Developer Advocates Mortgage Reforms to Tackle High Land Costs in Nigeria

Developer Topsi Essien, managing director of Bighom, urges the Federal Capital Territory Administration (FCTA) to address the escalating land costs that impede affordable housing in Nigeria. Essien highlights that land costs constitute nearly 60% of total construction expenses, making homeownership unattainable for many Nigerians.

He advocates for transparent land allocation policies and a revamp of the mortgage system, citing the need to increase mortgage limits offered by the Federal Mortgage Bank of Nigeria (FMBN) to enhance access to affordable housing.