Olusegun Alebiosu, Managing Director and Chief Executive Officer of FirstBank of Nigeria Limited, has called on the Federal Government to take a leading role in expanding access to mortgage finance and accelerating the delivery of affordable housing across Nigeria.
Speaking at the 20th Africa International Housing Show (AIHS) in Abuja, Alebiosu said stronger collaboration between government, financial institutions and private developers is essential to addressing the country’s growing housing deficit.
Alebiosu argued that government intervention is indispensable if millions of Nigerians are to gain access to affordable housing.
He noted that increasing the supply of housing would help moderate property prices and improve access to decent accommodation, adding that private developers alone cannot bridge Nigeria’s housing gap because of the high cost of construction finance.
He also encouraged Nigerians to regard home ownership as a long-term investment and advised prospective homeowners to take mortgage facilities that match their income and repayment capacity.
Drawing lessons from the United States and Europe, Alebiosu said government-backed social housing programmes have played a key role in expanding affordable housing and could provide a useful model for Nigeria.
He further stressed the importance of insurance in mortgage lending, noting that financial institutions must adequately assess borrowers’ repayment capacity while managing long-term credit risks.
Representing President Bola Tinubu at the conference, Engr. Mu’taqha Rabe Darma, Minister of Housing and Urban Development,announced plans to build about 150,000 affordable housing units under the proposed Tinubu Mass Social Housing Scheme.
According to the minister, the programme will deliver 200 housing units in each of Nigeria’s 774 local government areas in two phases, complementing the ongoing New Hope Housing Programme.
He highlighted ongoing housing projects, including:
- 2,888 housing units in Katampe, Abuja
- 2,084 units in Ibeju-Lekki, Lagos
- 2,207 units in Lambu, Kano State
Darma added that beneficiaries have already taken possession of homes under the New Hope Rent-to-Own Housing Scheme.
The minister also disclosed that the Federal Government has commenced the National Housing Data Programme to develop Nigeria’s first integrated housing database while modernising land administration through the National Land Information System and geospatial mapping.
