Housing experts, financial regulators, developers and corporate leaders have renewed calls for sweeping mortgage and housing reforms.
They warned that Nigeria’s economic growth ambitions will remain limited unless access to affordable housing finance is significantly expanded.
The call was made at the Continental Civil General Construction Ltd and QShelter Strategy Retreat 2025, with the theme: “Accelerating access, building trust, and democratising homeownership in Nigeria and beyond.”
The retreat brought together key stakeholders across the housing value chain to chart a sustainable path for mortgage expansion, housing delivery and economic inclusion.
Chief Commercial Officer of QShelter Limited, Dare Makinde, said Nigeria’s mortgage penetration remains alarmingly low due to years of weak reforms, inadequate funding and poor public confidence in housing delivery.
He noted that the country is lagging behind peers such as Ghana, Kenya and South Africa.
“For decades, mortgage reforms were more on paper than in reality.
“However, recent initiatives such as the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF) show that government attention is finally shifting in the right direction,” he said.
Makinde disclosed that MREIF has about N250 billion available for mortgage lending, with over N65 billion already disbursed in less than six months, a development he described as unprecedented.
According to him, the availability of funds, rather than interest rates, is now the key to unlocking mortgage access.
Citing widespread cases of failed housing projects and abandoned developments, he said: “Interest rates are no longer the biggest problem.
“We have single-digit options, NHF at six per cent, rent-to-own at seven per cent, and MREIF at 9.75 per cent. The biggest issue today is trust.”
He urged the government to address housing affordability by subsidising critical construction inputs such as cement and iron rods, investing in land banking and reducing equity contribution requirements for homebuyers.
Chief Operating Officer of QShelter, Alamu Adegbenga, emphasised that the retreat focused on scaling housing supply and deliberately integrating Nigeria’s vast informal sector into the mortgage system.
He cited data showing that over 65 per cent of Nigerians earn their livelihoods in the informal economy.
“The informal sector is Nigeria’s biggest untapped housing market. They earn income, but irregularly, and traditional mortgage products don’t work for them.
“Our goal is to design innovative products that allow them to pay over 10 to 20 years without disrupting their working capital,” he said.
Adegbenga stressed that democratising homeownership must go beyond slogans, adding that QShelter’s strategy is anchored on market research, affordability, proximity to workplaces and products tailored to specific income groups.
Chief Executive of the Federal Mortgage Bank of Nigeria (FMBN), Shehu Osidi, described financial inclusion as the “next frontier” of Nigeria’s housing finance evolution.
He said sustainable economic restructuring depends on integrating excluded groups, particularly informal workers, Nigerians in the diaspora and non-interest finance customers into the mortgage system.
According to Osidi, only about 60 million Nigerians currently contribute to the National Housing Fund (NHF), out of an estimated 84 million employed citizens.
He noted that the informal sector alone represents a potential mortgage market of between N6 trillion and N8 trillion, while diaspora remittances exceed $23 billion annually.
“To unlock these opportunities, FMBN has moved beyond strategy into implementation.
“We have introduced new products, including rent assistance loans, home improvement loans for informal workers, diaspora mortgage loans, and ethical, non-interest mortgage options based on Murabaha, Musharaka and Ijara models,” he said.
Osidi also revealed that FMBN has provided a N100 billion Bankable Off-Takers Guarantee for the Renewed Hope Housing Project and N19.9 billion in direct funding for the Karsana project, citing confidence in Continental Civil and QShelter’s delivery capacity.
From the private sector, the Chief Executive Officer of TAF Africa Global, Mustapha Njie, advocated mass housing delivery through standardised designs and volume-based construction.
Drawing lessons from China, he highlighted that affordability can only be achieved when developers prioritise scale over high margins.
“My business is mass housing. Standardisation, local solutions and small margins at high volumes are the only way Africa can address its housing deficit,” he said.
Njie also highlighted environmental, social and governance (ESG) considerations, noting that TAF Africa plants 10 trees for every house built and incorporates fruit trees into housing estates to promote sustainability and community livelihoods.
The president of Shell COOP, Tonye Erekosima, also emphasised the importance of trust, accountability and strong corporate governance in housing partnerships.
“We want to see performance, not fancy presentations. Due diligence, transparency and proven delivery records are non-negotiable for cooperatives and institutional investors,” Erekosima said.
Senior Manager at BUA and the President of BUA coop, Idris Akeem, said trust remains the single most important factor guiding cooperative investment decisions.
He warned developers against relying on political connections, stressing that cooperative funds are members’ savings and must be protected through rigorous due diligence.
Legal practitioner with the Nigerian National Petroleum Corporation (NNPC), Endurance Agbor, highlighted the importance of responsive communication and flexible payment structures aligned with salary cycles, warning that poor communication by developers often erodes trust even when projects are viable.
On market intelligence, the Chief Executive Officer of Estate Intel, Dolapo Omidire, said data-driven decision-making is critical as developers navigate economic volatility, rising construction costs and affordability challenges.
While acknowledging recent progress through MREIF and FMBN reforms, she said Nigeria still has a long way to go compared to countries with smaller populations but stronger mortgage participation.
Participants agreed that housing is a powerful economic lever capable of stimulating construction, creating jobs, deepening financial inclusion and stabilising communities.
They urged sustained policy consistency, stronger public-private collaboration and institutional reforms to ensure mortgage expansion translate into real economic growth.
