This profile is also available in French here.
To download a pdf version of the full 2021 Nigeria country profile, click here.
The continuing rapid growth of the Nigerian population, coupled with the economic downturn, has increased the housing backlog in the country. With 52% of the estimated population of 212 066 978 urbanised in 2021, 44.5% of Nigerians live below the poverty line. Rural-urban migration has been identified as a major force driving urbanisation growth, bringing with it opportunities and challenges for cities. The high level of poverty also affects the accessibility of the formal housing market as 42% of Nigerians live on less than a dollar a day. Urbanisation, unemployment, and poverty create additional pressures for the housing sector.
Recovering from COVID-19, the economy grew by 5.1% in Q2 2021. There has been a five-month consecutive decrease in inflation from 18.72% in March 2021 to 17.38% in July 2021. This inflationary trend has been attributed to constraints in income and consumer resistance. The impact of COVID-19 is not only felt domestically but has also affected diaspora remittances. Diaspora remittances account for 6.1% of Nigeria’s GDP and 83% of its national budget. Although the level of inflation trended downwards, food prices have gone up by approximately 122% in the past year.
With gross domestic product (GDP) growing at a higher rate than the population growth rate of 2.55% in 2021, the economic hardship being experienced in the country might abate in the following months. The unemployment rate in Nigeria was reported to be 32.5%in 2021 and forecast to be 33% in 2022.11 Income distribution among households is unequal, with a Gini coefficient of 35.1 points reported in 2020. A further seven million people fell into poverty in 2020. The country remains the poverty capital of the world with 93.9 million people now below the poverty line. The naira is ₦526 per dollar in the parallel market and income inequality is on the increase. Following the expiration of the Economic Recovery Growth Plan, 2017-2020, the Federal Government of Nigeria (FGN) will be launching a Medium-Term National Development Plan (MTND), 2021–2025 in October.
Find out more information on the housing finance sector of Nigeria, including key stakeholders, important policies and housing affordability:
- Access to Finance
- Housing Supply
- Property Markets
- Policy and Legislation
- Urban Informality
- Availability of data on housing finance
Each year, CAHF publishes its Housing Finance in Africa Yearbook. The profile above is from the 2021 edition, which has up-to-date profiles for 55 African countries.Download yearbook
The disruptive impact of the COVID-19 is broad, extensive and pervades the whole economic value-chain. This was worsened in the first quarter of 2020 by the crash in oil prices to its lowest levels in decades. Central Banks around the world, including the Central Bank of Nigeria (CBN) reacted to the economic downturn with commendable speed and ferocity. The Nigerian government in its efforts to ameliorate the negative impact of the pandemic created the Economic Sustainability Plan (ESP). The ESP is a development framework for COVID-19 response that robustly appreciates the pandemic and provides appropriate and sustainable solutions for the country.
In April 2020, as part of the country’s plan to ameliorate the effect of the pandemic, the International Monetary Fund (IMF) approved a ₦1 313.2 billion (US$3.4 billion) emergency facility to the Central Bank of Nigeria to help mitigate the impact of COVID-19.  Despite the emergency finance package, Nigeria’s foreign reserve is currently indicating a decline of 20 percent compared to the 2019 figure. The country’s external reserves as at 15 July 2020 was ₦13 950.9 billion (US$36.12 billion), showing a downward slide compared to ₦17 446.3 billion (US$45.17 billion) on June 11, 2019. The reserve has lost over ₦3 476 billion (US$9 billion) within a space of 13 months. Fluctuating foreign exchange market interventions and direct payments majorly contributed to decline in external reserve of the country.
Nigeria’s GDP growth rate contracted by 14.3 percent -as at August 2020. The annual growth rate reduced by 6.1 percent in the second quarter of 2020. Official exchange rate has also increased from ₦360/US$1 to ₦380/US$1. In 2019, the mortgage portfolio was at 0.17 percent of GDP with total outstanding number and value estimated to be 32 260 and ₦269.68 billion (US$749.1 million) respectively.7]
As of July 2020, the inflation rate was 12.8 percent compared to 11.4 percent in May 2019. In second quarter of 2020, unemployment rate was reported to be 27.1 percent compared to 23.1 percent reported in 2019. Also, underemployment rate rose from 20.1 percent in Q3, 2018 to 28.6 percent in Q2 2020. This significant change can be largely attributed to the pandemic. Nigeria’s biggest revenue earner – the oil sector, recorded 6.63 percent (year-on-year) contraction in Q2 2020, indicating a decrease of –13.80 percentage points relative to the rate recorded in the corresponding quarter of 2019. The downfall of the global crude oil price immensely contributed to the decline in economic growth of the country. The external debt was approximately ₦10 685 478.4 million (US$27 665.66 million) in the first quarter of 2020. The combination of the reduced earnings through the oil sector, pressure to service external debt and the continued pandemic environment has contributed to the challenge of housing in Nigeria.
The challenge of housing in Nigeria is largely evident in the absorptive capacity of the market which is majorly influenced by the affordability of mortgages and housing units. While mortgage interest rates are averaging 20 percent, composite house prices in Lagos and Abuja for Q2 2020 either remained stagnant or increased at an average of 4.5 percent compared to Q1 2020.
 Hardie,D. (2020). Nigerian central bank announces emergency measures. 17 March 2020. Central Banking. https://www.centralbanking.com/central-banks/financial-stability/7506821/nigerian-central-bank-announces-emergency-measures (Accessed 31 August 2020).
 International Monetary Fund (2020). IMF Executive Board Approves US$ 3.4 Billion in Emergency Support to Nigeria to address the COVID-19 Pandemic. 28 April 2020. https://www.imf.org/en/News/Articles/2020/04/28/pr20191-nigeria-imf-executive-board-approves-emergency-support-to-address-covid-19 (Accessed 1 September 2020).
 Olisah, C. (2020). Nigeria’s external reserves increase by $1.36 billion in 13 days. Nairametrics Business News. 24 May 2020. https://nairametrics.com/2020/05/14/nigerias-external-reserves-increase-by-1-36-billion-in-13-days/ (Accessed 31 August 2020).
 Ekpo, D. (2020). Why Nigeria’s foreign reserve dropped by $454.05 million. Ventures Africa. 20 July 2020. http://venturesafrica.com/blog/2020/07/20/why-nigerias-foreign-reserve-dropped-by-454-05-million/ (Accessed 31 August 2020).
 Adesoji, B. S. (2020). UPDATED: Nigeria’s GDP contracts by 6.10% in Q2 2020, as critical sectors plunge. 24 August 2020. Nairametrics Macro-economy news. https://nairametrics.com/2020/08/24/breaking-nigerias-gdp-contracts-by-6-10-in-q2-2020-as-critical-sectors-plunge/ (Accessed 31 August 2020).
 Central Bank of Nigeria (2020). Central Bank of Nigeria | Exchange Rate. https://www.cbn.gov.ng/rates/ExchRateByCurrency.asp (Accessed 31 August 2020).
 Estimation of number of residential mortgages provided by Taofeeq Olatinwo, NMRC (email 24 October 2020) based on Federal Mortgage Bank of Nigeria data and using following assumptions: average mortgage by primary mortgage banks is NGN 7.5 million, and average mortgage by commercial banks is NGN 20 million. Calculation of total value of mortgages in 2019 based on NGN 360 exchange rate as at 31 December 2019, and CBN data on total value of mortgages from primary mortgage banks and deposit money banks, as provided by Taofeeq Olatinwo, NMRC (22 October 2020).
 Oyekanmi, S. Nigeria’s unemployment rate jumps to 27.1% as at 2020 Q2 | Nairametrics. 14 August 2020 https://nairametrics.com/2020/08/14/breaking-nigeria-unemployment-rate-jumps-to-27-1/ (Accessed 29 August 2020).
 Ukpe, W. (2020). Nigeria might fall into recession – Budget Office | Nairametrics. 28 August 2020 https://nairametrics.com/2020/08/28/nigeria-might-fall-into-recession-budget-office/ (Accessed 29 August 2020).
 Trading Economics (2020). Nigeria Public External Debt | 2000-2020 Data | 2021-2022 Forecast | Historical. https://tradingeconomics.com/nigeria/external-debt (Accessed 29 August 2020).
 Roland Igbinoba House Price Index (RI Index) Q2 2020
Access to Finance
Access to finance is generally on the upward trend, albeit expensive. While access to housing development finance has progressed significantly, access to mortgage finance has marginally improved compared to the needs of the market. The country mainly operates a fixed interest rate for loans. Mortgage interest rates range from 6% to 20% per annum.
In April 2021, CBN dropped the prime lending rate to 11.24% and maximum lending rates to 28.64%.20 Nigeria was ranked 15 in getting credit in the most recent World Bank Ease of Doing Business rankings.21 The main funding sources to service mortgage loans are deposits by subscribers across all tiers of banks including the National Housing Fund (NHF), commercial banks, and bond issuances. The Federal Mortgage Bank of Nigeria (FMBN) remains the most affordable housing finance institution in the country, providing a moderate level of access to housing finance. Over the past five years, the bank has gained significant traction in customers’ confidence in the organisational capability of the bank to provide housing loans. Nigerians who contribute 2.5% of their earnings monthly for six months can apply for the NHF loan. For loan approval, subscribers must contribute up to 10% equity for a maximum loan of ₦15 million (US$36 506). The interest rate is 6% per annum with a maximum loan tenor of 30 years, depending on the subscriber’s age. Despite a high loan-to-value ratio of 90%, and a subsidised interest rate of 6% per annum, the loan has proved to be unaffordable.
In the non-subsidised mortgage section of the market, the Nigeria Mortgage Refinance Company (NMRC) issues bonds to boost mortgage liquidity. The CBN reported that there are 34 mortgage banks and 22 commercial banks are engaged in providing mortgage loans in 2021. At the end of March 2021, there were 876 microfinance banks in the country with state, regional, and national licenses.
The CBN has continued to push and facilitate the operations of a mortgage guarantee company (MGC). MGC’s role is to assist primary mortgage lenders through the provision of guarantees or limited guarantees against losses that might arise from non-payment of mortgage loans by consumers. MGC will also support the mortgage lenders with a framework that allows the lenders to bring down the required equity contribution for a mortgage loan. For example, instead of a 20% to 30% equity contribution for a loan, the MGC can help the consumer to pay 5% to 10%. Mortgagors who ordinarily would have been ineligible for a mortgage loan become eligible through the support of an MGC.
 Finance Writer (2020). List of Mortgage Banks in Nigeria [2020 Updated]. 17 March 2020. LoanSpot. https://www.loanspot.ng/list-of-mortgage-lenders-in-nigeria/ (Accessed 5 August 2020).
 Terhemen, I. (2020). Understanding FMBN’s Mortgage Loan Products. 22 May 2020. ThisDayLive. https://www.thisdaylive.com/index.php/2020/05/27/understanding-fmbns-mortgage-loan-products/ (Accessed 4 August 2020).
 Uroko, C. (2020) FMBN and NHF loans in time of coronavirus. 17 May 2020. Businessday NG. https://businessday.ng/real-estate/article/fmbn-and-nhf-loans-in-time-of-coronavirus/ (Accessed 29 August 2020).
. Terhemen, I. (2020). Understanding FMBN’s Mortgage Loan Products. 22 May 2020. ThisDayLive. https://www.thisdaylive.com/index.php/2020/05/27/understanding-fmbns-mortgage-loan-products/ (Accessed 4 August 2020).
 Central Bank of Nigeria. https://www.cbn.gov.ng/Out/2020/FPRD/CBN%20POLICY%20MEASURES%20IN%20RESPONSE%20TO%20COVID-19%20OUTBREAK%20AND%20SPILLOVERS.pdf (Accessed 21 September 2020)
After 60 years of independence, homeownership remains at 25% with an average of 5.4 members in rural households and 4.5 people in urban households. Nigeria has the lowest homeownership level even among its peers, with Kenya at 75% and South Africa at 56%. Nigeria’s population pyramid shows that young people comprise 91 555 113 (43.31%), the working-age population at 114 016 509 (53.93%), and elderly people 5 829 082 (2.76%). The income pyramid shows that 75% of Nigerians earn less than ₦925 000 (US$2 251) while 25% are earning more than ₦925 000 (US$2 251), with the average monthly salary reported to be ₦339 000 (US$825).
Following the difficulty subscribers have had in raising the 10% equity for NHF, FMBN has started implementing its rent-to-own scheme. This is to help deal with the perennial challenge of housing affordability among low- and middle-income earners. With food averaging 50% to 60% of household expenses, most families cannot deal with other expenses. The rent-to-own scheme enables NHF subscribers to own a home through rental payment by avoiding the 10% down payment. The accepted maximum amount for the product is ₦15 000 000 (US$36 506) per subscriber. The period for rental payment is 30 years with an interest rate of 7% of the property price. To improve the level of affordability in the market, FMBN disbursed ₦30.5 billion (US$74 million) across its product lines in the 2020 financial year. The bank also created 854 mortgages for subscribers of NHF in Nigeria.
Family Homes Funds (FHF) also focuses on housing affordability in the country through its flagship products, namely Help to Own Fund, Affordable Housing Fund, Rental Housing Fund, and Land and Infrastructure Development Fund. Help to Own contributes 40% of the purchase price of newly built homes for low- and middle-income earners. The loan is structured as a moratorium (principal plus interest) for five years. Thereafter, monthly repayment sets in at an interest rate of 3% per annum, rising progressively to a maximum of 15% per annum in the 20th year. Rent to Own is targeted at first-time homebuyers who can make an equity contribution of 10% of the property price. The Affordable Housing Fund is structured to work with both public and private sector property developers. The fund provides either debt or equity at cheaper costs to the developer. The rental housing and the infrastructure funds have not taken off yet.
On the supply side, affordability has mainly been driven by both private and public sector organisations but with minimal results. According to Millard Fuller Housing Foundation (MFF Housing), the cheapest new-built, one-bedroom expandable to the two-bedroom bungalow (semi-detached) is sold for ₦3.4 million (US$8 275). This was increased from ₦2.8 million (US$6 814) in 2020 due to the impact of COVID-19. The size of a new-built residential apartment was 32m2. The minimum size for a plot of land in an urban center is 450m2.
The emergence of the proptech industry in Nigeria has significantly contributed to affordable housing through the sharing economy approach. While proptech startups are not increasing affordability through a new supply of housing, they make it easier for young families to afford rental housing through an innovative monthly rental business model. The proptech industry is gaining attention, as seen in Spleet’s recent announcement of ₦410 900 000 (US$1 million) in revenue since starting operations four years ago.
 Uroko, C. (2020) How Rent-to-Own scheme is changing Lagos residents housing story. 9 July 2020. Businessday NG. https://businessday.ng/real-estate/article/how-rent-to-own-scheme-is-changing-lagos-residents-housing-story/ (Accessed 31 August 2020).
 The State of Lagos Housing Market (2016). Roland Igbinoba Real Foundation for Housing and Urban Development (RIRFHUD)
 Developers include Mixta Africa, TAF Africa and FMBN
Projections of annual supply versus demand are at best 10%, considering that 700 000 affordable units are needed annually to keep up with the country’s population growth. In cities such as Kano, Lagos, and Ibadan an annual increase of 20% in housing demand is being experienced. Housing construction in Nigeria is still mainly brick and mortar. No sustainable and scalable circular economy approach or zero waste processes have been adopted by property developers in the country.
However, some public-private partnerships have yielded notable results. For example, FMBN and several private sector players were responsible for building 8 700 new homes between 2017 and 2020. By April 2021, FMBN had disbursed a total of ₦38 billion (US$92 481 078) for the construction of 9 540 units. As of June 2021, FHF had completed 5 408 units across eight states with 9 148 currently under construction.40 FHF also has an active pipeline of over 31 000 units and a 2022 target of 110 000 homes. To further boost affordable housing supply in the market, FHF recently issued a sukuk bond issuance of ₦10 billion (US$24 337 126). The bond issuance is a seven-year 13% Series 1, due in 2028 under a ₦30 billion (US$73 011 377) FHF sukuk issuance programme. FHF is also executing the Federal Government’s National Social Housing Programme (NSHP). Under the NSHP, 300 000 homes will be provided to low-income Nigerians.
Many of the public private partnerships help in creating a land bank for development for both the private sector and governments. This is crucial as land prices are typically high in urban centers. The cost of unserviced land without adequate title in suburban areas is estimated to be ₦926 /m2 (US$ 2.3 /m2). This translates to ₦600 000 (US$1 460) for 648 m2 of land. For land with primary infrastructure and adequate title in urban centers, prices range from ₦30 000/m2 (US$73 /m2) to ₦200 000/m2 (US$487 /m2).
Building materials are a significant cost component. This is because approximately 50% to 55% of the materials are import-related. A standard 50kg bag of cement costs ₦3 900 (US$9.49) in 2021. Reinforcements of 10mm to 16mm diameter are ₦440 000 (US$1 070) a ton. The total construction cost is estimated to be ₦18 383/m2 (US$44.74 /m2). Another limiting factor is finance. Nigeria’s credit expansion reduced drastically by 33.3% from ₦1.03 trillion (US$2.5 billion) in the first quarter of 2020 to ₦689.53 billion (US$1 678 million) in the corresponding period of 2021. This reduced access to loans, including housing construction loans, hindering the supply of housing units.
Under the umbrella of the Real Estate Developer Association of Nigeria (REDAN), many organisations are involved in supplying housing across the low-, middle- and high-income categories. These organisations include Urban Shelter Limited, Nedcomoaks Limited, Brains and Hammers, Cosgrove, Lekki Gardens, Octo 5 Holdings, Copen Group, and Jedo Investment. The cheapest private supplier yet in the market is MFF Housing. MFF Housing supplies one-bedroom apartments for ₦3.4 million (US$8 274). A semi-detached, one-bedroom expandable to a two-bedroom bungalow is sold at ₦4.6 million (US$11 195) and a detached three-bedroom bungalow costs ₦7.6 million (US$18 496) with a payment option of 20% deposit and 80% amortised over a five-year period.
 Bah, E. M. et al. (2018) Housing Market Dynamics in Africa, Housing Market Dynamics in Africa. https://www.researchgate.net/publication/323718399_Housing_Market_Dynamics_in_Africa Pg. 218.
 World Health Organisation (2020). Report of the WHO-China Joint Mission on Coronavirus Disease 2019 (COVID-19), The WHO-China Joint Mission on Coronavirus Disease 2019. https://www.who.int/docs/default-source/coronaviruse/who-china-joint-mission-on-covid-19-final-report.pdf. Pg. 16–24
 Central Bank of Nigeria (2020). Presentation: ‘Financial System Strategy’. CBN. https://www.cbn.gov.ng/fss/tue/BSP/Mortgage%20&%20Credit/FSS%202020%20-%20Mortgage%20Presentation.pdf Pg. 4 (Accessed 3 August 2020).
 Uroko, C. (2020) How Rent-to-Own scheme is changing Lagos residents housing story. 9 July 2020. Businessday NG. https://businessday.ng/real-estate/article/how-rent-to-own-scheme-is-changing-lagos-residents-housing-story/ (Accessed 31 August 2020).
Godwin Emefiele (2020). Turning the Covid-19 tragedy into a new opportunity for Nigeria. Central Bank of Nigeria. https://www.cbn.gov.ng/Out/2020/CCD/EDITED–Turning%20Covid%20Tragedy%20into%20Opportunity%20for%20New%20Nigeriat–OpEd%20by%20Gov%20Godwin%20Emefiele–Tue14April2020%201.pdf pg. 20 – 22 (Accessed 20 September 2020)
 Ibid. pg. 20 – 22
Despite the flurry of macroeconomic activities in the country, the real estate sector grew by 3.85% in Q2 2021 from 1.77% in Q1 2021. This is encouraging compared to the contraction of 21.99% in Q2 2020. The reason for the expansion may be connected with the decline in interest rates, which has seen increased investments in the real estate sector. The effects of these variables vary across different states of the federation. For example, rents are climbing in Lagos due to high inflation and the significant cost increase of building materials. Moreover, at 3.2% the population is growing faster than the real GDP growth rate of 2.7% (GDP growth was 5.01% for Q2 2201). Analysts believe that, more than ever, real estate is now the most sustainable hedge against inflation, with returns averaging 15%.
The dynamism in the property market has its roots in speculative land sales across several cities in the country. Residential land cost is as low as ₦600 000 (US$1 460) in some suburban areas, ₦5 million (US$ 12 169) in other suburban areas, and as high as ₦380 million (US$ 924 811) in the city. Bad roads, poor electricity, and the lack of a rail system, among other underdeveloped infrastructure projects, are major constraints to the ease of doing business in the country. There are reports that business owners including realtors are looking to leave Nigeria to create opportunities elsewhere.
The Roland Igbinoba House Price Index (RI Index) shows that house prices stabilised in the second quarter of 2021. Price changes have been positive across the four cities of Port Harcourt, Kaduna, Lagos, and Abuja for Q1 and Q2 2021. These indices indicate the level of bounce-back post-COVID-19. The Q2 2021 real estate growth rate of 3.85%56 attests to this. Sector analysts believe that “the increase in economic activities in the property market could be confirmed from the performance of the construction sector in the second quarter of 2021. Year on year, Nigeria’s construction sector grew by 3.70 percent, higher by 35.46 percentage points from the -31.77 percent recorded in the comparable quarter of 2020”.
 World Bank Group (2020). Doing Business 2020:Nigeria. https://www.doingbusiness.org/content/dam/doingBusiness/country/n/nigeria/NGA.pdf (Accessed 29 August 2020). Pg. 1–116
 Okunowo, Y.(2019). At $8,040, Millard Fuller Foundation is providing affordable homes for low-income earners – Real Estate Market Research and Data Nigeria and Africa . 1 November 2019. Estate Intel. https://estateintel.com/at-8040-millard-fuller-foundation-is-providing-affordable-homes-for-low-income-earners/ (Accessed 18 August 2020).
 Nigeria Property Center (2020). For Sale: Beautiful and Classic Apartments, Lekky County, Ikota, Lekki, Lagos | 1 Beds, 2 Baths (Ref: 708797). https://nigeriapropertycentre.com/for-sale/flats-apartments/mini-flats/lagos/lekki/ikota/708797-beautiful-and-classic-apartments (Accessed 21 August 2020).
 Nigeria Property Center. For Rent: Spacious One Bedroom Ensuite Shared Apartment, Road 6b Lekki Scheme 2 Abraham Adesanya, Lekki Phase 2, Lekki, Lagos. https://nigeriapropertycentre.com/for-rent/houses/semi-detached duplexes/lagos/lekki/lekki-phase-2/677754-spacious-one-bedroom-ensuite-shared-apartment (Accessed 18 August 2020).
 Roland Igbinoba House Price Index (RI Index) Q2 2020
Policy and Legislation
The country ranked 55th in the ease of getting construction permits and 183rd in registering properties. These rankings are a direct reflection of the current regime of policies and regulations in the property market. The Securities and Exchange Commission (SEC) released the regulation for crowdfunding in January 2021. Since issuing the regulation for crowdfunding, many starts-up in both the proptech and fintech space are engaging with the SEC on developing products that will help in financing the supply side of real estate.
On the demand side, the NMRC has continued to push for the Model Mortgage and Foreclosure Law (MMFL). MMFL is aimed at creating an investment climate that increases the provision of affordable housing. With MMFL, investors are confident that the underlying assets associated with mortgage defaulters can be repossessed and auctioned for recovery by the lending institution. To date, six states have passed the MMFL; five states are in the process of executing Memoranda of Understanding, and seven states60 are in high-level conversations about adopting the MMFL.
Following the establishment of the Lagos State Real Estate Regulatory Authority (LASRERA) in 2019, many more state governments have initiated the process of creating a regulatory institution. LASRERA has continued to engage with the private sector with great success on the need to sanitise the Lagos market. Sanitising the market will boost investors’ confidence and improve the ease of doing business in the state. Ultimately, this will attract new funding for property investments. Several real estate industry and professional associations in the market are self-regulating and ensuring some level of market organisation and credibility. These include the Nigerian Institution of Estate Surveyors and Valuers, Nigerian Institute of Building, Nigerian Institute of Architects, Council for the Regulation of Engineering in Nigeria, Association of Housing Corporations of Nigeria, Nigeria Institute of Town Planners, Estate Rent & Commission Agents Association of Nigeria, Association of Estate Agents of Nigeria, REDAN and Property Technologists Association of Nigeria (Proptech Nigeria).
 Akomolede, K. (2018). The land use decree, 40 years on. 11 April 2018. The Guardian Nigeria News.https://guardian.ng/opinion/the-land-use-decree-40-years-on/ (Accessed: 30 August 2020).
 Centre for Affordable Housing Finance Africa (2019). Nigeria Country Profile . https://housingfinanceafrica.org/countries/nigeria/ (Accessed 30 August 2020).
 Gbadamosi. B. (2020). Oyo Launches Digitized C of O. 3 May 2020. Oyo State Government. https://oyostate.gov.ng/oyo-launches-digitized-c-of-o/ (Accessed 30 August 2020).
To improve the housing market post-COVID-19, a sum of ₦200 billion (US$ 486.7 million) was approved by CBN under the NSHP. This social housing programme is an outcome of the Economic Sustainability Programme of the Federal Government. It is targeted at individuals in low socioeconomic class and managed by Family Homes Fund Limited, with interest rates ranging from 5% to 9%. The structure and organisation of NSHP are such that it is providing opportunities for micro, small and medium enterprises in the real estate value chain to bid for the development of 300 000 homes under the programme. Proptech start-ups are implementing technology to improve processes in the housing market and have raised over ₦616 155 017 (US$1.5 million) in venture capital pre-seed funds in the last year. Companies like Seso Global (a property listing and real-estate transaction company), Propcrowdy (a real estate crowdfunding platform), and Spleet Africa (a proptech enabling flexible renting) are leading the way in these pre-seed rounds. Furthermore, with the SEC releasing crowdfunding regulations earlier this year, the opportunity for real estate crowdfunding is being explored. Foreign direct investment will continue to increase exponentially if the environment remains favorable for the proptech start-ups to launch and attain some level of interest from venture capital and private equity investors.
 Ailemen, A. (2020). FG begins implementation of ESP. 7 July 2020. BusinessDay Newspapers https://businessday.ng/business-economy/article/fg-begins-implementation-of-esp/ (Accessed 31 August 2020)
 Nairametrics. Nigeria might fall into recession – Budget Office | Nairametrics. https://nairametrics.com/2020/08/28/nigeria-might-fall-into-recession-budget-office/ (Accessed 29 August 2020).
The urban population in Nigeria is expected to grow to 300 million inhabitants by 2050. Currently, 21 cities have a population of 300 000 to 500 000; 19 cities have 500 000 to 1 000 000; nine cities have 1 000 000 to 5 000 000; and one city (Lagos) is above 10 000 000. The Lagos population is increasing by 3% annually with 14.3 million inhabitants at present. Lagos State has engaged in a few urban regeneration and renewal projects in the past decade but more needs to be done.
Urbanisation growth is 4.3% and 52% of Nigerians are urbanised in 2020. Most of the urban poor live in informal settlements and are the largest employer of labour contributing approximately 65% of GDP in 2017. Land tenure is mostly customary and tenancy. However, these informal settlements lack basic amenities and services, presenting health challenges for the inhabitants.
Availability of data on housing finance
Data collection, collation, and dissemination have suffered a significant setback in the last year. Although the Housing Market Information Portal (HMIP), which has been designated to be the data repository for the industry, is still active, practitioners in the market need to fully optimize it and share data with the portal.
The following organisations publish data on housing finance: Roland Igbinoba Real Foundation for Housing and Urban Development publishes data on the house price index; HMIP publishes information on the housing market; The National Bureau of Statistics publishes socioeconomic statistics; Statista publishes data on the unemployment rate and the Gini-coefficient; Focus Economic publishes data on the inflation rate; Nigerian Property Centre publishes data on property listings; International Comparative Legal Guides publishes information on real estate laws and regulations.
National Bureau of Statistics https://www.nigerianstat.gov.ng/
Central Bank of Nigeria https://www.cbn.gov.ng/
Real Estate Developers Association of Nigeria https://redanonline.org.ng/
Roland Igbinoba Real Foundation for Housing and Urban Development https://www.rirfhud.org/
Housing Market Information Portal https://hmip.nmrc.com.ng/nmrc/
Focus Economics https://www.focus-economics.com/
Nigerian Property Centre https://nigeriapropertycentre.com/for-rent/lagos
Haggai Mortgage Bank www.haggaibank.com
Nigeria Mortgage Refinance Company www.nmrc.com.ng
Federal Mortgage Bank of Nigeria www.fmbn.gov.ng
Family Homes Fund https://fhfl.com.ng
Echostone Plc www.echostonehousing nigeria.com
International Affordable Housing Show https://ihsbuja.com