AG Mortgage Bank PLC has revealed that Nigeria’s housing sector contributed more than N11 trillion to the nation’s GDP in 2024, according to figures from the National Bureau of Statistics (NBS).
Despite the impressive growth, the country still faces a housing deficit of over 28 million units, underscoring the urgent need for reforms and investment.
Speaking at the bank’s 20th anniversary and 2024 Annual Report and Accounts presentation in Abuja, Chairman Felix Nwabuko highlighted the federal government’s Renewed Hope Agenda, which accelerated affordable housing delivery, housing finance reform, land titling, and stronger private-sector collaboration.
Nwabuko praised the increasing adoption of the RSA-linked mortgage policy, which allows retirement savings account holders to access 25% of their pension for home equity contributions. He noted that AG Mortgage Bank remains a leading administrator of this initiative, helping Nigerians transition from tenants to homeowners.
He also welcomed the Family Homes Fund’s “Help to Own” scheme, which is gradually moving mortgage rates closer to single digits.
However, he acknowledged persistent challenges including limited access to long-term capital, rising construction costs, foreclosure delays, and deficiencies in land administration.
To address these issues, Nwabuko called for digitised land registries, capital market integration, regulatory easing, and sector consolidation, stressing that the industry must scale up to unlock its full potential.
