The Minister of Housing and Urban Development, Dr. Muttaqha Rabe Darma, has disclosed that Nigeria’s housing deficit has exceeded 15 million units, warning that poor access to mortgage financing continues to undermine efforts to provide affordable homes for millions of citizens.
Darma made the disclosure on Monday in Abuja at a stakeholders’ conference on the proposed National Real Estate Regulatory Authority, where he identified weak mortgage penetration and institutional challenges as major obstacles to the growth of the country’s housing sector.
The Minister said Nigeria’s estimated population of about 240 million people was not matched by adequate access to housing finance, noting that mortgage penetration remained below 10 per cent, compared with 38 per cent in Malaysia and 40 per cent in South Korea.
He described the built environment and real estate sector as the third-largest contributor to Nigeria’s economy, stressing that addressing its structural and institutional challenges would unlock enormous economic opportunities.
The Minister expressed the Federal Government’s support for the proposed National Real Estate Regulatory Authority, saying the initiative could strengthen coordination in housing development, real estate investment and mortgage financing.
He, however, urged stakeholders to consider placing the proposed authority under the Ministry of Housing and Urban Development to ensure effective coordination and alignment with existing government housing policies.
Abbas said the proposed authority would protect property owners, investors and prospective homebuyers while creating a more transparent and investment-friendly real estate market.
He proposed a national register of regulated developers, estate agents and property projects, alongside protected accounts for funds invested in qualifying off-plan developments.
The Speaker also advocated a digital land title verification system connecting state registries, survey records, ownership details and planning approvals to reduce fraud and strengthen confidence in property transactions.
Abbas stressed that the proposed authority must complement existing federal and state institutions rather than duplicate their responsibilities.
He also called for a Unified National Real Estate Enforcement Architecture to improve information sharing, coordinate regulatory activities and strengthen action against property fraud and financial crimes.
The Speaker disclosed that the MOFI Real Estate Investment Fund had deployed N140 billion through 21 financial institutions as of August 2026, facilitating 2,018 mortgages across 27 states, with repayment periods of up to 20 years at a fixed interest rate of 9.75 per cent.
Also speaking, the Chairman of the House Committee on Housing and Habitat, Hon. Abdulmumin Jibrin, said the proposed authority was aimed at unlocking the enormous potential of Nigeria’s housing sector by addressing regulatory gaps, duplication of functions and weak consumer protection.
Jibrin explained that the committee’s research showed that the housing sector was operating below its potential because of overlapping responsibilities among government agencies and inadequate oversight of real estate practitioners.
He noted that individuals could currently establish themselves as property developers by simply printing brochures without adequate regulatory scrutiny.
He assured state governments and professional bodies that the proposed authority would not take over their statutory responsibilities but would strengthen cooperation and improve accountability across the sector.
Similarly, the Managing Director and Chief Executive Officer of the Ministry of Finance Incorporated (MOFI), Dr. Armstrong Ume Takang, called for careful consideration of the proposed legislation to prevent conflicts with existing laws, particularly the Land Use Act.
Takang urged stakeholders to guard against excessive regulation that could discourage private investment, while ensuring that the proposed authority complemented existing institutions without unnecessarily increasing government recurrent expenditure.
He assured participants of the Federal Government’s willingness to collaborate with the National Assembly and other stakeholders to develop a transparent and sustainable regulatory framework for the housing and real estate sector.
The conference brought together government officials, lawmakers, developers, financial institutions, professional bodies and other stakeholders to examine the proposed regulatory framework and develop recommendations for strengthening Nigeria’s housing and real estate market.
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