The federal government has directed the Federal Mortgage Bank of Nigeria (FMBN) to allocate at least 40% of annual National Housing Fund (NHF) contributions towards mortgage financing, aiming to boost home ownership and address the housing deficit.

Minister Mustapha Rabe Darma emphasized expanding mortgage disbursements from 500 to 2,000 annually, alongside developing a regulatory framework for housing.

Key reforms include developer licensing, escrow protection, professional registration, construction quality control, land value capture, urban renewal, and a National Housing Data Observatory.

The minister highlighted concerns over the rental market, citing 49% of urban residents living in rented accommodations, and plans to introduce modern tenancy laws and rent registries.Nigeria’s housing deficit is estimated at 14.9 million units, with 14 million in substandard conditions.The Renewed Hope Social Housing Scheme will provide 200 units per local government area for vulnerable groups.Stakeholder collaboration is urged to strengthen reforms, as policymakers stress the need for actionable policies over mere frameworks.