Tag: Housing

The Federal Government has announced a N1 trillion real estate funds aimed at facilitating home ownership through the provision of low-interest loans at a 12per cent interest rate. This initiative is designed to make housing more affordable by offering financing options below the prevailing market rates.

The fund is expected to stimulate the housing market by enabling more individuals to purchase homes, thereby increasing demand in the real estate sector. This move aligns with broader economic strategies to boost home ownership and address housing deficits in the country.

The Head of Investment, ARM, an asset management firm, Biyi Adekunbi said though the program had been registered, however the fund would be launched in series. According to him, N150 billion has been registered and fully subscribed to by the Ministry of Finance and the Coordinating Minister adding that the subscription is a concessionary tranche, which is aimed at bringing down the interest rates that would be the mortgages.

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The second level of the financing which is series two, Adekunbi said was mainly for commercial investors and the intention is to raise up to N100 billion from commercial investors, specifically pension fund administrators. According to him, currently, the pension fund industry sits on over N20 trillion. The Head of Investment said this fund was one of the structures that had been created to mobilise funding from the sector to address infrastructure challenges, in this instance, specifically, homeownership.

He explained that the Ministry of Finance Incorporated (MOFI) Real Estate Investment Fund (MREIF) was a ₦1 trillion government-backed initiatives designed to provide long-term, low-cost mortgage financing for homebuyers and developers in Nigeria. The fund, he said was aimed to addressing Nigeria’s housing deficit and creates a more accessible and sustainable homeownership system

The fund would address the homeownership issue through the provision of long-term low rates, low interest rate mortgages. “At low rates and long term, we are talking about mortgages at 12per cent for up to 20 years,” Adekunbi said adding it will be issued through eligible financial institutions that will be pre-qualified.

He said these facilities would be non-lending arrangements and would be created through eligible financial institutions in lending the mortgage facilities to qualified homebuyers adding the supply side is related to the provision of housing units to the scheme.

He said in the last couple of months due to rising inflation developers were unable to complete the project at the prices they’ve sold off-plant, resulting in undue losses and not being able to deliver the properties that they’ve committed to the homebuyers.

“What the MREIF will do is the provision of off-take guarantees to these developers which will serve as a credit enhancement. This will enable them to approach construction lenders to raise construction finance for the development of residential homes,” he said.

Adekunbi said this takes the pressure of committing to homebuyers at a low rate, and it also enhances their credibility because it’s a credit enhancement, and they’re able to raise sufficient funding to complete their project and sell at market prices.

He said currently, there were well over 2,000 housing units, and homebuyers would have the opportunity to conduct their eligibility criteria that individually confirm how much they are able to access based on their current income, their age, and how much equity contribution they have.

“With that information, they will be able to view the properties they qualify for on the platform, and then approach or apply for the offer letters for the property,” he said, adding that if they qualify, the developers would be able to issue offer letters for the properties for them on the platform.

The Nigerian government has taken a bold step to reshape the housing sector by investing N150 billion through the Ministry of Finance Incorporated in the Real Estate Investment Fund.

This move reinforces the government’s commitment to driving homeownership and economic growth while positioning the private sector at the forefront of execution and management.

With this significant investment, the foundation has been laid for long-term sustainability under expert private sector stewardship.

The appointed fund manager, ARM Investment Managers, will channel the funds to facilitate long-term, low-cost mortgage financing while also guaranteeing developers the security they need to deliver quality housing on time.

This approach is expected to not only boost homeownership but also accelerate economic development through the real estate and construction industries.

It will be recalled that the Ministry of Finance incorporated Real Estate Investment Fund (MREIF),  launched under the Ministry of Finance Incorporated (MOFi) in September 2024. MREIF aims to provide low-cost mortgage financing options for eligible Nigerians, marking a major milestone in the one million homes presidential initiative.

The Minister of Finance Mr Wale Edun said it’s  positioned to revolutionise housing access by making long-term mortgages more attainable for aspiring homeowners.

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According to him the same time, real estate developers will benefit from guaranteed funding, allowing them to scale up affordable housing projects, create jobs, and stimulate broader economic activity.

He said: “Following the successful full subscription of the N150billion Series 1 issuance, MOFI has announced that Series 2, worth N100billion, will soon be available to private and commercial investors, pending approval from the Securities and Exchange Commission.”

According to him this initiative presents an exciting opportunity for institutional investors, high-net-worth individuals, and private stakeholders to take part in a transformative project that merges economic impact with financial returns.

Investors will not only benefit from attractive profits but will also contribute to Nigeria’s economic growth, housing development, and alignment with the United Nations’ Sustainable Development Goals, he

Despite decades of initiatives and promises from the government and private sector, affordable housing remains a mirage.

Aimed at addressing the nation’s growing housing deficit, low-cost housing programs have repeatedly fallen short due to systemic challenges ranging from poor implementation and rising construction costs to bureaucratic hurdles and inadequate financing mechanisms.

Initially designed to bridge the housing gap, low-cost housing schemes are plagued by inefficiencies and lack of transparency, leaving many low- and middle-income earners excluded from homeownership opportunities. High mortgage rates, limited access to financing, and insufficient public awareness of housing programs further complicate the situation. As Nigeria’s population grows and urban centers like Lagos and Abuja expand, the demand for affordable housing far outpaces supply.

Developers often prioritize high-end projects, where profit margins are more attractive, leaving low-cost initiatives underfunded and underserved. This growing imbalance has widened the gap between the housing needs of the average Nigerian and the priorities of policymakers and real estate developers.

Experts believe that a comprehensive approach is the only way to address Nigeria’s housing crisis. This involves fostering stronger public-private partnerships, streamlining housing policies, and ensuring inclusivity in the allocation of housing projects. Simplified access to housing finance and transparent processes are critical steps toward making affordable housing a reality. Additionally, the government must adopt cost-effective building technologies and materials to reduce construction costs and make low-cost housing viable on a larger scale.

Urban planning is another key area requiring immediate attention. Affordable housing projects must be strategically located to provide residents with access to essential amenities and employment opportunities. Without adequate infrastructure—such as roads, water, electricity, and sanitation—low-cost housing developments are often reduced to substandard, isolated settlements, defeating their purpose.

Today, Nigeria faces a staggering housing deficit of 25 million units, with over 60per cent of Lagosians living in slums.

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Rapid population growth and rural-urban migration have compounded the crisis. As rural areas remain underdeveloped, people flock to cities in search of better opportunities, putting immense strain on housing supplies in urban areas. Despite various government interventions—such as the “Housing for All by the Year 2000” initiative and the National Housing Policy of 2006—affordable housing remains largely inaccessible to most Nigerians.

Workers’ poor remuneration is another significant obstacle. Many Nigerians struggle to afford basic accommodation, let alone own homes, due to meager salaries that barely cover daily expenses. High mortgage rates and exorbitant rents have rendered government-backed housing schemes ineffective for most workers. Even with subsidies, the cost of constructing housing estates is so high that selling them at affordable rates often results in unsustainable financial deficits for the government.

Nigeria’s mortgage system also presents significant challenges. High-interest rates, stringent requirements, and limited access to mortgage facilities have made it nearly impossible for the average citizen to secure home loans. Recognizing these gaps, private sector initiatives, like Converged Dynamics Capital Services Limited’s real estate equity fund, aim to inject much-needed capital into the sector. While these efforts show promise, they remain in their early stages and require time to significantly impact the housing market.

The Nigerian Mortgage Refinancing Company (NMRC) has also taken steps to address the crisis, injecting N6 billion into the mortgage market to ease access to financing. With plans to expand its operations further, the NMRC offers hope for some relief. However, experts argue that these measures fail to address the root causes of the housing deficit, such as systemic inefficiencies, poor wages, and inadequate infrastructure.

Structured funds have emerged as a potential solution, attracting long-term investments for large-scale housing projects. Financial experts like Mrs. Monica Efe Osaghae emphasize the importance of specialized investment vehicles to bridge the funding gap in Nigeria’s housing sector. By leveraging structured funds and fostering public-private collaborations, the nation could make significant progress in reducing its housing deficit.

Experts are of the opinion that to truly tackle the crisis, Nigeria must adopt bold, innovative approaches that prioritize housing as a fundamental right. This includes creating policies to incentivize affordable housing development, improving urban planning, reducing construction costs, and addressing wage disparities. Transparent governance and sustained political will are essential to restoring trust and ensuring that housing programs benefit those who need them most.

Experts maintained that though the housing deficit may be daunting, it also presents an opportunity for transformation. Adding that with coordinated efforts from the government, private sector, and local communities, Nigeria can create a housing system that meets the needs of its citizens. They however, argued that this will require strategic investments, long-term planning, and unwavering commitment to sustainable solutions.

As the nation grapples with this growing crisis, the question remains: will Nigeria finally rise to the challenge and make affordable housing a reality for its people?

The year 2024 proved to be a turbulent period for Nigeria’s housing sector, as macroeconomic adversities cast a long shadow over its performance. Despite the combined real estate and construction sectors contributing an impressive N11 trillion to the country’s GDP, the industry faced severe headwinds that tested its resilience and adaptability. The real estate sector was also charecterised by high inflation and interest rates that made it more difficult for buyers and renters to afford properties  in addition to Supply chain disruptions reports OKWY IROEGBU-CHIKEZIE.

The year 2024 proved to be a turbulent period for Nigeria’s housing sector, as macroeconomic adversities cast a long shadow over its performance.

Despite the combined real estate and construction sectors contributing an impressive N11 trillion to the country’s GDP, the industry faced severe headwinds that tested its resilience and adaptability.

Inflation emerged as a dominant challenge, surging to 34.19 percent in June, up from 33.94 percent in May. This relentless rise in inflation eroded consumer purchasing power, weakened demand, and inflated the costs of building materials and labor. Developers found it increasingly difficult to maintain project viability, leading to a decline in new developments and a rise in housing costs, unsettling both buyers and renters alike.

The Central Bank of Nigeria’s monetary policies aimed at stabilizing the economy further complicated matters for the sector. A series of interest rate hikes, intended to curb inflation, drove up borrowing costs to unsustainable levels for real estate developers. Coupled with a volatile exchange rate, which saw the naira trading as high as N1,900 to the dollar in the parallel market, the sector’s reliance on imported materials became a significant bottleneck. This exchange rate volatility forced many developers to pause or abandon projects altogether.

Foreign direct investment in real estate also dwindled, constrained by Nigeria’s poor economic performance. Capital inflows into the sector dried up, limiting opportunities for large-scale construction projects. The industry’s GDP contribution fell to 5.20% in 2024, compared to 5.31percent in 2023, reflecting these challenging conditions.

However, amid the economic gloom, some bright spots emerged. Population growth continued to drive demand for residential properties, particularly in mid-market areas, while the supply of Grade B+ retail malls in Abuja increased. Additionally, projections from Northcourt Real Estate suggest a 7.24% growth in the market, with a total estimated value of $2.14 trillion by the end of 2024. Residential real estate remains the largest segment, with an expected market volume of $1.77 trillion.

Despite these projections, Nigeria’s housing deficit remains a pressing concern. Estimates from the World Bank and industry leaders put the shortfall at 20 million units, requiring an annual production of 550,000–700,000 homes over the next two decades. Bridging this gap would demand an investment of up to N7 trillion, highlighting the urgent need for robust public-private partnerships and policy interventions.

Ahmed Dangiwa, Nigeria’s Minister of Housing and Urban Development, has called for innovative solutions to address this deficit. Emphasizing the critical role of private sector collaboration, he noted that overcoming the challenges of inflation, high-interest rates, and exchange rate instability will be essential to unlocking the sector’s full potential.

While 2024 has been a year of trials for Nigeria’s real estate sector, its capacity to adapt and innovate under pressure signals a resilient future. The road ahead may be steep, but with strategic investments and policy support, the industry can emerge stronger, meeting the country’s growing housing needs.

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The real estate sector in Nigeria faced challenges in 2024, including Lower GDP contribution among others.

It ranked as the worse in terms of timely delivery, Developer/ Client Court disputes, delayed project delivery and project abandonment.

In the second quarter of 2024, the real estate sector contributed 5.17percent to Nigeria’s real GDP, which was lower than the same quarter in 2023 and also lower than the first quarter of 2024.

The real estate sector was also charecterised by high inflation and interest rates that made it more difficult for buyers and renters to afford properties  in addition to Supply chain disruptions.

Others are rising prices for construction materials like cement, roofing sheets, and iron rods that reduced consumer purchasing power and demand for properties.

In addition the state of the economy also had an adverse effect on office real estate especially unlike the home rentals that fared better in certain segments.

Unfortunately many businesses closed while others reduced their staff and office spaced, the year gave a lift to co- office spaced and shared facilities to cut costs.

However, the recent Gross Domestic Product (GDP) report for the second quarter of 2024 as released by the National Bureau of Statistics ( NBS), shows that more needs to be done in the sector  going forward to achieve desired results.

The report stated that the real estate sector contributed 5.17 per cent to real GDP in Q2 2024, lower than the 5.29 per cent it recorded in the corresponding quarter of 2023.

Investigations showed that rising inflation, high interest rates as well as supply chain disruptions contributed to the latest decline in real estate GDP growth in the current year. The  real estate sector confronts a critical challenge due to surging inflation rates. According to the NBS, inflation rate stands at 33.40 per cent.

Subsequently the decline of consumer purchasing power also caused a downturn in consumer demand for properties which has directly impacted the real estate market.

For instance, Nigerians have witnessed a hike in prices of cement, roofing sheets, iron rods and other construction materials

In aggregate, the MPC has raised rates by 800 basis points since the administration of the current  Central Bank Governor, Yemi Cardoso.

By implication, interest rates make borrowing less attractive, as the cost of servicing the debt becomes more expensive. This discourages potential borrowers and reduces the overall level of investment in the real estate sector.

Meanwhile, a Property Developer,  Ezenwa lkedi who spoke to The Nation, said security issues in certain regions prevented investors from undertaking construction projects in those areas.

 “The insecurity in some parts of the country like kidnapping, high crime rates, to a great extent scared investors away.

“This discouraged investment, potentially leading to a stagnation or even a decline in the real estate and construction sectors of these regions.

“Similarly, with the high cost of houses and rents in major cities across the country, Nigerians are now going for affordable housing as developers can no longer sell high-cost houses, with some going for as high as N5 billion,” he said.

Another Developer, Fakorede Fayose lamented how he ran into troubled waters with some of his Clients taking him to Court when he couldn’t deliver on his contractual obligations to them within the stipulated contractual time frame.

He blamed the challenges on government policies such as the interest rate, security issues, devaluation of the  Naira and the high cost of building materials.

Fayose said some of his projects were started when a bag of cement was between N3,000- N4000, a tonne of iron rod at N100, 000 unlike now that a tonne is a million Naira and cement over N10,000 in some states.  He said: “It’s impossible to manage the inflation, 2024 is by far our worst year in our 7 years of real estate practice, we lost the trust of some of our valued customers, ran into monumental losses with some of our clients taking us to court”, he added.

Investigations showed that rising inflation, high interest rates as well as supply chain disruptions contributed to the latest decline in real estate GDP growth. The real estate sector confronts a critical challenge due to surging inflation rates. According to the NBS, the inflation rate stands at 33.40 per cent, subsequently the decline of consumer purchasing power has also caused a downturn in consumer demand for properties which has directly impacted the real estate market.

This is more so when the country has witnessed a hike in prices of cement, roofing sheets, iron rods and other construction materials with multiple approval agencies of government charging astronomical prices on Developers.

Swedish company OSE System AB, the owner of the OurEcolution brand, has announced a Foreign Direct Investment (FDI) of $275 million in sustainable building materials production.

The investment will support the construction of 10 plants across various locations in Nigeria and enhance the country’s waste-to-wealth housing initiatives.

This development was disclosed by Mr. Rotimi George, Board Chairman of Ekopanely Nigeria Limited, during the unveiling of a new building material that uses rice straw as a key component.

The pilot building is situated at GORA Farms in Karu Local Government Area, Nasarawa State.

Subsequent projects will be executed in collaboration with rice-producing state governments, with support from the World Bank.

The National Agency for Science and Engineering Infrastructure (NASENI) has acquired the model plant franchise on behalf of the Federal Government, further cementing Nigeria’s public-private partnership (PPP) efforts in delivering affordable housing via sustainable methods.

Ekopanely Nigeria Limited, which has been engaged in research and development since its incorporation in 2011, is spearheading this initiative.

The company has adopted the Build and Operate Franchise (BOF) system to establish manufacturing plants across selected locations in Nigeria.

Four production lines will be installed at each plant during the initial phase, with plans to scale up to 20 production lines over the implementation timeframe.

The BOF model ensures franchisees are shielded from operational and managerial responsibilities.

Franchisees are only required to provide suitable plant locations and contribute counterpart investment capital, receiving a share of the profit after tax and other economic benefits.

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The innovative building materials utilise rice straw, converting agricultural waste into valuable construction inputs.

The initiative aligns with Nigeria’s quest for sustainable development and economic diversification.

Geo-cost farmers and contributors to the National Housing Fund (NHF), primarily federal, state, and local government employees, will benefit from mortgage loans designed to make housing affordable.

Mr. George noted the importance of collaboration between state governments and the organised private sector, the largest employers of labor and contributors to the NHF scheme.

This synergy, he said, will expedite the delivery of affordable housing as envisioned under the National Affordable Housing Development Act.

“This project is a win-win opportunity for state governments,” George stated.

“Instead of direct cash benefits, state governments participating as franchisees will receive building materials to support their social housing initiatives, ensuring the benefits of this investment remain within their jurisdictions.”

Ekopanely has partnered with NASENI and rice-producing state governments to bring this vision to life.

The World Bank’s involvement further strengthens the project’s sustainability and scalability. The initial capital investment at each plant will not only create jobs but also drive significant revenue for participating states and franchisees through increased production output.

With Nigeria’s housing deficit requiring innovative solutions, the OSE System AB initiative represents a vital step toward leveraging technology and sustainable practices to meet the growing demand for affordable homes.

Minister of Housing and Urban Development, Ahmed Musa Dangiwa, has said the Federal Gvernment is planning to launch the National Social Housing Fund (NSHF). The initiative is designed to ensure that all Nigerians, including the vulnerable and underprivileged The minister stated this over the weekend  at the 2024 Annual lecture and awards ceremony of the Property and Environment Writers Association of Nigeria (PEWAN) with the theme, Resolving the Financial and Regulatory Dilemma to Achieve Renewed Hope Agenda on Housing,  held in Lagos.

Dangiwa, represented by the Director of Press and Public Relations, Federal Ministry of Housing and Urban Development, Salisu Badamasi Haiba, said the initiative is in line with President Bola Tinubu’s Renewed Hope Agenda to ensure that all Nigerians, including the low and noincome, vulnerable and underprivileged groups have access to decent and dignified accommodation.

We are completing a memo to the Federal Executive Council (FEC) and an Executive Bill to the National Assembly to create a National Social Housing Fund. Potential funding sources include budgetary provision, donations from philanthropic organisations, Corporate Social Responsibility and voluntary contributions from Nigerians.

 “On Regulations, we have done quite a lot to address the legacy issues that have, over the years, clogged the wheel of progress towards effective housing delivery and urban development in Nigeria. Beyond strengthening the ministry’s and its agencies’ institutional and regulatory frameworks, we are also doing a lot in land administration.”

Harping on other initiatives to achieve its objectives through the Renewed Hope Cities and Estates Programme, he added that the ministry currently has 14 active construction sites nationwide for 10,112 housing units.

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 “On the other hand, we are currently constructing 12 Renewed Hope Estates, comprising 250 housing units across 12 states, with two from each geo-political zone. The states include Yobe, Gombe (North-East); Nasarawa, Benue (North-Central); Sokoto, Katsina (North-West); Abia, Ebonyi (South-East); and Delta, Akwa Ibom (South-South); totalling 3,000 units.”

Dangiwa pointed out that the housing sector’s potential remains a driver of economic growth, saying the feat is evident in the job opportunities created by the Renewed Hope Cities and Estates Programme.

Also, Managing Director/Chief Executive of the Federal Mortgage Bank of Nigeria (FMBN), Mr. Shehu Usman Osidi advocated for private sector funding in the supply of affordable housing.

Osidi made this remark in his paper titled “The Place of Affordable Mortgages and Private Sector Operations in Catalysing Housing Demand and Supply” delivered by his representative, Mr Oladapo Fakeye, Group Head Strategy FMBN.

The FMBN boss said “In Nigeria we are faced with a huge population estimated at over 200 billion growing at about 2.52% per annum, the high urban-rural ratio of about 50% also growing at an astronomical rate of 4.3% per annum, and perennial unfavourable regulatory and macroeconomic factors. The combination of these unfortunate circumstances has resulted in a significant housing gap estimated at millions in the double digits.”

He cited the 2019 PwC study, which noted that about 75 percent of the nation’s estimated 42 million housing stock falls below the United Nation’s criteria for permanent human occupation.

In addition, he said, the nation’s dismal record of untitled land implies that about $300 billion, roughly 60 percent of national GDP is ‘dead capital’ as the owners cannot realise tangible earnings or utilise the assets to improve their economic status.

He revealed that it is in this vein that at the recent Meeting of the National Council on Lands, Housing & Urban Development that held in Gombe, Gombe State a couple of weeks ago, the Honourable Minister of Housing & Urban Development stated that to stem the national housing deficit, the country will need to produce an average of 550,000 housing units per annum for the next ten years, while the financial outlay for this annual housing target is over N5.5 trillion per annum.

 “By contrast, our average annual housing production is about only 100,000 units mostly through prevalently informal, incremental self-construction dictated by the availability of excess household income, scarce savings or loans from friends and relatives. Again, the national appropriation for housing last year was around a paltry N50 million, a far cry to the N5.5 trillion required per annum,” he said.

According to him, like food, shelter and housing remain as a basic human need that must be met by individuals and households, noting that the huge housing and housing finance gaps portray enormous opportunities to revamp and reverse the fortunes of our national economy.

He highlighted the significant economic opportunities for forward and backward integration that housing has the capacity to engender in terms of requirements of building materials, household items, as well as huge capacity for job creation and employment.

 “During the construction period, our in-house estimates indicate that constructing a 3-bedroom property can generate not less than 17 direct and indirect jobs,” he said.

He maintained that the motivation for new home development would be driven by housing demand and by extension, housing demand tends to be a factor of the available opportunities for mortgage financing as in most societies and less than 5% of the population lack the financial capacity for house for cash transactions.

He stated further that even where individuals can afford to purchase a house outright, economic prudence dictates that a mortgage facility which offers regular repayment in instalments over a convenient length of time is preferable to tying down lump financial resources which can be more optimally deployed to alternative investment opportunities.

In this context, he said, the role of affordable mortgage in addressing the housing deficit cannot be overstated, adding that under President Tinubu Administration’s Renewed Hope Agenda, the Federal Ministry of Housing & Urban Development is rolling out the Renewed Hope Cities and Renewed Hope Estate housing projects to deliver 100,000 new homes across the country.

“This is where an institution like the Federal Mortgage Bank of Nigeria (FMBN), as the apex mortgage institution in Nigeria is playing a huge roll by driving housing affordability and accessibility. FMBN has issued a N100 billion off-taker guarantee to real estate developers engaged under the Renewed Hope Housing projects to facilitate project delivery. By this, we will provide mortgages at single-digit rates of 6% and a tenor of up to 30 years to Nigerians interested in becoming homeowners.

 “This transaction arrangement clearly highlights the significant role of the FMBN in housing delivery in Nigeria. FMBN is empowered to collect and manage the National Housing Fund (NHF) Scheme as a pool of long-term funds funded by contributions of 2.5% of workers’ monthly incomes. It remains one of the institutions that provides affordable financing to both the supply (construction) and demand (off-take) sides of the housing market. The Bank’s loan products are granted on concessionary basis that are below market interest rates and for relatively long tenors to ensure affordability,” the FCMB boss said.

FMBN’s construction loans, he said, are granted to real estate developers, cooperative societies and individuals, asides from the NHF mortgage loan, FMBN’s other loans on the demand side include a rent-to-own product and home renovation/improvement loans.

Osidi also revealed that the Bank is set to launch the Diaspora Mortgage loan to address the needs of Nigerians in Diaspora, non-interest loans and rent assistance.

 “It is of interest that to address the rising cost of housing delivery due to escalating cost of building materials, the Bank increased loan limits for individuals from N15 million to N50 million while the equity requirement was reduced from as high as 30% to only 10% to ensure affordability. We have also established partnerships with critical stakeholders including State Governments, regulators, bilateral and multilateral financial institutions and the labour centres to increase access to affordable housing,” he stressed.

In furtherance of its critical role, the FMBN, he noted is set to establish the National Mortgage Registry as a digital repository to aggregate all mortgage transactions as may be perfected by the Land Registries of the 36 States of the Federation and the Federal Capital Territory.

The Managing Director/Chief Executive of FCMB said it is obvious that no single player can shoulder the burden of affordable housing provision, noting that under the current National Policy on Housing, the roles of Government and the private sector are defined and explicit.

He pointed out that although Government is saddled with the responsibility to provide an enabling environment to facilitate the performance of the private sector, the Policy also encapsulated a significant shift from dependence on government for the private sector to play the leading role and be the chief driver for housing delivery.

He maintained that the private sector has a critical role to play in bridging Nigeria’s housing deficit and advised that Private sector organisations in the industry must look beyond strictly financial gains, to explore and leverage innovative (albeit less financially rewarding) models, such as public-private partnerships (PPPs) with the Bank or the Federal Ministry of Housing & Urban Development, and through joint ventures, to develop affordable housing projects.