Economic and Financial Review


Central Bank of Nigeria


Housing Finance, Mortgage Finance, Housing, Nigeria


The article examines housing development with reference to the challenges encountered by the various low- cost housing interventions in Nigeria. The article observed that despite institutional interventions from both the fiscal and monetary authorities, the Nigerian housing deficit still remains a challenge to the government, stakeholders and the citizen. Challenges of adequate access to housing finance include affordability, access to land, cost of construction, rising cost of construction resources (materials and labour). The first section contextualises the challenges of the Nigerian housing deficit in the milieu of population explosion and urbanisation. The second section examines the theoretical issues bordering on the perspectives on how housing should be treated either as economic good or social good. The third section examines the institutional efforts and progress achieved. In the fourth section, the empirical facts that showed that housing cost is on the increase and significant progress would be made if the real sector issues bordering on the fundamentals of cost and process are squarely given sufficient space in the provision of affordable housing. The final and concluding section proposes a real sector inclusive approach that will require the concerted effort of all stakeholders aimed at reducing the cost of housing construction in Nigeria.

Author Bio

Prof. Olukayode S. Oyediran, RQS, MNICArb, is a staff of the Department of Quantity Surveying, University of Lagos, Akoka, Lagos.

Publication Title

CBN Economic and Financial Review





Recommended Citation

Oyediran, S. Olukayode (2019). Institution and Housing Development: Mirage, Magic and Miracle of Low-Cost Housing in Nigeria. CBN Economic and Financial Review. 57(4), 37-68.



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