ABUJA, Nigeria — The Federal Government has announced plans to establish a National Housing Finance Authority (NHFA) as part of a broad reform programme aimed at improving access to affordable housing finance and increasing home ownership among Nigerians.
The proposed authority is expected to strengthen the country’s housing finance system by providing more accessible mortgage options, supporting long-term financing and reducing barriers that have prevented many Nigerians from owning homes.
Government officials said the initiative forms part of ongoing efforts to address Nigeria’s housing deficit by creating a more efficient and sustainable housing finance framework. The NHFA is expected to coordinate policies that encourage investment in the housing sector while expanding access to affordable mortgage products for low- and middle-income earners.
According to the government, the new institution will work with financial institutions, private developers and other stakeholders to improve housing delivery and increase the availability of affordable homes across the country. The authority is also expected to promote innovative financing models that will make home ownership more attainable for millions of Nigerians.
Officials noted that inadequate access to affordable mortgage financing has remained one of the biggest obstacles to home ownership in Nigeria, with high interest rates, short loan tenures and limited financing options discouraging many prospective homeowners.
The Federal Government said the establishment of the NHFA aligns with its broader economic agenda of promoting inclusive growth, stimulating investment and creating employment opportunities through increased construction activities and infrastructure development.
Housing experts welcomed the proposal, saying a well-structured housing finance authority could help deepen the mortgage market, attract private-sector investment and improve confidence in Nigeria’s housing sector. They, however, stressed the need for strong governance, transparency and effective implementation to ensure the initiative achieves its intended objectives.
Stakeholders also called for complementary policies, including easier access to land, improved property registration systems and incentives for developers to build more affordable housing units.
The government reaffirmed its commitment to working with relevant institutions and development partners to ensure the successful establishment of the National Housing Finance Authority, expressing optimism that the reform would significantly expand access to affordable housing finance and improve living standards for Nigerians while contributing to long-term economic growth.
