Godwin Alenkhe, the national president of ERCAAN, believes Nigeria is ready for a property boom. He said there’s plenty of land, a large young population, and cities growing fast. But instead of building on these strengths, the country keeps running into the same old problems—slow land processing, poor policy direction, and confusing rules. These issues have made it harder for people to own homes and left millions without proper shelter.

Sabastine Onyewe, CEO of PropertyPlus, praised the government’s plan to build homes across all local government areas. But he said the private sector can’t afford to stay quiet. Developers, investors, and professionals must step up if the housing gap is going to shrink.

A government official at the event stressed the need for proper registration. She said all real estate agents and developers must register with the Lagos State Real Estate Regulatory Authority. Doing so builds trust and keeps the system clean.

Surveyor Ewenla Mustapha gave some big-picture insights. He said real estate added more to Nigeria’s economy this year than last up to 5.6% of the national GDP. He sees big demand for homes and commercial buildings, which means there’s room to grow. But the road is full of potholes. High costs, legal delays, bad roads, and outdated laws hold everything back.

Mustapha urged both government and private players to come together. If they fix the system and remove the roadblocks, real estate could become one of the biggest drivers of growth in the country.

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But now, the Federal Mortgage Bank of Nigeria (FMBN) is introducing a transformative solution—the National Mortgage Registry (NMR). This initiative promises to reshape Nigeria’s mortgage system and create a more inclusive, efficient, and transparent market for homebuyers.

The Importance of the Housing Sector

The housing sector is a critical part of any economy. It’s often considered an indicator of economic growth or decline. Unfortunately, Nigeria’s mortgage penetration is very low—less than 1% of GDP, much lower than in other emerging markets. One of the key factors behind this is the absence of a centralized, verifiable mortgage system. Without it, fraud, multiple claims on properties, and delayed mortgage approvals have discouraged both local and foreign investment.

Challenges Homebuyers Face

Prospective homeowners in Nigeria have long dealt with lengthy approval processes, bureaucratic delays, and inconsistent lending practices. These inefficiencies have made it difficult for many Nigerians to access affordable housing finance. The housing deficit has only worsened, leaving millions unable to realize their dream of homeownership.

The National Mortgage Registry: A Game-Changer

The NMR is a digital platform that will centralize and record all mortgage transactions in real-time. This digital registry will provide a transparent, accessible system for tracking mortgage statuses, verifying property titles, and preventing fraud. It will be a tool for financial institutions, government agencies, and homebuyers, all of whom will benefit from a more efficient and reliable system.

Streamlining the Mortgage Process

One of the primary goals of the NMR is to speed up the mortgage process. The current system is slow and filled with red tape, which leads to delays in approvals and disbursements. The NMR will automate key processes, cut down paperwork, and give banks and mortgage institutions access to real-time data. As a result, loan approvals will be faster, administrative costs for lenders will be reduced, and mortgage interest rates may lower for borrowers.

Tackling Fraud and Legal Disputes

The NMR’s transparency is also a huge advantage in combating fraud and legal disputes. By creating a centralized, verifiable record of all mortgage transactions, the registry will prevent fraudulent property claims and reduce legal challenges. This will build trust between developers, investors, and homebuyers, making the mortgage market more secure and attractive to lenders.

Inclusivity for the Informal Sector

Over 60% of Nigeria’s workforce is employed in the informal sector, and many of these workers face difficulties in proving their income stability. This has prevented them from accessing mortgages. The NMR will address this issue by enabling alternative credit scoring methods and creating specialized mortgage products for informal workers, such as artisans, traders, and small business owners. This initiative aims to make homeownership accessible to more Nigerians across all income levels.

The Economic Impact: Boosting Investment

The NMR will also help attract foreign direct investment (FDI) to Nigeria’s housing sector. A transparent and efficient mortgage system will make the country’s real estate market more attractive to international investors. By aligning Nigeria’s mortgage system with global standards, the NMR will encourage public-private partnerships (PPPs) and foster new mortgage finance providers, leading to increased competition and innovation in the sector.

Preparing for the Future: Technological Innovations

The NMR is just the beginning of a broader digital transformation agenda at FMBN. By digitizing mortgage records, the registry sets the stage for future innovations, including the use of blockchain technology for enhanced security and AI-driven mortgage processing for faster approvals. There are also plans to create mobile-accessible mortgage verification systems, allowing users to check property details in real-time.

FMBN’s Larger Digital Agenda

The NMR is part of a larger push by FMBN to modernize Nigeria’s housing finance system. Other reforms include the deployment of a Core Banking Application to automate mortgage processing and improve service delivery, as well as the introduction of virtual property inspections, reducing the need for physical site visits. FMBN is also collaborating with fintech companies to integrate smart lending solutions into the mortgage system.

Current Progress and Timeline

As of March 2025, the NMR is in the final stages of testing. The system is expected to be fully deployed later this year. Next steps include finalizing security protocols, integrating with banking and land registry platforms, and conducting training programs for financial institutions and real estate developers. A nationwide public awareness campaign will also be launched to educate Nigerians on how to access and use the registry.

Conclusion: A Bright Future for Nigeria’s Housing Sector

The National Mortgage Registry (NMR) represents a major shift in Nigeria’s housing finance sector. By improving transparency, streamlining the mortgage process, and making homeownership more accessible, the NMR has the potential to accelerate housing development and economic growth. With the full implementation of this initiative, millions of Nigerians will soon have access to affordable mortgages, paving the way for a more inclusive housing market.

FMBN’s leadership in this transformation signals a promising future for Nigeria’s housing sector. As the NMR comes to life, it will not only address the housing deficit but also attract investment, create jobs, and ultimately improve the quality of life for many Nigerians.

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Despite formidable challenges such as volatile exchange rates, inflationary pressures, and the persistent issue of housing affordability, optimism remains strong about the sector’s future.

Real estate has consistently served as a vital pillar of Nigeria’s economy, contributing significantly to the nation’s Gross Domestic Product (GDP). However, the sector is grappling with Nigeria’s surging inflation rate, recently reported by the National Bureau of Statistics at over 34 percent.

This spike in inflation has placed immense pressure on developers, making it increasingly difficult for the average Nigerian to afford a home. Additionally, fluctuating exchange rates have exacerbated the cost of construction materials, over 90 percent of which are imported.

Speaking at the Saudi Arabia Real Estate Forum held in Riyadh, Nigeria’s Minister of Housing and Urban Development, Ahmed Dangiwa, highlighted the immense growth potential within Nigeria’s real estate market. He noted that the sector contributed approximately 5.2 percent to Nigeria’s GDP in 2024 and is expected to surpass ₦2 trillion by the end of 2025. Dangiwa drew attention to Nigeria’s massive housing deficit, estimated at 28 million units, a figure driven by rapid urbanization and population growth. Despite this daunting challenge, he emphasized the vast investment opportunities that exist, particularly within the residential real estate segment.

Dangiwa underscored the importance of strategic partnerships to tackle Nigeria’s housing crisis. The government is focusing on large-scale housing developments through public-private partnerships, innovative financing solutions, and collaboration with state governments to unlock land for affordable housing projects. These efforts aim to bridge the gap between housing demand and supply while boosting the sector’s contribution to the economy.

Addressing the issue of affordability, Dangiwa highlighted government initiatives designed to ease the financial burden on prospective homeowners. One key measure includes the recapitalization of the Federal Mortgage Bank of Nigeria with ₦500 billion, aimed at providing more accessible, single-digit interest mortgage products. Additionally, the government is exploring new funding models, such as Real Estate Investment Funds, which target mortgage interest rates around 12 percent significantly lower than the current market rates of 28-30 percent. These funds are designed to offer financial security to both developers and homebuyers.

To further improve homeownership accessibility, rent-to-own schemes are being introduced, offering flexible payment structures that cater to a wider demographic. Dangiwa also mentioned ongoing collaborations with the Nigeria Governors’ Forum to streamline land acquisition and approval processes, reducing bureaucratic bottlenecks and creating a more conducive environment for real estate development.

Through these comprehensive strategies, Nigeria’s real estate sector is poised to become a major driver of economic growth. Beyond providing much-needed housing, the sector is set to stimulate investments, generate employment opportunities, and contribute to sustainable development across the country.

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As a sector valued in trillions of naira and accounting for 5.64% of the national GDP in 2023, ensuring professionalism isn’t merely a goal—it is an imperative.

Over the years, the evolution of real estate in Nigeria has mirrored the nation’s socio-economic journey. From informal property transactions in the pre-independence era to the establishment of organized firms, the landscape has undergone significant shifts. Landmark developments such as the Land Use Act of 1978 and the rise of private developers in the 2000s have played pivotal roles in shaping the sector. Yet, longstanding challenges like unresolved land disputes, unregistered properties, and inconsistent policies remain significant roadblocks to progress.

Core issues currently plaguing the industry include the absence of uniform regulations, a lack of transparency, and insufficient training for many practitioners. Fraudulent practices and opaque dealings continue to erode public trust, while economic factors like inflation, fluctuating exchange rates, and high construction costs exacerbate affordability issues for the average Nigerian.

Professional excellence is the antidote to these challenges. It encompasses ethical conduct, transparency, technical expertise, and customer-focused service delivery. Such standards not only instill confidence among investors and buyers but also position the sector as a key driver of economic growth. By fostering a well-regulated, ethically sound, and skill-intensive real estate market, Nigeria can attract foreign investments, support local development, and sustain industry competitiveness on a global scale.

Practical strategies are necessary to elevate the standards of Nigeria’s real estate sector. Policymakers must implement and enforce comprehensive regulations to standardize operations and ensure compliance across the board. Training programs, developed in partnership with academic institutions and industry bodies, can equip practitioners with the skills and knowledge required for modern real estate practices. Moreover, a commitment to transparency and accountability must be cultivated through mandatory codes of conduct and strict penalties for violations.

Technology also holds the key to modernization. Tools like blockchain can secure property transactions, while geographic information systems (GIS) can revolutionize urban planning, making the industry more efficient and transparent.

Inspiration can be drawn from global examples such as the United States, where the National Association of Realtors enforces high professional standards through licensing and education. Similarly, Singapore’s government-led initiatives on affordable housing and urban planning demonstrate how regulation and innovation can drive industry success.

The future of Nigeria’s real estate industry hinges on its ability to embrace professional excellence. A structured and transparent market will foster investor confidence, enhance buyer trust, and unlock the sector’s full potential. This transformation can create jobs, stabilize the economy, and position the industry as a cornerstone of national development.

Now is the time for industry stakeholders to step up. Through deliberate action in regulation, education, ethics, and technological innovation, Nigeria’s real estate sector can rise to new heights, delivering prosperity and progress for all. The challenge is clear, and so is the opportunity—the nation’s future depends on it.

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These projections, outlined in the World Bank’s Global Economic Prospects report, paint a picture of cautious optimism for Africa’s largest economy as it navigates lingering domestic and global challenges.

The services sector, a consistent driver of Nigeria’s economic expansion, remains central to this growth trajectory. In 2024, the economy grew by an estimated 3.3%, fueled largely by financial and telecommunication services, which have been instrumental in offsetting weaker performances in other sectors. The World Bank attributed this uptick to key macroeconomic and fiscal reforms implemented in 2024. These reforms not only bolstered business confidence but also paved the way for revenue growth by eliminating the implicit foreign exchange subsidy through the unification of the naira’s exchange rate.

Tightened monetary policy by the Central Bank of Nigeria was another decisive factor, aimed at tackling the persistent inflation that has plagued the economy. Inflation, which had eroded purchasing power for years, is projected to decline gradually, providing a much-needed boost to consumption and economic stability. However, while monetary tightening has brought some relief, it also underscores the fragility of Nigeria’s economic framework, where structural issues continue to impede sustained recovery.

The oil sector, historically a cornerstone of Nigeria’s economy, is expected to see only modest gains in production over the forecast period. Despite this slight improvement, output will likely remain below the country’s OPEC quota. This underperformance in oil production, combined with vulnerabilities in the exchange rate and rising debt-servicing obligations, remains a key concern for policymakers and stakeholders.

The World Bank cautioned that while the projected growth figures are encouraging, per capita income growth will remain weak. This signals that the benefits of economic expansion may not be felt evenly across the population, particularly as structural challenges such as inflationary pressures and inadequate fiscal buffers persist. Rising debt costs further complicate the outlook, limiting the government’s ability to implement transformative policies or invest in critical infrastructure.

READ MORE: Experts Predict Nigeria’s Economy Will Soar by 3.5% in 2025

On a regional level, Nigeria’s economic performance continues to be pivotal for Sub-Saharan Africa. The region as a whole is forecasted to see growth accelerate from 3.2% in 2024 to 4.1% in 2025 and 4.3% in 2026. Nigeria, alongside South Africa, remains a major contributor to this trajectory. In 2024, the two largest economies in the region averaged 2.2% growth, buoyed by improved electricity supply in South Africa and higher oil production in Nigeria.

The World Bank’s projections reinforce the significance of Nigeria’s services sector, which not only accounted for 53.58% of the country’s GDP in the third quarter of 2024 but also grew by an impressive 5.19%. This underscores the sector’s rising influence in shaping the economic landscape, as services-led growth continues to outpace contributions from agriculture and industry.

Looking ahead, Nigeria’s economic prospects remain intertwined with its ability to address structural vulnerabilities, improve fiscal management, and sustain investor confidence. While the projected growth rates of 3.5% in 2025 and 3.7% in 2026 signal progress, they also highlight the pressing need for comprehensive reforms to ensure that growth translates into tangible benefits for the broader population.

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Despite its potential to transform the mortgage landscape, only a handful of states Lagos, Ekiti, Nasarawa, and Kaduna have enacted their versions of the law. This reluctance by most state governments has discouraged property developers and mortgage investors from engaging in these regions, stalling progress in addressing Nigeria’s growing housing deficit.

The MMFL was designed to establish state-level mortgage boards that simplify property registration, streamline title perfection processes, and enable non-judicial foreclosure mechanisms. The law aims to create a conducive environment for mortgage origination, allowing citizens to access affordable housing while generating jobs and boosting internally generated revenue. However, approximately 32 states have yet to domesticate the law, leaving Nigeria’s housing sector fragmented and underfunded. In states like Edo, Akwa Ibom, and Cross River, the law remains in various stages of legislative limbo, while Ogun State is merely awaiting the governor’s sign-off.

In contrast, states that have embraced the MMFL are seeing tangible benefits. Lagos, for example, has implemented a rent-to-own scheme backed by its mortgage board, enabling over 20,000 residents to purchase homes with a low-interest rate of 6% and a repayment period of up to 10 years. Similarly, Nasarawa State’s passage of the law has made real estate investments more secure and bankable, attracting investors and improving homeownership rates.

The persistent housing deficit in Nigeria remains staggering. A World Bank survey revealed that 700,000 housing units are needed annually to meet demand, yet only about 100,000 units are produced yearly. This shortfall has resulted in an accumulated deficit, further exacerbated by a lack of mortgage financing. According to a 2020 Central Bank of Nigeria (CBN) report, the country requires between N15 trillion and N20 trillion in mortgage financing to bridge the housing gap, but only 5% of Nigeria’s 13.7 million housing units are currently financed through mortgages.

The mortgage sector’s challenges are compounded by an underwhelming contribution to the nation’s GDP—just 0.5%. This figure pales in comparison to countries like Namibia, where mortgage penetration accounts for 18.9% of GDP, and South Africa at 16.2%. In Nigeria, reliance on personal savings rather than mortgages continues to dominate the housing market. This is largely due to the absence of an effective foreclosure mechanism, which deters lenders from offering mortgages. Obtaining a foreclosure order through the courts can take years, discouraging financial institutions from taking on the risk of non-repayment.

The MMFL introduces several innovative features to address these challenges, including the establishment of mortgage registries, streamlined consent requirements, and alternative dispute resolution mechanisms. Notably, it allows for non-judicial foreclosure, enabling lenders to reclaim properties without prolonged court proceedings. For instance, Kaduna State’s 2017 adoption of the MMFL has made it easier for lenders to recover defaulted loans, creating a more favorable environment for mortgage investments.

However, the adoption of the MMFL has faced resistance from state governments, primarily due to the provisions of the Land Use Act, which vests land ownership in state governors. Many governors are hesitant to be bound by foreclosure laws, fearing a loss of control over land matters. This reluctance has stalled efforts to create a unified mortgage framework across the country.

Experts argue that widespread adoption of the MMFL is crucial for unlocking Nigeria’s housing potential. Former President of the Mortgage Banking Association of Nigeria (MBAN), Adeniyi Akinlusi, emphasized that effective foreclosure laws would enable more citizens to own homes, thereby addressing economic disempowerment and attracting investment into the housing sector. Similarly, the Chief Executive Officer of the Nigerian Mortgage Refinance Company (NMRC), Kehinde Ogundimu, noted that the MMFL provides a sound legal framework for mortgage transactions, making real estate investments more secure and expanding revenue streams for state governments.

Despite these benefits, public perception remains a challenge. Many Nigerians view foreclosure as a draconian measure, fueling fears of losing their homes. To address this, the term “foreclosure” is being rebranded as “Mortgage Loan Administration” to make the concept less intimidating. Advocates stress that the law is not about forcefully taking over properties but about creating opportunities for more Nigerians to access homeownership through a sustainable mortgage system.

The stakes are high. Without widespread adoption of the MMFL, Nigeria’s housing deficit will continue to grow, leaving millions without access to affordable homes. States that delay passing the law risk missing out on the economic and social benefits of a thriving housing sector. For Nigeria to close its housing gap and foster economic growth, state governments must prioritize the domestication of the MMFL, creating an environment where affordable homeownership becomes a reality for all.

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In a year fraught with upheaval, Nigeria’s real estate sector found itself at a crossroads, grappling with a cocktail of challenges that sent shockwaves through the nation.

From the bulldozers flattening homes and businesses to soaring inflation gutting the purchasing power of millions, 2024 painted a grim picture for the industry that once stood as a pillar of economic resilience. Developers, investors, and everyday Nigerians felt the pinch as the dream of affordable housing seemed to drift even further out of reach.

The crisis began with a wave of demolitions that swept across the country, leaving devastation in its wake. Urban planning enforcement and ambitious government projects like the Lagos-Calabar Coastal Highway displaced countless families and businesses. In Lagos alone, entire communities were razed in Ojota, Lekki, and Alaba. Similar stories echoed across Anambra, Enugu, Kano, and other states, as bulldozers moved in, often with little warning. While some demolitions were justified to address illegal constructions, others seemed politically motivated, fueling resentment among those affected. Victims criticized not only the government’s heavy-handed approach but also its failure to prevent such structures from being erected in the first place.

Compounding the chaos was Nigeria’s unrelenting inflation, which surged to a staggering 33.88% by October 2024, its highest level in decades. The rising cost of living drained household budgets and sent prices for essential building materials through the roof. Cement, a cornerstone of construction, saw its price skyrocket from N5,000 to N13,000 per bag, despite promises from manufacturers to lower costs. Developers balked at proposed price caps of N7,000–N8,000 per bag, arguing that such measures were unsustainable and would only exacerbate the country’s 28-million-unit housing deficit. Critics called out cement giants like BUA for failing to deliver on earlier pledges to slash prices to N3,500, leaving many questioning whether these promises were ever realistic.

The ripple effects of these pressures were profound. Construction projects stalled as developers struggled to absorb ballooning costs. Property prices soared, placing home ownership out of reach for much of the population.

The housing deficit widened, leaving millions stranded without access to affordable options. Industry experts warned that if the crisis continued unchecked, the consequences would be dire, with rent hikes, abandoned projects, and a real estate market teetering on the brink of collapse.

Despite its significant contribution of N11 trillion to Nigeria’s GDP, the real estate sector’s growth remained sluggish throughout 2024, with quarterly rates lagging behind national averages. Reports highlighted a troubling mismatch between demand and supply, fueled by rapid urbanization and the absence of unified housing policies.

Regulatory bottlenecks, high-interest rates, and limited access to land added to the sector’s woes. Meanwhile, the push for affordable housing remained largely rhetorical, as policymakers failed to address the structural barriers preventing real progress.

The year also saw a grim continuation of Nigeria’s building collapse epidemic, with 627 reported incidents since 1974 claiming over 1,500 lives. Poor regulatory enforcement, substandard materials, and a lack of accountability were cited as key factors in these preventable tragedies. One of the most harrowing incidents occurred in Ibadan in late October, where 10 lives were lost in yet another catastrophic collapse.

Industry leaders and stakeholders called for urgent reforms to stabilize the sector and prevent further decline. Proposals ranged from incentivizing local developers with low-interest loans to reducing reliance on imported materials by promoting alternatives like bamboo and interlocking blocks. Experts also urged the government to prioritize budget allocations for housing, address land title delays, and implement policies that would make mortgages accessible to both formal and informal workers.

As the year drew to a close, the real estate sector stood at a precarious juncture. While the challenges of 2024 underscored the sector’s vulnerabilities, they also illuminated opportunities for transformative change. Whether Nigeria seizes these opportunities or lets them slip away will determine the trajectory of the housing market—and the lives of millions in the years to come.

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