First Bank CEO Advocates Housing Reforms Amid New Plan

Olusegun Alebiosu, the Chief Executive Officer of First Bank Nigeria Limited, called for stronger collaboration among government and stakeholders in Nigeria's housing sector to tackle the country's housing deficit. Speaking at the 20th Africa International Housing Show in Abuja, Alebiosu emphasized the need for government intervention to make housing affordable for millions of Nigerians.

He noted that increasing housing supply could help reduce property prices and improve access to decent accommodation. Alebiosu criticized the reliance on private development alone to bridge the housing gap, citing high construction financing costs.

He advised that home ownership should be viewed as a long-term investment, and mortgage products should align with borrowers' financial capacities. President Bola Tinubu, represented by Engr. Mu Tapha Rabe Darma, announced a plan to deliver 150,000 affordable housing units nationwide, with a focus on mass social housing schemes across Nigeria's 774 local government areas.

The initiative aims to complement the ongoing New Hope Housing Program.