Amb. Felix Nwabuko, Chairman of AG Mortgage Bank PLC, revealed that Nigeria’s housing sector contributed over N11 trillion to GDP in 2024, yet the country faces a housing deficit exceeding 28 million units, according to the Nigerian Bureau of Statistics. Speaking at the bank’s 20th anniversary and 2024 annual report event in Abuja, Nwabuko estimated that N21 trillion is required to bridge this gap.
He highlighted the federal government’s Renewed Hope Agenda, which gained traction in 2024 by prioritizing affordable housing, finance reforms, land titling, and private-sector collaboration. AG Mortgage Bank has been a key player, leveraging a policy allowing Retirement Savings Account holders to use 25% of their pension balances for home equity. This has helped more Nigerians become homeowners, with the bank leading in RSA-linked mortgages.
Nwabuko also praised the Family Homes Fund’s Help to Own initiative, which is pushing mortgage rates toward single digits. AG Mortgage Bank, a top primary mortgage bank, is actively involved, blending this scheme with its own mortgage products to boost homeownership.
However, challenges persist: limited access to long-term capital, scarce low-cost housing, rising construction costs, slow foreclosure processes, and flaws in land administration. Nwabuko called for digitized land registries, capital market integration, credit enhancements, and regulatory reforms to scale the sector. He stressed the need for consolidation, positioning AG Mortgage Bank to lead through innovation, acquisitions, or organic growth to drive transformative change in Nigeria’s mortgage industry.
