The Managing Director and Chief Executive Officer of FirstBank, Olusegun Alebiosu, has called on the Federal Government to take a leading role in expanding access to affordable mortgage financing, saying stronger collaboration is essential to tackle Nigeria’s housing deficit and make homeownership a reality for more citizens.
Speaking at the 20th Africa International Housing Show (AIHS) in Abuja, Alebiosu stressed that government intervention, alongside private sector participation, is critical to increasing the supply of affordable homes and improving mortgage accessibility.
He noted that while private developers have a key role to play, they cannot single-handedly bridge Nigeria’s housing gap because of the high cost of construction financing. According to him, sustained government support through policies, incentives, and financing initiatives will help reduce housing costs and encourage investment in the sector.
The FirstBank CEO also highlighted the importance of creating a more enabling environment for mortgage institutions to provide long-term, low-interest loans that would allow more Nigerians to own homes.
His remarks align with FirstBank’s ongoing efforts to promote affordable housing through partnerships such as its collaboration with the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF), which offers eligible Nigerians access to single-digit interest mortgage loans with extended repayment periods.
Stakeholders at the housing summit agreed that stronger public-private partnerships, improved financing models, and supportive government policies are vital to closing Nigeria’s housing deficit while boosting economic growth through increased investment in the real estate sector.
