The federal government says it will establish a National Housing Finance Authority (NHFA) as part of reforms aimed at expanding access to affordable housing finance for Nigerians.
According to NAN, Muttaqha Darma, Minister of Housing and Urban Development, announced the proposal on Tuesday at a stakeholders’ validation workshop in Abuja.
Darma said the authority would be created under a proposed national mortgage industry policy to improve access to mortgage financing, reposition the Federal Mortgage Bank of Nigeria (FMBN), and expand participation in the national housing fund (NHF).
He said the reforms would allow traders, artisans and other informal sector workers to join the NHF, with monthly contributions starting from N5,000.
According to the minister, the initiative is expected to promote financial inclusion and enable more Nigerians to access affordable home ownership opportunities.
Darma said the real estate sector contributes about 13.4 percent of Nigeria’s
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