For a long time, Nigeria’s economy has been heavily dependent on oil, often referred to as “black gold.” This reliance has significantly impacted the country, leading to reduced productivity, widespread impoverishment, and a stifling of ambition and development. Instead of being a source of prosperity, the oil boom has created challenges by overshadowing other critical sectors of the economy.
Nigeria’s economic performance, heavily reliant on oil revenue, has suffered from global economic downturns and a lack of focus on other sectors. Housing, a fundamental measure of a nation’s development, is often a reflection of economic health. The quality and scale of real estate in a city can indicate its progress and economic stability.
Over the past decade, Nigeria has seen notable advancements in property development. However, the benefits of these developments have not been fully harnessed due to insufficient education, transparency issues, poor regulation, and a lack of professional training. To address these gaps, the establishment of the “Mortgage and Real Estate Academy” has been proposed to enhance industry standards and education.
PRESIDENT BOLA TINUBU’S HOUSING PROGRAMME FOR NIGERIA
Since President Bola Tinubu’s administration began in 2023, several initiatives have been introduced to address Nigeria’s housing challenges. The government has proposed amendments to the constitution and the Land Use Act to introduce freehold and leasehold land interests, along with plans to create a nationwide electronic land title register. Tinubu’s administration has also pledged to create at least 2 million new homeowners in the first year and 1 million annually thereafter through a national mortgage system offering single-digit interest rates.
In addition to these efforts, the Federal Mortgage Bank of Nigeria (FMBN), in collaboration with Nigeria’s labor unions and the Nigerian Employers Consultative Association (NECA), has launched a National Affordable Housing Delivery Program. This initiative aims to address the housing needs of Nigerian workers, with plans to deliver 2,800 units in the initial phase across fourteen sites nationwide, including major cities like Lagos and Abuja.
The Family Home Fund, a social housing program managed by the Ministry of Finance, provides affordable mortgages to low-income individuals and families, particularly benefiting civil servants earning N30,000 and above. Another significant initiative is the Federal Integrated Staff Housing (FISH) program, which operates as a public-private partnership to offer staff housing solutions. This program, initiated in 2016, is managed by the Office of the Head of Service of the Federation.
Besides the above, there was the Family Houses Funds, a social housing program initiated by the Federal Government to provide inexpensive mortgages for low-income individuals and families across the country. Under the Family Home Fund scheme domiciled in the Ministry of Finance, civil servants who earn a salary of N30, 000 and above can have access to mortgage to own a home.
There is also the FISH (Federal Integrated Staff Housing) program. This programme was initiated in 2016. It is to be op Additionally, the Federal Housing Authority (FHA) offers Cooperative Housing Development Schemes, which support public servants through cooperative building projects. The FHA is currently overseen by Hon Oyetunji Ojo. Under the leadership of Mr Shehu Usman Osidi, the FMBN has introduced various programs, including the National Housing Fund (NHF) Mortgage Loan, Home Renovation Loan, Rent-to-Own Mortgage, and Construction Finance, along with a 5-Year Strategic Turnaround Blueprint aimed at revitalizing the mortgage industry.
These efforts represent significant strides towards improving housing in Nigeria, though challenges remain due to fluctuating oil prices and ongoing security issues, such as the Boko Haram insurgency. Despite these obstacles, the current administration’s housing initiatives are commendable steps toward addressing the nation’s housing needs and fostering economic development.
PRESIDENT BOLA AHMED TINUBU
President of Nigeria
VICE PRESIDENT KASHIM SHETTIMA
Vice-President of Nigeria
DREADFUL COLLAPSE OF HOUSING IN NIGERIA
ARC. MUSA DANGIWA 
MRS DIDI WALSON JACK 
MD CEO FEDERAL MORTGAGE BANK 
HON OYETUNJI OJO 
DR ABDUL-GANIYU OBATOYINBO 
PRINCE (DR) ADE AKINFOLURIN
It is no longer news in the country, the alarming rate of property collapse and wanton destruction of lives and properties in the last five (5) years in the country. The country should be worried because of this trend. The interest and the fate of Civil Servants who have served their country for many years, qualified for any of the housing scheme should be adequately protected. There is the need to assure them that the property they are buying or moving into is guaranteed against sudden collapse. This is a serious focus of the Mortgage and Real Estate Academy to ensure that property Developers adhere strictly to International Best Practices in the execution of their business. Standards and quality must never be compromised in project construction.
We are prepared to render our services in this partnership in order for the entire nation and critical Stakeholders to rise up to this challenge at this time.
More Academy is here as a willing partner to facilitate and enhance the provision of the much needed Capacity building for this Industry to ensure a steady growth, encourage new entrants as development partners, financiers, and others by providing them with the needed human capacity to engage in all aspects of the production, enforcement and Management of Housing provision in compliance with global standards in Nigeria.
MASS HOUSING FOR MIDDLE-CLASS
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Address: Kilometer 12, Dutsen Alhaji Junction, Kubwa Express Way, Abuja
Tel: +2348074936138, +234 9045461763