By OYINTUTU OYINKOLADE

The Federal Government has announced plans to establish a National Housing Finance Authority as part of sweeping reforms aimed at expanding affordable housing finance for Nigerians.

Minister of Housing and Urban Development, Dr Muttaqha Darma, announced the proposal on Tuesday at a stakeholders’ validation workshop in Abuja.

He said the authority would emerge under a proposed National Mortgage Industry Policy designed to improve access to mortgage financing.

According to him, the reforms will also reposition the Federal Mortgage Bank of Nigeria and broaden participation in the National Housing Fund.

Darma said traders, artisans and other informal sector workers would be allowed to join the NHF with monthly contributions starting from N5,000.

He said the initiative would promote financial inclusion and enable more Nigerians to access affordable home ownership opportunities.

The minister noted that real estate services contribute about 13.4 per cent of Nigeria’s GDP, valued at approximately N41 trillion.

He added that combined real estate and construction activities exceeded N77 trillion in 2025, underscoring the sector’s economic importance.

“After the rebasing of our accounts, real estate services alone account for about 13.4 per cent of Nigeria’s GDP, roughly N41 trillion.

“It is our third-largest sector, ahead of telecommunications and crude oil. With construction added, the two crossed N77 trillion in 2025.

“Dubai is smaller than Kano. The difference is not money. The difference is trust, and trust is manufactured by regulation,” he said.

Darma said stronger regulation and improved housing finance would boost investor confidence and stimulate private sector participation.

He said government was also proposing a National Housing Industry Regulatory Commission to strengthen oversight of developers and mortgage operators.

The reforms form part of broader efforts to reduce the housing deficit, improve housing affordability and deepen sustainable urban development across Nigeria. (NAN)

Update news