Bridging Nigeria’s housing gap through mortgage financing
A significant proportion of workers who contribute to the Federal Mortgage Bank of Nigeria (FMBN) and the National Housing Fund (NHF), the primary government-driven mechanisms for delivering affordable housing loans, could not even access loans on time, and when approved, loan amounts often fall short of meeting real market costs.
In other words, the housing finance market, particularly the mortgage sector, plays a pivotal role in national financial systems, influencing broader economic stability and development significantly.9 million units and a growing urban population that urgently requires affordable housing, the mortgage sector has remained stunted, capturing less than 1% of the country’s GDP.
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