Nigeria needs to build at least 500,000 new homes every year to address the country's persistent housing deficit, according to a former president of the Mortgage Banking Association of Nigeria.
The former industry leader highlighted that delivering this volume of residential units will require substantial reforms across the nation's mortgage landscape, The Nation reported. Achieving this target depends on fixing existing structural problems within the housing finance space so citizens can access funding more easily.
The country's housing shortfall has long presented a major challenge, leaving millions of urban and rural residents struggling with access to affordable, quality living spaces. Industry experts have often noted that rapid population growth continues to widen the gap between available accommodation and demand.
To meet the proposed benchmark of half a million houses each year, key stakeholders have repeatedly called for friendlier lending environments, lower interest rates, and stronger policy support from regulators and the government.
Transforming the mortgage sector is considered vital for driving real estate investment, unlocking jobs across the construction sector, and ensuring that low and middle-income families can secure long-term homeownership.
