The federal government says it will establish a National Housing Finance Authority (NHFA) as part of reforms aimed at expanding access to affordable housing finance for Nigerians.
According to NAN, Muttaqha Darma, Minister of Housing and Urban Development, announced the proposal on Tuesday at a stakeholders’
validation workshop in Abuja.
Darma said the authority would be created under a proposed
national mortgage industry policy to improve access to mortgage financing,
reposition the Federal Mortgage Bank of Nigeria (FMBN), and expand
participation in the national housing fund (NHF).
He said the reforms would allow traders, artisans and other
informal sector workers to join the NHF, with monthly contributions starting
from N5,000.
According to the minister, the initiative is expected to
promote financial inclusion and enable more Nigerians to access affordable home
ownership opportunities.
Darma said the real estate sector contributes about 13.4
percent of Nigeria’s gross domestic product (GDP), valued at about N41
trillion, making it the country’s third-largest sector after the rebasing of
national accounts.
He added that the combined value of the real estate and
construction sectors exceeded N77 trillion in 2025.
“After the rebasing of our accounts, real estate services
alone account for about 13.4 percent of Nigeria’s GDP, roughly N41 trillion,”
the minister said.
“It is our third-largest sector, ahead of telecommunications
and crude oil. With construction added, the two crossed N77 trillion in 2025.
“Dubai is smaller than Kano. The difference is not money.
The difference is trust, and trust is manufactured by regulation.”
Darma said stronger regulation and improved housing finance
would boost investor confidence and attract greater private sector
participation in the housing sector.
He added that the government is also proposing a National
Housing Industry Regulatory Commission to strengthen oversight of developers
and mortgage operators.
The minister said the reforms are part of broader efforts to
reduce Nigeria’s housing deficit, improve affordability and promote sustainable
urban development.
On January 19, the federal government said it is
intensifying efforts to address Nigeria’s housing deficit through a new
national housing strategy focused on land reforms, urban renewal and
public-private partnerships (PPPs).
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