80% of Nigerians do not have Access to Mortgages – Dangiwa

Eighty percent of Nigerians, according to Minister of Housing and Urban Development Ahmed Dangiwa, cannot afford mortgage services.

This was said by the minister during his keynote speech at the inaugural Kaduna International Housing Exhibition, which was held recently in Umaru Musa Yar’Adua Hall in Kaduna.

He noted, “The lack of access to affordable housing finance is one of the major causes of the housing deficit in Nigeria. 80 per cent of Nigerians cannot afford mortgage services.

“All levels of government must address the affordability issue if they are to provide citizens with sustainable housing options. Statistics show that of Nigeria’s population of over 201 million, about half live in poverty and have low purchasing power.

Overall, data show that Nigeria is a low-income nation because just 13% of its people live in middle class households. The recent macroeconomic problems—inflation included—have made matters worse.

The Federal Ministry of Housing and Urban Development’s housing interventions must be embraced by Nigerians, according to Shehu Osidim, Managing Director and Chief Executive of the Federal Mortgage Bank of Nigeria.

He pointed out that these kinds of incentives and subsidies were essential instruments for tackling Nigeria’s affordable housing problem.

He urged Nigerians to take advantage of the opportunities available to realize their dream of homeownership, noting that many more incentives in the form of subsidies will be implemented in the upcoming months and years.

Key figures from the global building sector came together for the expo.

“Kaduna Sustainable Housing Development – A Model for Northern Housing Reforms” was the theme of the event.

Prior to this, Dr. Hadiza Balarabe, the deputy governor of Kaduna State, emphasized the need of having access to safe, affordable, and secure housing as a fundamental human right and a vital area for upholding human dignity.

In order to alleviate the state’s housing shortage, he outlined the state government’s initiatives utilizing social housing programs, development lease agreements, public housing businesses, and both domestic and foreign investors.

Speaking on behalf of the House Committee on home and Habitat Chairman, Abdulmumin Jibrin, Speaker of the House of Representatives Abbas Tajudeen stated that having appropriate home is a fundamental human right rather than just a question of need.

“The provision of adequate housing is not just a basic human need but a fundamental right that underpins sustainable development and social cohesion. Sustainable housing development is not just about constructing buildings; it encompasses creating communities that are environmentally friendly, socially inclusive, and economically viable,” he stated.

The Federal Mortgage Bank of Nigeria revealed last year that there was a 28 million housing shortage in the nation.