FG plans national housing finance agency
The federal government has announced plans to establish a national housing finance authority as part of 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.
Mr Darma said the agency 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 (FMBN) and broaden participation in the National Housing Fund (NHF).
Mr 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 gross domestic product (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.
Mr Darma said stronger regulation and improved housing finance would boost investor confidence and stimulate private sector participation.
He said the 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)
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
States
Independence: NBA urges Nigerians to expect better future
The NBA said that ordinary Nigerians should be deriving benefit from the subsidy removal rather than hardship.
Agriculture
FG tasks ECOWAS on leveraging financing strategies for agroecology
The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices
Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”
Politics
2027: Adeleke, Oyetola inaugurate 10,000 canvassers for Tinubu’s re-election in Osun
Mr Oyetola said the inauguration demonstrated commitment, organisation and shared conviction in Mr Tinubu’s continuity agenda.
States
Cross River targets 30 million coffee seedlings, 15,000 tonnes annual production
Mr Otu also announced a partnership to establish 6,000 hectares of coffee plantations across Odukpani, Akamkpa and Akpabuyo Local Government Areas.
Heading 4
Mass protests over rising cost of living rock Italy, Germany
Thousands of Gen Z protesters hit the streets in Berlin and more than 30 other German cities on Saturday.
Sport
Tottenham beat 10-man Crystal Palace 2-0 to secure third consecutive Premier League win
Crystal Palace were down to 10 men 13 minutes into the match after Jean-Philippe Mateta was sent off for a serious foul on Mickey van de Ven.
States
Troops kill suspected bandits in Kogi
Mr Zubairu said that troops received information regarding the discovery of suspected bandits’ bodies towards Adankolo Forest.
Sport
Ballon d’Or winner Harry Kane draws blank in Bayern, Dortmund draw
Dayot Upamecano restored Bayern’s lead in the 66th minute from an assist by Kane, before Fabio Silva stunned the hosts with an 89th-minute equaliser.
