Nigerian Government Proposes 35-Year Mortgages for Homebuyers

The federal government and state governments are considering significant mortgage reforms aimed at making homeownership more affordable for millions of Nigerians. Proposed reforms include reducing mortgage interest rates to single digits and extending repayment periods from 25 years to 35 years.

These proposals emerged during the 15th meeting of the National Council on Land, Housing and Urban Development (NCLHUD) held in Sokoto. Barrister Nasiru Aliyu Dantsoho, the Sokoto State commissioner for Lands, Housing, Survey and Country Planning, emphasized that lowering interest rates would alleviate repayment pressures and improve access to affordable housing.

He also advocated for expanding mortgage schemes to include traders, farmers, and self-employed individuals. Additionally, Dantsoho pointed out that cumbersome land administration processes hinder affordable housing delivery, urging state governments to digitize land records.

The meeting gathered federal and state officials, built-environment professionals, and regulatory bodies to discuss reforms aimed at enhancing housing affordability and urban development.