National Coordinator of the Ministry of Finance Real Estate Investment Fund, Sani Yakubu, has disclosed that N75 billion has already been deployed following the successful raising of an initial N250 billion tranche, under the N1 trillion private sector-driven programme to transform Nigeria’s mortgage market and address structural constraints in the housing sector.
Yakubu described the housing market as facing a “life or death” supply gap, noting that developers often struggle to secure funding because lenders question off-take viability, adding, “The toughest question developers face is: who is going to buy the houses? By giving an off-take guarantee, we stand ready to provide mortgages to Nigerians to buy those units, making developers more bankable.”
He said the scheme offers mortgages at 9.75 per cent interest for up to 20 years, with a 10 per cent equity contribution, and has facilitated an average of N10 billion monthly since March 2024, through 20 participating institutions, including Sterling Bank, Stanbic IBTC Bank and Infinity Mortgage Bank, while citing AG Mortgage Bank’s N6.7 billion mortgage processing under the initiative as exceeding its total output in the 21 years prior.
Yakubu added that the N1 trillion programme, registered with the Securities and Exchange Commission and structured for execution in tranches, is supported by a digital platform listing about 5,000 housing units nationwide to deepen financial intermediation, expand transparency, and provide a sustainable framework for affordable housing delivery.
Also speaking at the forum, the Vice President of the Nigeria Infrastructure Fund at the Nigeria Sovereign Investment Authority, Abraham Durosawo, who represented the NSIA Managing Director and Chief Executive Officer, Aminu Umar-Sadiq, said Nigeria would require annual infrastructure investments of between $100 billion and $150 billion to close its deficit and support the $1 trillion economy target.
