The Managing Director and Chief Executive Officer of First Bank of Nigeria Limited, Olusegun Alebiosu, has called for stronger government intervention in Nigeria’s housing sector, saying it is necessary to make homes affordable for millions of Nigerians.
Speaking with journalists on the sidelines of the Chief Executive Officers’ Forum at the 20th African International Housing Show in Abuja, Alebiosu said increasing housing supply would help reduce property prices and improve access to decent accommodation.
“We need to increase the supply of houses because when supply meets demand, prices will come down and more Nigerians will be able to afford decent homes,” he said.
The FirstBank chief also urged Nigerians to view housing as a long-term investment, describing home ownership as one of the most reliable ways to build wealth and secure their financial future.
“I encourage Nigerians to invest in housing because owning a home is one of the best ways to build wealth and secure their future,” Alebiosu said.
He added, “Housing is an asset that provides long-term value. However, people should only take on mortgage products that are affordable and suitable for their financial situation.”
Alebiosu pointed to successful housing models in the United States and several European countries, noting that government-backed programmes had played a crucial role in making housing accessible to citizens.
“Countries like the United States and those in Europe have shown that government intervention is essential in making housing affordable. They support housing through various initiatives, including social housing programmes. Nigeria can adopt similar models to expand access to affordable homes,” he said.
According to him, expecting private developers alone to bridge Nigeria’s huge housing deficit is unrealistic because of the high cost of financing construction projects.
“It is difficult for private developers to solve the problem on their own because they often rely on expensive bank loans to finance projects. They also need to make profits, which increases the cost of housing,” he explained.
He stressed that collaboration between the government and the private sector remained vital to addressing the country’s housing challenges.
“Given the scale of Nigeria’s housing deficit, government support and collaboration with the private sector are necessary to achieve meaningful results,” Alebiosu said.
He maintained that housing remained critical to Nigeria’s economic growth and social development, adding that expanding housing supply, increasing government participation, and providing affordable financing would make home ownership attainable for millions of Nigerians.
Earlier, the founder of the African International Housing Show, Festus Adebayo, said this year’s theme, Housing Solutions for Low-Income and Informal Workers in Africa, reflects one of the continent’s most pressing development challenges.
He lamented that millions of teachers, artisans, traders, farmers, transport workers, market women, security personnel, and young professionals remained excluded from formal housing systems despite their contributions to national economies.
Adebayo said housing should not remain the privilege of a few but an opportunity available to every hardworking African.
He called for bold leadership, innovative financing, effective land reforms, sustainable infrastructure, modern construction technologies, and stronger partnerships between governments, the private sector, and development finance institutions to bridge Africa’s housing gap.
Also speaking, the Managing Director and Chief Executive Officer of the Federal Mortgage Bank of Nigeria, Shehu Usman Osidi, said the bank had expanded access to affordable housing finance through various mortgage products, including the non-interest NIT Mortgage Loan.
Osidi said the ethical financing option was introduced to promote financial inclusion by providing contributors with interest-free access to home financing.
He said the bank’s financing models were designed to support Nigerians at home and in the diaspora, as well as workers in both the formal and informal sectors, with viable pathways to home ownership.
Osidi expressed confidence that deliberations at the housing forum would produce practical policy recommendations, innovative financing models and stronger partnerships capable of improving housing delivery across Africa.
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