28m Housing Deficit: Operator Advocates Building 700,000 Homes Annually

A existent property adept and the managing director/CEO of Harmony Gardens and Estate Development, Hon. Saheed Mosadoluwa, is advocating that the state needs to physique much than 700,000 homes annually implicit the adjacent 2 decades to span 28 cardinal lodging deficits successful Nigeria.

Speaking to LEADERSHIP, Mosadoluwa blamed precocious involvement rates, precocious outgo of gathering reinforcements, FX volatility, constricted repayment tenure and entree to owe financing plans arsenic large hurdles successful homeownership bid.

According to him, owe financing remains different large challenge, arsenic little than 5% of Nigerians presently entree mortgages owed to precocious involvement rates, constricted repayment tenure, and bureaucratic hurdles successful onshore administration.

The institution besides announced the motorboat of “Home Ownership Made Easy (HOME)” strategy successful collaboration with the ministry of Housing , saying, from its Lekki Aviation Town project, which started arsenic bare land, it has present grown into a thriving property with implicit 500 lodging units completed arsenic of July 2025.
He said, arsenic Nigeria grapples with its lodging crisis, this exemplary offers much than conscionable hope, it presents a blueprint for affordable, inclusive, and sustainable homeownership.

Mosadoluwa added that, the HOME strategy introduces a simplified owe operation that allows Nigerians to unafraid a location with conscionable 10% archetypal deposit, determination successful aft paying 30% of the cost, entree up to N50 cardinal from the Federal Mortgage Bank of Nigeria (FMBN) astatine single-digit involvement rates.

He further stated that the bold attack stands successful crisp opposition to Nigeria’s accepted owe system, wherever involvement rates hover betwixt 32% and 38%, locking millions of families retired of affordable homeownership.

He said, “the results are encouraging arsenic 3,495 Nigerians successful the Diaspora person received homeownership counseling done the scheme. 232 families besides person afloat completed their acquisition and volition determination into their homes by October. Another 1,091 families without wasting clip person made informed commitments with conscionable 10% deposits, awaiting national owe disbursements.”

The Harmony Gardens brag further highlighted respective captious takeaways for addressing Nigeria’s lodging deficit, specified arsenic hybrid Financing Works, Pairing backstage superior with low-cost authorities backing improves affordability, and Lower Interest which, helium said, unlocks Access, by moving from double-digit to single-digit owe rates drastically to amended repayment feasibility.

On fiscal literacy, helium said, purchaser acquisition and counseling empowers families to marque sustainable decisions portion noting that, Flexible Repayment Matters, arsenic tenure extensions of up to 20–30 years volition marque homeownership viable for mediate and low-income earners.

“Reforms are Urgent, state-level adoption of pro-mortgage laws, onshore registry reforms, and foreclosure frameworks stay essential. PPP Models Scale Faster, Public–Private Partnerships tin present large-scale solutions, arsenic seen with Harmony Gardens and akin African initiatives,” helium said.

Looking forward, Mosadoluwa revealed that they planned to present 10,000 homes for 18,000 families wrong the adjacent 5 years, a bold inaugural that could service arsenic a nationalist lodging template portion calling connected visionary developers, fiscal institutions, and authorities agencies to align toward its shared mission.