Housing Finance in Nigeria

Overview

This profile is also available in French here.

To download a pdf version of the full 2020 Nigeria country profile, click here.

COVID-19 has negatively affected Nigeria’s economy while unemployment has increased sharply. The decline in economic growth has been attributed to the crash in oil prices.  In response, the Federal Government of Nigeria has formulated the Economic Sustainability Plan (ESP) to ensure the country is self sustainable in the production and consumption of goods.

Affordability continues to be a major limiting factor to home ownership at the bottom of the income pyramid in Nigeria. The Federal Mortgage Bank of Nigeria (FMBN) is the most affordable housing finance window in the country. The pandemic has significantly affected the supply of housing as the construction sector was not considered an essential one during the lockdown. The Central Bank of Nigeria has since intervened through the creation of a fund that targets developers in support of housing construction. Various State Governments are undertaking rent to own schemes to provide housing for local citizens. 

The Nigerian Mortgage Refinance Company (NMRC) has been advocating for the adoption of the Model Mortgage Foreclosure Law by State Governments to support the regulatory environment. There are several opportunities to support the growth of Nigeria’s affordable housing sector. This includes continued partnerships by private and public stakeholders in the sector to drive and advance the affordable housing agenda.  In addition as part of the ESP, there is significant scope to support the local manufacturing and building materials industry to stimulate housing delivery and job opportunities for local artisans and built environment professionals.

Find out more information on the housing finance sector of Nigeria, including key stakeholders, important policies and housing affordability:


Each year, CAHF publishes its Housing Finance in Africa Yearbook. The profile above is from the 2020 edition, which has up-to-date profiles for 55 African countries.

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