Nigeria announces social housing plans and mortgage reforms

The Nigerian federal government has announced several initiatives to address the national housing deficit during the 15th National Council on Lands, Housing and Urban Development in Sokoto. Minister of Housing and Urban Development, Muttaka Rabe Darma, revealed plans to construct 100 social housing units in every local government area, specifically targeting low-income earners such as primary school teachers.

To combat rising construction costs, the government is considering increasing the maximum mortgage financing limit from N50m to N85m. Additionally, the Federal Mortgage Bank of Nigeria has been directed to disburse at least 70 per cent of its annual collections to support housing loans. The government is also working toward establishing a National Housing Finance Authority to improve regulation and accountability.

Other proposed reforms include a mortgage programme for Nigerians in the diaspora and the development of a centralised land management system. This system aims to allow prospective buyers to verify property ownership and legal status remotely. Dr. Shu’aibu Belgore, Permanent Secretary of the Federal Ministry of Housing and Urban Development, emphasized the need for increased collaboration between federal and state governments to strengthen mortgage, land, and institutional systems.