Nigeria’s Housing Minister Mustaqha Rabe Darma has directed the Federal Mortgage Bank to channel at least 40% of annual National Housing Fund contributions into mortgage financing, aiming to raise annual mortgage disbursements from roughly 500 to 2,000.
Speaking at the BusinessDay Abuja Real Estate Conference, Darma said the ministry is finalising a new regulatory framework covering developer licensing, escrow protection for homebuyers, and a National Housing Industry Data Observatory. He cited his ministry’s new estimate that Nigeria’s housing deficit stands at 14.9 million units, with another 14 million Nigerians living in substandard housing.
Darma also announced plans for modern tenancy legislation and a national rent registry to address arbitrary rent hikes, and confirmed a forthcoming Renewed Hope Social Housing Scheme delivering 200 units per local government area for teachers and healthcare workers.
National President of the Real Estate Developers Association of Nigeria, Akintoye Adeoye and President of the Nigerian Institution of Estate Surveyors and Valuers, Bature Mohammed, both stressed that Nigeria’s challenge lies in policy implementation, not policy formulation, urging stronger public-private collaboration to translate housing plans into completed projects.
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