The federal government has unveiled plans to establish a National Housing Finance Authority (NHFA) as part of a broad reform programme designed to make mortgage financing more accessible and affordable for millions of Nigerians.
Minister of housing and urban development, Muttaqha Darma, announced the proposal at a stakeholders’ validation workshop in Abuja, saying the planned Authority would drive reforms in the mortgage industry, strengthen the Federal Mortgage Bank of Nigeria (FMBN) and widen participation in the National Housing Fund (NHF).
A key feature of the proposal is the inclusion of workers in the informal sector, including traders and artisans, who will be able to participate in the housing fund with monthly contributions starting from N5,000.
According to the minister, the initiative is expected to promote financial inclusion while enabling more Nigerians to access affordable home ownership.
Darma said Nigeria’s real estate sector has emerged as one of the country’s largest economic contributors, accounting for about 13.4 per cent of Gross Domestic Product (GDP), valued at approximately N41 trillion following the rebasing of national accounts.
He added that the combined value of the real estate and construction sectors exceeded N77 trillion in 2025, highlighting the industry’s growing importance to the economy.
The minister also disclosed plans to establish a National Housing Industry Regulatory Commission to strengthen oversight of developers and mortgage institutions, improve transparency and boost investor confidence.
He said the proposed reforms form part of the government’s broader strategy to reduce Nigeria’s housing deficit, deepen private sector participation and promote sustainable urban development through stronger regulation and improved housing finance.
