Stakeholders have urged the Nigerian government to reform its mortgage system and review key housing policies to make homeownership more accessible to citizens.
Stakeholders have called on the Federal Government to strengthen Nigeria’s mortgage framework and review the National Housing Fund (NHF) scheme to improve homeownership access.
They noted that while mortgages drive economic growth and enable families to own homes without full upfront payment, Nigeria’s system remains weak due to high interest rates, limited credit access, and outdated housing laws.
Despite the NHF Act of 1992 requiring contributors to save 2.5% of monthly income for housing loans up to ₦15 million, inflation and construction costs have rendered the scheme largely ineffective.
Analysts also highlighted the need for a government-backed mortgage guarantee to reduce lender risks and extend credit to low-income earners.
They further called for a review of the Land Use Act of 1978 to improve land accessibility, alongside clearer property rights and faster land registration to foster a functional and inclusive mortgage market.