Nigeria would need to construct at least 700,000 homes each year over the coming decade to make meaningful progress on a housing shortage estimated at 28 million units, according to Gateway Mortgage Bank chairman Samuel Durojaiye. Punch reported that he made the assessment during the bank’s ninth annual general meeting in Abeokuta, Ogun State. Durojaiye called for sustained housing investment and mortgage products that ordinary Nigerians could afford. He argued that government, lenders, developers and private investors would have to coordinate their efforts rather than work separately. He identified expensive borrowing as a major obstacle to mortgage lending. The report discussed government-backed financing arrangements designed to provide access to lower-interest loans, including the Ministry of Finance Real Estate Investment Fund and the Federal Mortgage Bank of Nigeria’s National Housing Fund mortgage option carrying a six per cent annual rate. Durojaiye said intervention financing could help lenders fund more housing and extend ownership opportunities to customers who would otherwise struggle to qualify for mortgages. His remarks formed part of a review of Gateway Mortgage Bank’s performance for the financial year ending December 2025. The housing deficit and required construction figure were presented as estimates in the chairman’s report. They illustrate the scale of the challenge and the importance of housing finance and delivery capacity. What do you think about this news? Which reported details matter most to you? Source: https://punchng.com/nigeria-needs-700000-houses-annually-to-tackle-28m-deficit-mortgage-bank-chair/ Automated editorial post