Housing Deficit: Tackling Crisis Requires Stakeholders’ Collaboration, Says MBAN President

Nigeria’s massive housing deficit, estimated at over 20 million units, cannot be solved by any single entity and requires active collaboration among all key players in the real estate value chain. This was the view of Mr. Ayo Olowookere, the President of the Mortgage Banking Association of Nigeria (MBAN), in an interview published on Monday.

Olowookere, who also serves as the Managing Director of Imperial Homes Mortgage Bank Limited, emphasized that the mortgage subsector, which is crucial for homeownership, has been hampered by a lack of collaboration. He noted that Nigeria’s mortgage penetration remains alarmingly low, at less than one percent, partly because younger Nigerians have lost confidence in mortgage products that are not tailored to their specific needs.

“What MBAN will be doing differently this time under the new leadership is active collaboration with players across the value chain,” Olowookere stated. He called for seamless engagement and feedback between government agencies running housing initiatives and industry bodies such as the Real Estate Developers Association of Nigeria (REDAN), refinancing institutions, and capital market players.

The MBAN President highlighted the success of a collaborative effort in the past, citing the amendment of the Pension Act. He revealed that over ₦50 billion has so far been accessed by more than 9,000 pension contributors for mortgages, proving that stakeholder partnership can yield significant results.

His call for a unified approach resonates with recent discussions at the Africa International Housing Show (AIHS), where experts and government officials, including the Minister of Housing and Urban Development, Ahmed Dangiwa, also underscored the importance of Public-Private Partnerships (PPPs) to drive large-scale, affordable housing delivery across the country.