The Federal Government and state governments are considering reforms to mortgage financing and land administration aimed at making homeownership more accessible to Nigerians struggling with high interest rates, short repayment periods and delays in land processing.
The proposed measures include reducing mortgage interest rates from double-digit figures to single digits, extending repayment periods from 25 to 35 years and introducing flexible financing options for traders, farmers and other self-employed Nigerians with irregular incomes.
The proposals were discussed at the 15th meeting of the National Council on Land, Housing and Urban Development, which opened in Sokoto on Monday amid concerns over Nigeria’s housing deficit, estimated at more than 14.5 million units, and the reported 50.6 million people living in unsafe housing conditions.
Sokoto State Commissioner for Lands, Housing, Survey and Country Planning, Nasiru Aliyu Dantsoho, said lower mortgage rates would reduce repayment pressures and give more low- and middle-income earners the opportunity to own decent homes.
He called on the Federal Mortgage Bank of Nigeria (FMBN) and other financial institutions to increase funding for affordable housing projects. He also urged lenders to extend mortgage financing beyond formally employed public and private-sector workers to accommodate Nigerians in the informal sector.
Dantsoho identified inefficient land administration as another major obstacle to housing development, urging state governments to digitise land records and related processes to improve transparency, reduce delays and facilitate access to land for residential construction.
The five-day meeting, themed “Strengthening Mortgage, Land and Institutional Systems for Accelerated and Inclusive Housing Delivery,” brought together federal and state government officials, built-environment professionals and regulatory bodies to examine challenges affecting the housing sector.
Director of Planning, Research and Statistics at the Federal Ministry of Housing and Urban Development, Mukhtar Iliyasu Umar, said the council would review existing challenges and develop policy recommendations through technical assessments, harmonisation and adoption.
Permanent Secretary of the Sokoto State Ministry of Lands and Housing, Ahmad Moyi Tambuwal, said the state was taking steps to improve land administration and support housing delivery.
According to him, the state is digitising land records, reducing the time required to process Certificates of Occupancy and making land available for mass housing projects under the Federal Government’s Renewed Hope Housing Programme.
Tambuwal stressed that resolving Nigeria’s housing crisis would require more than constructing additional houses. He said affordable homeownership also depended on efficient land administration, accessible mortgage financing, effective policies and stronger cooperation between government agencies and private-sector operators.
Participants at the meeting are expected to develop recommendations aimed at improving housing finance, addressing institutional weaknesses and accelerating sustainable urban development across the country.
