Nigeria's Housing Minister Targets 5,000 Mortgages by 2028
Engr. Dr. Muttaqha Rabe Darma, the Minister of Housing and Urban Development, announced plans to enhance mortgage delivery in Nigeria to 5,000 by 2028 and increase the maximum mortgage loan from ₦50 million to ₦85 million. This announcement was made during the 15th Meeting of the National Council on Lands, Housing and Urban Development in Sokoto.
The Federal Government aims to reform the housing finance system to expand access to affordable homeownership. The Federal Mortgage Bank of Nigeria is directed to disburse at least 70 percent of the previous year’s National Housing Fund contributions through mortgages annually.
A target of 2,000 mortgages is set for the current year, increasing to 5,000 by 2028. The government also plans to allocate 30 to 40 percent of mortgage bookings to informal-sector workers.
Additionally, a National Housing Finance Authority will be established to improve the housing finance sector's performance. The Diaspora Mortgage Programme will allow Nigerians abroad to invest in homeownership in Nigeria.
Plus234Feed summary based on reporting from Federal Ministry of Information. Read the original report below.
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