80% of Nigerians lack access to mortgage – Dangiwa

The Minister of Housing and Urban Development, Ahmed Dangiwa, has said 80 per cent of Nigerians cannot afford mortgage services.

The minister stated this in his keynote address at the opening of the maiden Kaduna International Housing Exhibition, held at Umaru Musa Yar’Adua Hall, Kaduna, recently.

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.

“Governments at all levels must address the issue of affordability in their desire to deliver sustainable housing solutions to citizens. According to statistics, almost half of Nigeria’s population of over 201 million are poor and have weak purchasing power.

“On the whole, statistics reveal that Nigeria is a low-income country, as only 13 per cent of its population is middle class. The recent macroeconomic challenges, including inflation, have made things worse.”

The Managing Director and Chief Executive of the Federal Mortgage Bank of Nigeria, Shehu Osidim, highlighted the need for Nigerians to embrace the housing interventions driven by the Federal Ministry of Housing and Urban Development.

He noted that such subsidies and incentives were necessary tools to address the challenge of affordable housing in Nigeria.

He noted that many more incentives in the form of subsidies will be introduced in the coming months and years, urging Nigerians to take advantage of the available options to achieve their dream of homeownership.

The exhibition was a convergence of key experts in the building industry from across the globe.

It had the theme “Kaduna Sustainable Housing Development – A Model for Northern Housing Reforms”.

Earlier, the Governor of Kaduna State, Uba Sani, represented by his deputy, Dr Hadiza Balarabe, emphasised the importance of access to safe, affordable, and secure housing as a fundamental human right and a critical sector for preserving human dignity.

He highlighted the state government’s efforts to leverage local and international investors, social housing schemes, development lease agreements, and public housing corporations to address the housing deficit in the state.

On his part, the Speaker of the House of Representatives, Abbas Tajudeen, represented by the Chairman the of House Committee on Housing and Habitat, Abdulmumin Jibrin, noted that adequate housing was not just a matter of need but a fundamental human right.

“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.

Last year, the Federal Mortgage Bank of Nigeria disclosed that the country had a 28 million housing gap.