed Hope Housing Scheme, noting that housing construction had commenced in several states under the programme.

He said continued implementation of the scheme could contribute to reducing the housing deficit.

“We’re happy that the current administration, through its Renewed Hope housing scheme, has started that line of action, building 200, 300, 1,000 in so many states of the federation. So, if that will continue, that will go a long way in alleviating the housing deficit that we are currently facing in the country,” he said.

Professionals identify policy, economic and data challenges

Muhammad identified government policies, economic conditions and inadequate data as some of the factors affecting the housing sector.

He said better data was particularly important because property valuation and decisions on national assets require accurate and comprehensive information.

“The basic issue is government policies sometimes, and the economic factors of the country. Another issue is data. Data assemblage,” he said.

According to him, the Nigerian Institution of Estate Surveyors and Valuers, working with the relevant board, was exploring ways to develop reliable data that could be used for valuation and other national purposes.

He stressed the need for Nigeria to establish a consolidated national database that could support government planning, infrastructure development and valuation activities.

“It is high time for us in Nigeria to have consolidated data for everything that we need to do, which will equally assist the government in planning so many things. Even this infrastructure that we are doing, it needs data,” Muhammad said.

He also pointed to the need for government to continue opening up new areas for development and making land available to people.

Muhammad said access to land remained difficult for many Nigerians and urged government to reduce the obstacles involved in acquiring land.

He said more Nigerians would be able to construct homes if they could obtain land more easily, while government could concentrate on expanding medium- and low-income housing.

“The future is always very bright for the ordinary Nigerian. If you look at it now, in Abuja, so many areas, so many frontiers are being opened. We, the professionals, advise the government to make land available. To ease access to land for so many people to get,” he said.

He added that while government continues working to improve access to land, it should also sustain the construction of affordable housing.

“To see that there is still land and people get access to land. Because when more people get access to land, they can go and build rather than waiting for the government. So, while the people are having access to land, the government should continue to build medium- and low-income housing,” he said.

Surveyors seek massive infrastructure investment

The Acting Chairman of the Board of the Nigerian Institution of Estate Surveyors and Valuers, Aminu Waziri, called for increased infrastructure development, particularly in satellite communities around major cities.

Waziri said the housing deficit and weaknesses in asset valuation had significant implications for the Nigerian economy.

“When you look at the housing deficit alone, that is over 21 million or thereabouts, and other components of it, but when you look at the total of the loss in terms of non-application of the proper asset valuation in our national economy, the sum is really much, but it runs up to about 30 trillion,” he said.

He said large-scale infrastructure development would make satellite communities more attractive to developers and encourage both public and private investment in housing.

“To reduce the deficit, there has to be massive infrastructural development, especially within the satellite areas of our major cities, because that’s where most of this impact is felt,” Waziri said.

He explained that better infrastructure would create conditions for housing developers to expand their activities.

“When you have a lot of infrastructural development, both public and private housing developers will come in to provide the necessary housing infrastructure, and this will help us greatly in bridging the housing deficit,” he added.

Valuers seek stronger professional training

Meanwhile, the Chair of the Education Committee of the Estate Surveyors Registration Board of Nigeria and Board Member of the International Valuation Standards Council, Uche Egwuatu, called for greater investment in training and capacity building for estate surveyors and valuers.

Egwuatu said the global nature of the profession meant that Nigerian practitioners needed to broaden their knowledge and remain familiar with developments in international valuation practice.

“The world is a global village and that doesn’t exclude Estate Surveying and Valuation practice. And as Estate Surveyors and Valuers, we need to enlarge our scope in terms of our training, capacity building and being part of what is happening globally,” she said.

She said the Estate Surveyors Registration Board of Nigeria was creating opportunities for professionals to participate in international valuation standard-setting processes.

According to her, the board’s membership of the international valuation body helps Nigerian practitioners remain connected to global developments in the profession.

Egwuatu also noted that international valuation standards had been incorporated into Nigeria’s Green Book, helping to align local valuation practices with international standards.

She urged individual valuers to take advantage of professional development opportunities, including events such as the Valuers Assembly, to improve their knowledge and keep pace with developments affecting the industry.

Board reviews valuation education

Egwuatu further disclosed that the board was working to improve valuation education in Nigerian tertiary institutions.

She said the board regulates estate management education in academic institutions through accreditation visits aimed at ensuring that courses and training reflect current industry requirements.

She stressed that students being prepared for careers in valuation needed to acquire knowledge that would enable them to respond to practical valuation challenges in society.

“The board has started trying to unbundle the valuation education because the board also regulates estate management education in the academic institutions through its accreditation visitations to be sure that what is being taught in the academic institutions complies with or reflects what is happening in the industry,” she said.

Egwuatu added that the goal was to ensure that future valuers were properly equipped with current knowledge and professional skills needed to address valuation problems and contribute effectively to the property sector.

The professionals’ recommendations come as Nigeria continues to face a substantial housing shortage, with improved land access, infrastructure provision, housing investment and reliable property data identified as key areas requiring attention.

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THE 20 TRICKS: HOW UNSCRUPULOUS REAL ESTATE OPERATORS ARE TAKING BILLIONS FROM NIGERIAN SUBSCRIBERS

By the Research & Economic Unit, Housing Development Advocacy Network (HDAN)

For many Nigerians, buying land or a house is the biggest financial decision they will ever make. Yet the dream of homeownership is increasingly being exploited by unscrupulous operators using sophisticated marketing, unrealistic investment promises and weak contractual protections.

THE 20 TRICKS BUYERS NEED TO WATCH

1. UNREALISTIC HIGH-RETURN PROMISES

One of the most dangerous tactics is inviting members of the public to “invest” in real estate with promises of unusually high returns, sometimes 20%, 30%, 40% or more within short periods.

Some of these schemes are structured so that money from new investors is used to pay earlier investors, creating the appearance of profitability until fresh inflows slow down.

2. SELLING LAND WITHOUT VALID TITLE

Subscribers may be offered land without proper documentation or with titles that cannot be independently verified.

3. DUPLICATE SALE OF THE SAME PLOT

The same piece of land may be sold to multiple unsuspecting buyers, creating disputes that can take years to resolve.

4. COLLECTING FULL PAYMENT WITHOUT ALLOCATION

Some subscribers make full payments but are left waiting indefinitely for their actual allocation.

5. ABANDONED OFF-PLAN PROJECTS

Developers may collect money for off-plan properties that are delayed for years or never completed.

6. HIDDEN AND UNEXPECTED CHARGES

Subscribers may discover additional charges after making payments, significantly increasing the final cost of the property.

7. REFUSING REFUNDS

Some operators make it extremely difficult for subscribers to recover their money when they decide to exit a project.

8. USING NEW PROJECTS TO FINANCE OLD ONES

Some operators launch new estates to raise money to complete older projects.

This creates a dangerous cycle:

Project B finances Project A.

Project C finances Project B.

9. CELEBRITY ENDORSEMENTS

Celebrity endorsements can create an impression of legitimacy and safety, even when buyers have not independently verified the developer or project.

10. AGGRESSIVE SALES AGENTS

Sales agents may pressure prospective buyers to make immediate payments before conducting proper due diligence.

11. “ONLY THREE PLOTS LEFT”

Artificial scarcity is often used to create urgency and discourage buyers from taking time to investigate.

12. “PRICE INCREASES TONIGHT”

Countdown promotions can pressure buyers into paying before they have verified the property, documents and contractual terms.

13. MISUSE OF “REAL-ESTATE-BACKED INVESTMENT”

Subscribers are told their investment is secured by property.

But buyers should ask:

Which specific property secures my money?

Is the title valid?

Does a legal charge exist?

Has the same asset been pledged to other investors?

14. SHOWING ONE LOCATION AND ALLOCATING ANOTHER

Some subscribers are shown one location during inspection but later discover that their allocated property is somewhere else.

15. MARKETING LAND WITH THE WRONG LAND USE

Agricultural or improperly designated land may be marketed as a residential estate.

16. ALLOCATION LETTERS THAT ARE MISTAKEN FOR LEGAL TITLE

Some buyers receive impressive allocation letters, certificates and promotional materials and assume these documents amount to legal title.

They do not.

A developer-issued allocation document cannot replace independent verification of the underlying land title.

17. UNFAIR CONTRACTS

Some agreements impose severe penalties on subscribers for late payment but provide little or no compensation when developers delay delivery for years.

18. CHANGING THE PROPERTY AFTER PURCHASE

A subscriber may buy a particular house design only to discover later that the developer has reduced the size, changed the finishes or substituted cheaper materials without meaningful consent.

19. DELAYED DELIVERY

Projects may be marketed with attractive delivery timelines, only for subscribers to wait years beyond the promised completion date.

20. FAILURE TO DISCLOSE HOW THE PROJECT IS FINANCED

Subscribers deserve to know how their money will be used and whether the project’s financial structure is sustainable.

WHAT NEEDS TO CHANGE?

Nigeria urgently needs stronger protection for real estate subscribers.

Off-plan developers should be required to disclose:

• Verified land title
• Development approvals
• Delivery schedules
• Financing arrangements

This information should be available before substantial funds are collected from the public.

Major subscriber funds should increasingly pass through escrow or controlled project accounts, with releases tied to independently verified construction milestones.

Companies inviting the public to invest for returns should also be required to demonstrate that they possess the necessary regulatory authority to solicit investments.

THE ONE RULE EVERY BUYER SHOULD KNOW

DO NOT INVESTIGATE AFTER PAYING.

INVESTIGATE BEFORE PAYING.

Before transferring money, buyers should independently verify:

• The title
• The company
• Approvals
• The contract
• The developer’s project history
• The exact location of the property

Where a company promises exceptionally high returns, prospective investors should ask the most important question:

Where exactly will the money required to pay those returns come from?

Nigeria needs genuine developers and a strong real estate industry.

But the sector cannot grow sustainably if subscribers increasingly associate property investment with deception, endless delays and lost savings.

Every fraudulent transaction damages not only the victim but also confidence in the entire housing market.

HDAN SPECIAL CONSUMER PROTECTION SERIES

In the next few days, the Housing Development Advocacy Network (HDAN) will begin spotlighting real estate developers and operators involved in documented subscriber disputes, regulatory actions, court cases and alleged fraudulent practices.

The series will examine:

• The facts of each case
• Complaints made by subscribers
• Responses from the companies involved
• Actions taken by regulators or the courts
• Warning signs prospective buyers and investors should look out for

Where allegations have not been finally determined by a court, HDAN will clearly state that fact.

THE OBJECTIVE IS SIMPLE:

To help Nigerians identify dangerous red flags, avoid questionable property schemes and protect their hard-earned money before it is too late.

The post 20 Real Estate Scams Nigerian Property Buyers Must Avoid appeared first on Housing TV Africa.

The Mortgage Banking Association of Nigeria (MBAN) has called on the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF) to translate its strong financial performance into increased mortgage lending and wider access to affordable housing finance.

The call followed MREIF’s half-year 2026 financial results, which showed a profit before tax of ₦14.49 billion and profit after tax of ₦14.24 billion. The fund also declared interim dividends and increased its net asset value per unit to ₦106.71.

MBAN President, Ayo Olowookere, commended the fund’s financial performance, describing it as evidence of sound financial management. However, he argued that profitability should be matched with greater deployment of capital into mortgage lending.

According to Olowookere, MREIF increased its mortgage portfolio by 86 per cent within six months, but a significant portion of its assets remained invested in cash and investment securities rather than mortgage loans. He noted that much of the fund’s income during the period came from interest earned on these investments.

He said the situation creates an opportunity for MREIF to accelerate the deployment of its resources towards its core development mandate, particularly the expansion of affordable mortgage finance.

MREIF was established as a public-private partnership intended to provide long-term, relatively low-cost mortgage financing while helping deepen Nigeria’s housing finance market.

Olowookere said the fund’s success should therefore not be assessed only through profitability, dividends or growth in assets. He argued that its wider impact should also be measured by the number of mortgages created, homes financed and households helped to achieve homeownership.

The MBAN president stressed that expanding mortgage lending would still require strong risk management. He identified credit assessment, legal documentation, property verification and reliable operational systems as important components of responsible mortgage lending.

He also called for stronger collaboration between MREIF and primary mortgage banks to improve transparency, execution and the overall impact of the fund.

Beyond financing, Olowookere said government reforms in land administration, property registration and foreclosure processes would be necessary to strengthen Nigeria’s housing finance ecosystem.

He assured MREIF that mortgage banks were prepared to support the fund by originating quality mortgage assets, improving underwriting standards, adopting technology and working with the institution to expand responsible mortgage lending nationwide.

The development highlights a central challenge facing Nigeria’s housing sector. Having capital available is not the same as having affordable mortgages reaching households that need them.

For MREIF, the next test may therefore be whether its strong balance sheet can translate into significantly more accessible housing finance and, ultimately, more homes financed for Nigerians.

The post MREIF Posts ₦14.49bn Profit as Mortgage Banks Demand More Housing Finance appeared first on Housing TV Africa.

More Nigerians are turning to bank loans to finance the purchase and construction of homes, with demand for housing-related credit recording a notable increase in the second quarter of 2026.

The development was disclosed by the Central Bank of Nigeria (CBN) in its Credit Conditions Survey Report for Q2 2026, which showed increased demand for loans across several segments of the economy, particularly housing and small-business financing.

According to the report, demand for credit to purchase houses rose to 9.6 index points during the quarter. Mortgage and re-mortgage lending to households also increased to 13.3 index points, indicating stronger demand for formal financing for housing-related needs.

The increase comes as households continue to face significant financial pressure from rising construction costs, property prices and other living expenses. For many Nigerians, access to bank financing can provide an alternative to paying the full cost of a property or construction project upfront.

The CBN report also recorded broader growth in secured lending. Overall demand for secured credit increased to 15.1 index points, while demand for corporate lending reached 15.2 index points.

Small businesses recorded one of the strongest increases in demand for credit, with lending rising to 26.4 index points. Lending to medium-sized private non-financial companies also increased to 25.5 index points, while credit to large private non-financial companies rose to 8.9 index points.

Consumer lending also strengthened during the period. The CBN reported that consumer loans to households increased to 11.2 index points, while household overdrafts and personal loans rose to 7.9 index points. Credit card lending, however, declined to -2.0 index points.

The improvement was not limited to demand. The report indicated that banks experienced lower default rates across secured and unsecured lending, while repayment performance also improved among small businesses and various categories of private companies.

The rise in housing credit demand could be significant for Nigeria’s housing market. Mortgage finance remains an important component of any effort to expand homeownership, particularly where property prices are too high for households to rely solely on personal savings.

However, stronger demand for housing loans does not necessarily mean that housing has become more affordable. Higher borrowing costs can still limit access to mortgages, while the underlying cost of land, construction materials and property development continues to influence the final price of homes.

The latest CBN figures therefore point to two developments happening at the same time. Nigerians are increasingly seeking formal credit to meet their housing needs, while the affordability challenge continues to make access to suitable housing difficult for many households.

For Nigeria’s housing sector, the long-term impact will depend not only on the availability of credit but also on whether financing becomes affordable enough for more households to qualify and whether increased lending translates into greater housing supply.

The post CBN Reports Increase in Housing and Mortgage Credit Demand appeared first on Housing TV Africa.

The National Union of Tenants of Nigeria (NUTN) has raised alarm over the worsening housing situation in Rivers State, warning that more than 80 per cent of residents in Port Harcourt and Obio/Akpor now spend all their income on rent.

In a letter to Governor Siminalayi Fubara, the union’s Executive Secretary, Ceaser Enwefah, described the situation as a deepening crisis with severe social and economic consequences for residents.

He said the rising cost of accommodation has pushed many households into extreme hardship, leaving them unable to afford basic necessities.

“Rental costs now account for significant portion of the high cost of living in the capital city, pushing many residents into extreme hardship,” he stated.

Soaring rent across housing categories

Enwefah noted that rent levels have reached unprecedented heights across all housing types in the state capital and surrounding areas.

According to him:

• Self-contained apartments now cost about ₦800,000 annually
• One-bedroom flats go for around ₦1.5 million
• Two-bedroom apartments range between ₦2 million and ₦2.5 million
• Three-bedroom flats cost between ₦3 million and ₦4 million

He warned that prices could rise further by December 2026, making housing even more unaffordable for average earners.

Rising displacement and social pressure

The union also warned that many residents are already leaving Port Harcourt due to rising living costs.

“A significant part of the population is fleeing the capital city to escape the high cost of accommodation and harsh economic impact of rising rents,” Enwefah said.

He added that if left unchecked, the situation could escalate into homelessness, slum expansion, and social instability by 2030.

Causes of the housing pressure

A fact-finding study by the union attributed the crisis to multiple factors, including:

• Housing deficit in the state
• Demolition linked to infrastructure projects such as the Port Harcourt Ring Road
• Activities of unregulated estate agents
• Conversion of residential buildings to commercial use
• Urban planning violations reducing available housing stock

The study showed sharp rent increases between 2023 and 2025, with single rooms rising from ₦60,000 in 2022 to ₦180,000 in 2026, and self-contained apartments jumping from ₦150,000 to ₦800,000.

Calls for urgent government action

The union urged the state government to declare the housing sector a priority area and introduce urgent regulatory reforms.

Recommendations include:

• Regulation of estate agents
• Enforcement against illegal property conversion
• Creation of a housing data system to track rent trends
• Increased land allocation for low-income housing
• Construction of student hostels to reduce pressure on the rental market

Enwefah stressed that coordinated intervention is needed to stabilise the housing market and prevent further economic strain on residents.

The post Housing Emergency Looms in Rivers as Rent Consumes Residents’ Entire Income appeared first on Housing TV Africa.

In a bold stride toward bridging Nigeria’s housing deficit, AceRoyal Estates Homes has announced that its flagship development, Eko Paragon, is on track to deliver 105 high-end residential units within the next 12 months.

Located in the Abijo Government Reserved Area (GRA) of Lagos, the development is redefining urban living by blending five-star hotel standards with residential comfort and long-term investment value. Construction began in February 2025, and according to the company’s managing director and chief executive officer, Endurance Cletus Agonor, the project is progressing ahead of schedule. As of October, 41 homes are fully completed, fitted, and ready for occupation.

Agonor noted that the estate was conceived to offer luxury that is not only aspirational but attainable. Developed in partnership with the Lagos State Property Development Corporation (LSPDC), Eko Paragon is designed to reflect a balance between exclusivity and accessibility. “This is our vision of affordable luxury,” Agonor said. “We are not just building homes, we are delivering lifestyle, security, and long-term value.”

Eko Paragon offers a mix of one-bedroom executive business suites, two-bedroom signature apartments, and three-bedroom terrace duplexes with boys’ quarters. Each residence is defined by spacious layouts, refined finishes, and a thoughtful approach to comfort. Kitchens are built with convenience and style in mind, while bathrooms are unusually large, some exceeding the size of typical boys’ quarters in nearby developments.

The estate’s design is anchored by a commitment to wellness, sustainability, and green living. With just 32 percent of the land developed, residents will enjoy expansive green spaces, fitness and recreation facilities including a fully equipped gym, tennis courts, and walking areas. Every unit is allocated two private parking spaces, with generous visitor parking also provided. Power supply is guaranteed 24 hours a day, ensuring uninterrupted comfort for all residents.

What truly sets Eko Paragon apart is its promise of hotel-style living. Residents will have access to concierge-level services such as breakfast in bed, on-call chefs, laundry and cleaning—privileges typically associated with five-star hospitality. “We are offering the everyday experience of hotel luxury, but in your own home,” Agonor said. “It’s a game changer in the Nigerian real estate sector.”

Situated just 10 minutes from the Lekki-Epe Expressway, Eko Paragon enjoys a prime location in what remains the only GRA on Lagos Island. The area’s secure and serene environment adds to the estate’s appeal, positioning it as an ideal choice for both homeowners and investors seeking capital growth and lifestyle quality.

Agonor emphasized the level of craftsmanship and engineering behind the project, citing the use of top-tier materials, deep foundation work, and scenic landscaping as key indicators of the brand’s long-term vision. “For us, excellence isn’t a promise, it’s a standard,” he said. “Every detail, from structure to finishing, is designed to protect and grow the value of your investment.”

With handover set to be completed within a year, Eko Paragon is not just a residential estate, it is an emblem of modern Nigerian living, and a statement of what’s possible when ambition meets execution.

The post Eko Paragon to Deliver 105 Luxury Homes Within a Year, Transforming Lagos Real Estate appeared first on Housing TV Africa.

In a decisive move to rein in the activities of property agents and curb arbitrary rent increases, the Abia State House of Assembly has advanced two landmark bills aimed at reforming the state’s housing sector.

The legislative action includes the first reading of a bill sponsored by Hon. Egwuronu Mandela Obasi (Ohafia North), and the second reading of another sponsored by Deputy Speaker Austin Okezie Meregini (Umuahia East). Both bills seek to introduce greater oversight and consumer protection for tenants across the state.

If passed into law, the proposed legislation will mandate compulsory registration of all property agents with the Ministry of Housing. It will also criminalize the widespread practice of collecting rent from multiple tenants for the same property.

A key provision of the bill pegs the maximum agent’s fee at 5% of the rent, while also capping rent advances at six months, a move designed to ease financial pressure on tenants. Landlords will be prohibited from demanding, and tenants from paying, more than six months’ rent upfront.

The legislation also aims to tackle exploitative practices in the rental market, including hidden or excessive charges. It provides a legal framework to challenge such actions, classifying them as violations once the bill is enacted.

To further streamline the process of property recovery, the bill mandates that tenants must present proof of rent and utility payments when initiating or responding to tenancy-related litigation. Importantly, it also shields tenants from eviction while contesting rent hikes in court.

In a related development, the House passed into second reading H.A.B. 34 of 2025, also sponsored by Deputy Speaker Meregini, which complements the earlier bill by specifically targeting arbitrary rent increases and reinforcing protections for both tenants and landlords.

Commenting on the twin legislative efforts, Speaker of the House, Rt. Hon. Emmanuel Emereuwa, emphasized that the bills represent a proactive step towards bringing order, fairness, and accountability to the housing sector in Abia State.

“These bills are about doing the right thing, ensuring that both landlords and tenants are treated fairly, and that property transactions are conducted transparently,” he said.

The proposed reforms have been welcomed by housing advocates and tenant groups, who have long called for tighter regulation of the property market in the state.

The post Abia Lawmakers Push for Stronger Tenant Protections, Rent Regulation appeared first on Housing TV Africa.

Lagos has kept its crown as Nigeria’s luxury property hub. A new report by Diya Fatimilehin & Co. shows that Eko Atlantic, Old Ikoyi, Banana Island, and Victoria Island remain the country’s most expensive residential areas.

In Ikoyi, a four-bedroom apartment now sells for about ₦1.5 billion, highlighting strong demand in the city’s upscale enclaves.

The report also points to Ogun and Oyo as emerging alternatives. With lower entry costs and better infrastructure, areas such as Alalubosa and Iyaganku GRAs in Ibadan, and Laderin Estate in Abeokuta, are gaining traction. Annual rents in these estates reach up to ₦3 million.

Infrastructure projects are driving this shift. The Lagos Blue and Red Line metro rails, the expanded Lagos–Ibadan Expressway, and the planned Fourth Mainland Bridge and Lekki International Airport are opening new growth corridors.

Beyond Lagos, housing demand is rising in regions like the North-West and South-South. Cities such as Kano, Kaduna, and Sokoto are seeing opportunities from industrial growth and agriculture. Despite security challenges, established districts like Barnawa in Kaduna and Nasarawa GRA in Kano remain resilient.

In the South-South, urban renewal and major road projects are reshaping Uyo, Asaba, Port Harcourt, and Benin City. A 169-room Radisson Hotel nearing completion in Benin highlights renewed investor confidence.

The report concludes that Nigeria’s housing market is evolving. From Lagos’ dominance to new frontiers in emerging cities, urbanisation, reforms, and infrastructure continue to shape where Nigerians live and invest.

Source: Punch

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In a sweeping move poised to reshape Nigeria’s housing landscape, the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF) has unveiled revised mortgage terms designed to significantly ease the path to homeownership for millions of Nigerians.

In a major policy shift, MREIF has reduced the minimum equity contribution required to access its mortgage facility from 20% to just 10% a move widely viewed as a turning point for housing affordability in the country. Complementing this is a fixed mortgage interest rate of 9.75%, coupled with repayment terms extending up to 20 years.

The initiative forms part of the Federal Government’s broader Renewed Hope agenda, aimed at fostering inclusive economic growth and improving living standards. By lowering upfront financial barriers, the revised framework seeks to transition more Nigerians from renting to owning their own homes—an ambition long hindered by prohibitive down payment requirements.

Dr. Armstrong Takang, Managing Director and CEO of the Ministry of Finance Incorporated (MOFI), described the revised mortgage terms as a “milestone in our mission to build a sustainable and inclusive housing ecosystem.”

“This reform is not merely about housing,” Takang stated. “It’s about economic empowerment. By making homeownership more attainable, we are laying the foundation for long-term financial stability and prosperity for families across the nation.”

Wale Odutola, CEO of ARM Group—the fund manager for MREIF—emphasized the timeliness and transformative potential of the scheme.

“We now have a compelling value proposition for Nigerians ready to take that step toward owning a home,” said Odutola. “This initiative is not just visionary it’s actionable, and the time to engage is now.”

In a further boost to accessibility, prospective homeowners may utilize funds from their Retirement Savings Accounts (RSAs) to cover the required down payment an option expected to widen participation and reduce the financial strain on aspiring buyers.

The revised terms are applicable to long-tenure mortgages offered under the MREIF umbrella, designed to minimize monthly repayment burdens while maximizing homeownership opportunities across the country.

The post MREIF Slashes Down Payment to 10%, Unlocks Affordable Homeownership for Nigerians appeared first on Housing TV Africa.