Economic and Financial Review
Central Bank of Nigeria
Housing Finance, Mortgage Finance, Housing, Nigeria
This article provides an operator’s perspective on the issues, challenges, and prospects in the housing sector in Nigeria. Topics covered include existing housing situation in Nigeria; and issues and challenges affecting affordable housing in Nigeria. The article also examines the prospects for Nigeria housing sector and made key recommendations which include: Creating enabling policies around land title documentations; Fast track the passage of foreclosure bill into law to legally resolve default issues in the sector; Advance the ongoing partnership between the Mortgage Banking Association of Nigeria (MBAN) and the Central Bank of Nigeria (CBN) with regards to the underwriting standards which can increase housing and mortgage affordability for the masses; Building the right skill ecosystem through job-driven training programmes; Institutionalisation of collaboration and partnerships between large scale industry players to enhance mass housing provision and affordability; Creating standard data base in African countries, especially in Nigeria; and Policy creation, adoption and financing of sustainable buildings that utilise green approach in construction which integrates topography into developments.
CBN Economic and Financial Review
Adebayo, Festus (2019). Issues, Challenges, and Prospects in the Housing Sector: Operator’s Perspective. CBN Economic and Financial Review. 57(4), 95-103.