Nigerian Government Launches Non-Interest Housing Scheme

The Nigerian government is tackling a housing deficit of about 14.9 million units, with over 15 million homes deemed structurally inadequate. In response, the Federal Mortgage Bank of Nigeria plans to increase mortgage disbursements to 5,000 annually by 2028.

A new non-interest housing finance scheme has been introduced to enhance homeownership for low-income earners. Minister of Housing and Urban Development, Muttaqha Rabe Darma, expressed concerns over the low processing of individual mortgages despite over six million contributors to the National Housing Fund.

The Federal Housing Authority (FHA), established under the National Development Plan in 1973, is mandated to execute the government housing agenda. FHA Executive Director, Estate Services, Ezekiel Etuk, announced that the FHA has secured prime land in 28 states and has commenced construction on new housing projects, including the FHA Green City Estate in Abuja, set to be commissioned by the end of the year.