Nigeria

Author: Dr Roland Igbinoba KEY FIGURES

Lagos, Kano, Ibadan, Kaduna,
Main urban centres Port-Harcourt, Benin City,
Maiduguri, Zaria, Aba, Jos
Exchange rate: 1 US$ = [a] 1 July 2019 360.69 Nigerian Naira (NGN)
1 PPP$ = [b] 110.22 Nigerian Naira (NGN)
Inflation 2018 [c] | Inflation 2019 [c] 12.1 | 11.7
Population [b] 195 874 740
Population growth rate [b] | Urbanisation rate [b] 2.6% | 4.2%
Percentage of the total population below National Poverty Line
(2017) [d] 44.5%
Unemployment rate (% of total labour force, national estimate)
(2017) [d] 7.0%
Proportion of the adult population that borrowed formally (2017) [b] 4.0%
GDP (Current US$) (2018) [b] US$397 270 million
GDP growth rate annual [b] 1.9%
GDP per capita (Current US$) (2018) [b] US$2 028
Gini co-efficient (2017) [b] 43.00
HDI global ranking (2017) [d] | HD country index score (2017) [d] 157 | 0.532
Lending interest rate (2017) [b] 16.9%
Yield on 2-year government bonds [f] 14.3%
Number of mortgages outstanding [f] 113 069
Value of residential mortgages outstanding (US$) [f] US$1 099 million
Number of mortgage providers [f] | Prevailing mortgage rate 35 | 25%
Average mortgage term in years [f] | Downpayment [g] 20 | 20%
Ratio of mortgages to GDP 0.30%
What form is the deeds registry? [e] Computer - Scanner
Total number of residential properties with a title deed n/a
Number of houses completed n/a
Number of formal private developers/contractors [h] 7 343
Overview Number of formal estate agents [i] 25 647
Despite improving macroeconomics, housing remains a perennial problem in Cost of a standard 50kg bag of cement [j] 2 550 NGN (US$7.07)
Price of the cheapest, newly built house by a formal developer or
Nigeria. Nigeria’s external reserves as at June 2019 were more than US$45 billion,
contractor in an urban area (local currency units) (k) 2 900 000 NGN
rising from US$23 billion in October 2016.1 As at May 2019, the inflation rate Size of cheapest, newly built house by a formal developer or
was 11.40 percent, down 7.32 percentage points from January 2017.2 Further, contractor in an urban area [k] 32m2
GDP growth has climbed for seven successive quarters following the recession, Average rental price for this unit in an urban area (local currency
and the exchange rate has continued its stability at N360/US$1 for the last two units) 188 000 NGN
years. However, mortgages still stand at 1.13 percent of GDP and the total Number of microfinance loans outstanding n/a
Number of microfinance providers [f] 1 013
number of outstanding mortgages in the country is 113 069.3
Number of housing construction loans outstanding n/a
Number of providers of construction finance [f] 27
With the unemployment rate at 23.1 percent, the economy has not fully optimised
World Bank Ease of Doing Business Rank [e] 146
since recovering from the recession. This is largely due to the slow growth rate Number of procedures to register property [e] 12
of GDP relative to the population growth of 2.7 percent per annum. The average Time (in days) from application to completion for residential units in
GDP growth over the last three years is approximately 1.4 percent.4 The Central the main urban city 540
Bank of Nigeria has also attributed the high unemployment rate to the substantial NB: Figures are for 2019 unless stated otherwise.
drop in crude oil prices.5 Crude oil contributes over 66 percent of Nigeria’s
Member organisations of the African Union for Housing Finance (AUHF):
revenue.
Federal Mortgage Bank of Nigeria (FMBN)
Haggai Mortgage Bank
As the dust settles from the pre-election and election activities, the emergence of Nigeria Mortgage Refinance Company (NMRC)
President Muhammadu Buhari to another four-year term seems to reassure
investors of political stability in the country. The recent appointment of cabinet [a] Coinmill [g] Nigerian Mortgage Refinance Company
[b] World Bank World Development Indicators [h] Nigeria Bureau of Statistics
ministers further solidifies this gain. Expectations are that the President and his [c] IMF World Economic Outlook Database [i] Association of Estate Agents
cabinet ministers will quickly move to further diversify the economy and improve [d] UNDP: Human Development Reports  [j] Dangote Cement
the investment climate. The team should also aggressively execute the Economic [e] World Bank Doing Business 2018 [k] Millard Fuller
[f] Central Bank of Nigeria [l] Nedcomoaks Limited
Recovery Growth Plan (ERGP)6 which was meant to bring the country back to
its pre-recession period (2015/16). Delivering on the ERGP is critical to boost
the confidence of investors. While the ERGP projected an average GDP growth Having been set up in 2018, the fund’s focus is to provide 500 000 homes and 1.5
of 4.62 percent7 over the planned period (2017 – 2020), the Nigeria Bureau of million direct and indirect jobs for the populace within a five-year period. As part
Statistics (NBS) Q1 2019 report reveals that the economy grew by 2.01 percent. of its deliverables, FHF recently completed the development of 650 housing units
of low income housing in Asaba, Delta State. The project was in partnership with
At a projected population of 263 million by 20308, the housing situation in Nigeria the Delta state government and Locke Homes Ltd.
calls for an emergency response. The Abuja International Housing Show has
consistently renewed its call for a deliberate government intervention in the With FHF making useful progress in affordable housing provision, stakeholders in
sector.9 Part of government’s response to this call is the creation of the Family the sector decry government neglect of the informal sector. Nigeria’s economy
Homes Fund (FHF). FHF is a public-private partnership (PPP) between the Federal is the largest in Africa, with a GDP of US$530 billion. The informal economy
Ministry of Finance and the Nigeria Sovereign Investment Authority (NSIA), where represents 65 percent of GDP.10 Stakeholders argue stem that with an estimated
the federal government is funding FHF with N500 billion (US$1.39 billion) over a N81.05 trillion (US$226 billion) income in the informal economy,11 a successful
five-year period. FHF is helping to ease access to affordable housing in Nigeria. transaction structure that can attract this revenue will help bolster the housing
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market. In addition, since informal sector operators make up 83.2 percent of
Nigeria’s 81.15 million workforce,12 allowing them to be part of a contributory Availability of data on housing finance
pension scheme will create a significant leap in the provision of affordable housing. Democratisation of data in the housing sector in Nigeria requires
significant improvement. A major part of the challenge is that custodians
Access to finance of relevant data – government institutions and agencies – do not publicly
Financial inclusion is a key part of the strategic plan laid out in the ERGP to return share data that would help the private sector deliver affordable housing.
Nigeria to its growth path. To demonstrate this, Nirsal Microfinance Bank In her recent report (September 2019), the UN Special Rapporteur on
(NIRSAL) was set up in March 2019. NIRSAL is a N5 billion (US$136 276) Housing emphasized that the lack of recent data relevant to Nigeria's
licensed national microfinance bank with a strategic plan of having branches in all housing sector is a challenge to developing and implementing effective
774 local government areas in Nigeria. The bank is a collaboration between the housing policy.
bankers committee, the Central Bank of Nigeria (CBN), and Nigeria Postal
Services (NIPOST). The bank is structured to economically empower individuals Private sector players should approach these government agencies with
and small enterprises. The outcome is an increased level of job creation and the goal of helping them mine the data for the benefit of the government
poverty reduction. With increased earnings at the bottom of the pyramid, people institutions and the entire sector.
will be able to secure mortgages and /or housing microfinance loans. Another
inclusionary strategy is the newly launched micro-pension initiatives aimed at Professional associations are also not mining the huge data that they
catering to 44.3 million self-employed and non-salaried workers who are presently already have at their disposal. For example, in constructing the Roland
excluded from the benefits of the pension industry.13 Igbinoba House Price Index (RI Index), a mix of newly sold house and
listed prices are used. None of the indices have been constructed using
Nigeria has 34 mortgage banks, 27 commercial banks, and 7 microfinance banks resale prices.
that provide financing for housing demand and supply. In August 2019, a landmark
merger between Trustbond Mortgage Bank and First Mortgages Ltd was Recently, FMBN, NMRC, CBN and the Real Estate Developers of Nigeria
concluded. This transaction was a milestone in the mortgage subsector because (REDAN) have teamed up to adopt the NMRC market information
it was the first of its kind. It is hoped that with the consolidation of these primary portal as the repository for housing market information in the country.
mortgage banks, access to finance in the subsector will improve. This is a good starting point. Now the most important task ahead is to
provide, collate and analyse data that will be fed into the portal.
The Central Bank of Nigeria continues to support the mortgage market in Nigeria.
The proposed creation of the Nigerian Mortgage Guarantee Company
(NMGC)14 and Mortgage Interest Draw Back Fund15 (MIDF) are seen as a
welcome development in the market. Further, to tap into the opportunities of the provision of basic infrastructure services to the urban poor. In her report
the informal market, a uniform underwriting standard has been approved for following a September 2019 visit, the UN Special Rapporteur on housing
mortgage lending to the informal sector and non-interest mortgages. CBN has highlighted issues of forced evictions and burgeoning informal settlements,
also issued a new draft guideline and recapitalisation document for primary underlining the extent and nature of the housing crisis. Robust public funding is
mortgage banks (PMBs).16 required for housing programmes to fulfill and target the needs of low income
households.
It is hoped that these new efforts by the CBN will improve the activities in the
mortgage sector. The number of outstanding mortgages in the country is only The combination of the Federal Mortgage Bank of Nigeria (FMBN) and the Family
113 069 with a corresponding value of N396.56 billion (US$1.1 billion).17 The Homes Fund (FHF) appears to be major route for affordable housing for most
lowest mortgage interest rate in the country is six percent and only obtainable low and middle income earners. While FMBN has been in the market for over
under the National Housing Fund (NHF).18 The upper bound on mortgage 30 years, the entrance of FHF has inspired additional activities in the affordable
interest rates is as high as 25 percent, and this is partly responsible for the level of housing space.
non-performing loans (NPL) in the market. NPL is currently 59.69 percent.19
Even though loan tenors are currently 20 years, the equity requirement of 20 FHF is currently executing a two-pronged approach to home ownership in the
percent for mortgage loans also contributes to the NPLs. The progressive use of country through a fund mechanism. These are ‘Help to Own Fund’ and ‘Rental
credit bureaux by lenders in the market is helping to identify perpetual defaulters Housing Fund’. The Help to Own Fund provides loans to qualified borrowers on
and is increasing risk management in the subsector. Most financial institutions are concessionary terms to improve affordability. Under this structure, qualified
connected to at least two credit bureaux based on the requirements of the CBN. borrowers must make a downpayment of 10 percent of the purchase price while
the balance of 90 percent is funded via a 50 percent mortgage from mortgage
Stakeholders in the industry have continued conversations on the possibility of lenders and 40 percent from FHF. The loan from FHF requires no repayment in
adopting Islamic housing microfinance as an alternative that can be developed in the first five years. The borrower begins the repayment in year six with interest
Nigeria and could help in reducing NPLs.20 As with the Islamic bond, sukuk, the and capital repayment. The interest on the loan is 15 percent a year. The tenor
idea is to create a transaction structure that enhances wealth distribution hinged of the loan is 20 years and both the conventional mortgage loan and FHF loan
on equality and fairness, leaving no one behind. must be fully repaid before ownership is transferred to the borrower. Effective
interest on the loan is approximately 6.5 percent over the life of the loan.
Further, the CBN continues to push money operators and super agents,
“companies licensed by the CBN to recruit agents for agency banking i.e. provision In the medium term, FHF wants to achieve house prices ranging from N3 million
of financial services within communities on behalf of banks,” through the Shared (US$8 317) for a 1-bedroom unit; N4.5 million (US$12 476) for a 2-bedroom
Agent Network Expansion Facilities (SANEF).21 SANEF is aimed at an aggressive unit; and N6.5 million (US$18 021) for a 3-bedroom unit.22
roll out of a network of 500 000 agents to offer basic financial services to
underserved locations in the country. The target is to ensure financial inclusion of Housing supply
95 percent by 2024. The gap between supply and the huge housing demand in Nigeria is exacerbated
by market variables such as accessibility of land, infrastructure and building
Affordability materials.23 This gap is estimated to grow annually by approximately 20 percent.24
Housing affordability in the Nigerian context for most of the populace is almost The World Bank states that: “Estimates of output in the formal housing sector
impossible without a deliberate, concerted and sustainable involvement of range from no more than 100 000 per year to an optimistic 200 000 per year,
government. The stark reality is that even if private investors are willing to partner which covers only a fraction of the at least 700 000 units required per year to
the government, the investment climate specifically for housing and housing finance keep up with growing population and urban migration.”25 This is part of the reason
needs to improve significantly. A challenge facing the public sector is increasing for the proliferation of informal housing and slums in urban areas. Half of Nigeria’s

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 Africa Housing Finance Yearbook 2019

NIGERIA
Annual income profile for rural and urban households based on consumption (PPP$)
PPP$40 001 – PPP$10 000 000
PPP$21 199 Population: 195 874 740
PPP$23 001 – PPP$40 000
PPP$12 001 – PPP$23 000 Urbanisation rate: 4.24%
PPP$8 001 – PPP$12 000 PPP$13 717

PPP$5 001 – PPP$8 000 Cost of cheapest 2 900 000 NGN

newly built house: PPP$26 311
PPP$3 601 – PPP$5 000
PPP$2 401 – PPP$3 600 Urban households
that could afford this 26.95%
PPP$1 601 – PPP$2 400 house with finance:
PPP$801 – PPP$1 600 110.22
1 PPP$:
<PPP$800 Nigerian naira
No. of households (thousands) 6000 4000 2000 0 2000 4000 6000
Rural Urban
- - - Average annual household income needed for the cheapest newly built house by a formal developer, 2018
Average annual household income using expenditure, 2018 (PPP$)

Source https://www.cgidd.com/C-GIDD, 2019

population resides in slums, which provide the ideal conditions for transmission approximately 30 percent in Abuja and 10 percent in Lagos State. The housing
and progression of infectious and communicable diseases such as tuberculosis.26 deficit is 477 96632 and 2 949 91233 respectively. The preferred house type in
both locations is a block of flats.
Despite the lull in housing supply, the rental market in Nigeria is moderately
attractive to investors, returning yields of approximately 4 – 5 percent a year.27 An analysis of house prices in four major states of Lagos, Abuja, Rivers and Kaduna
There is a lot of industry interest in rental housing as witnessed during the recently in Nigeria by The Roland Igbinoba House Price Index (RI Index)34 suggests that
held Abuja International Show (July 2019). This may be one sure avenue to the movement of house prices in the second quarter of 2019 was more erratic
meeting the current housing demand if properly harnessed. than in the first quarter of the same year. In the four major cities, prices fluctuated,
and price changes were more in the negative, contrary to what was observed in
The campaign promise made by President Mohammadu Buhari in 2015 to provide the first quarter. The negative change in prices between Q1 and Q2 of 2019 can
2 million new middle class houses has suffered setbacks. However, the be attributed to post-election activities.
administration has continued to devise ways to remedy this situation. As part of In Lagos, compared to the corresponding second quarter 2018, there was a 6.1
the government efforts to redeeming the housing situation in the country, the percent decrease in the composite price indices for 5-bedroom houses. For
FHF was created in 2017. The focus of FHF is to provide housing for low income 4-bedroom apartments, the composite house price index for Q2 2019 reduced
earners as part of the government’s social intervention program.28 by 10.6 percent when compared to Q2 2018. Index of prices for 3-bedroom
houses decreased by 12.4 percent when compared with Q2 2018. For
Since it began in 2018, FHF has delivered approximately 3 700 new homes, created 2-bedroom apartments, the price index in the second quarter of 2019 decreased
20 000 jobs and helped 5 000 families.29 FHF has also signed framework by 16.0 percent when compared with second quarter of 2018.
agreements with Echostone Nigeria Limited and Mixta Africa Limited to develop
200 000 units (split 100 000 apiece) of affordable housing. Some of FHF’s Movement of house prices was most erratic in Abuja between Q1 and Q2 2019.
completed and ongoing projects include 1 020 units comprising studio flats, 1 and Although prices rose slightly across all house types in a few areas like Apo and
2-bedroom flats and 3-bedroom bungalows in Ogun state; 604 units of 1- and 2- Dakwa, most areas had fluctuations as house prices increased for some house
bedroom terrace bungalows, 3-bedroom terrace duplexes in Kaduna state; types and decreased for others within the same location. In all, the composite
582 units comprising 1- and 2-bedroom semi-detached bungalows in Nasarawa price index showed that house prices increased by 0.64 percent for 5-bedroom
state; 757 units of 2- and 3-bedroom flats and 3-bedroom detached bungalows in houses, while it decreased by 2.6 percent and 2.0 percent for 3- and 4-bedroom
Kano state; and 650 units comprising 1- and 2-bedroom semi-detached bungalows houses respectively. In the second quarter of 2019, the composite price index of
in Delta state. With funding from the FHF, the Millard Fuller Foundation completed 5-bedroom houses increased by 7.7 percent when compared with corresponding
construction of 400 housing units in Luvu Madaki, Masaka. MFF is set to begin Q2 2018. For 4-bedroom houses, the composite price index decreased by 2.5
building 36 semi-detached bungalows in Luvu Madaki, Masaka percent when compared to Q2 2018 and the index for 3-bedroom houses
decreased by 1.8 percent in comparison with Q2 2018. The flurry of pre and
Other government initiatives include 700 units of affordable housing by the Federal post-election activities is the only feasible reason for these unpredictable price
Housing Authority (FHA) in Zuba; a partnership between Mixta Africa Limited changes.
and Edo state government to build approximately 2 000 housing units; Echostone
Limited and Lagos state government to develop 2 000 units a year; and the Policy and regulation
development of Asokoro Hills Smart City by Nigeria Army Properties and Fresh The quality of land administration in the country significantly needs improvement.
Cowries Creek. The Land Use Act No. 6 of 1978 (LUA)35 continues to hinder the land markets
in Nigeria. The major objective of making land easily available has not been
Property markets achieved by the Act. Tenure of security and title system is largely formal, requiring
Nigeria ranks 146 out of 190 countries in the 2019 World Bank Doing Business the consent of a governor of a state on all transactions since the LUA has vested
report dropping one level from its 2018 ranking.30 The country’s score is 52.89 all lands in the governor. Although most title deeds are in a computerised format
percent which is above the average score of 51.61 percent for Sub-Saharan Africa. in a central repository that enables checking of encumbrances, there are no
Nigeria ranks 12 in getting credit while ranking 149 in dealing with construction electronic databases for maps, recording of boundaries, checking plans and
permits and 184 in registering property. For example, registering a property in providing cadastral information.
Lagos takes a total of 12 procedures through an average of 105 days at a cost of
11.1 percent of the property value. The opaque market hinders decision making The CBN recently unveiled a 5-year policy thrust starting in June 2019. The CBN
both at investment and at policy levels.31 This often results in house out of the Governor has made some significant commitments to real estate in this policy.
reach of low and middle income earners. To date, home ownership is Excerpts of the policy reads: “In our effort to support the growth of Nigeria’s real
219
estate industry, the CBN will work in developing a framework that will enable no deep pocket yet for seed capital or series A funding for the PropTech
banks to securitize mortgage loans, which can then be sold in the capital markets. community. There is therefore a good window of investment for venture capital
Adequate safeguards will be put in place to reduce the risk of delinquency in the and start-up funders to take a critical look at the emerging industry.
mortgage backed assets that will be sold in the capital markets. These measures
will reduce the credit and liquidity risk to banks of holding these assets on their The Federal Mortgage Bank of Nigeria (FMBN) has deployed huge resources in
balance sheets and improve the amount of funds available to support mortgage designating approximately 3 000 units of low income housing for rental housing.
loans. It will also reduce the high cost of obtaining mortgages for banking Rental housing presents a promising opportunity for private sector players.
customers.”36 Industry analysts believe that this policy statement will encourage
state governments to aggressively prioritise digitisation of their land registries. Additional sources
Igbinoba, R. (2017). The State of Abuja Housing Market. RIRFHUD, 2017.
Igbinoba, R. (2016). The State of Lagos Housing Market. RIRFHUD, 2016.
With the possible emergence of a mortgage securitisation market, coupled with The Office of the High Commissioner for Human Rights (2019). Visit to the
increased household income due to the new minimum wage, activity in the Republic of Nigeria by Ms. Leilani Farha, Special Rapporteur on adequate
housing and housing finance subsector might increase. The National Assembly in housing as a component of the right to an adequate standard of living, and on
2019 passed a new minimum wage bill of N30 000 (US$83.2) a month for the the right to non-discrimination in this context - End of Mission Statement.
country.37 However, on one hand, market analysts believe the new wage will ease 23 September 2019. https://www.ohchr.org/EN/NewsEvents/Pages/
affordability and access to mortgages for low income earners. On the other hand, DisplayNews.aspx?NewsID=25033&LangID=E/
the reality is that most state governments are incapable of meeting this new
minimum wage. The excitement of the news has waned and the effect of the Websites
passage of the bill is not being experienced by the intended beneficiaries. Central Bank of Nigeria htpps://www.cbn.gov.ng
Federal Mortgage Bank of Nigeria (FMBN) https://www.fmbn.gov.ng/
Opportunities Haggai Mortgage Bank https://haggaibank.com/
Nigeria represents a behemoth of opportunities. The Nigerian diaspora Millard Fuller Foundation https://www.mffhousing.com/index.php
community is one such opportunity when it comes to housing. According to the Nigeria Bureau of Statistics https://www.nigerianstat.gov.ng
Nigerians in Diaspora Commission (NiDCOM), the estimated number of Nigerian Nigerian Mortgage Refinance Company (NMRC) htpps://www.nmrc.com.ng/
in the diaspora is approximately 15 million.38 It has been projected that the Pison Housing Company https://www.pisonhousing.com
remittances from Nigerians abroad will be N96.5 billion (US$34.8) billion by Real Estate Developers Association of Nigeria (REDAN) http://redanonline.org.ng/
2023.39 Proper transaction structuring and execution of all categories of income
housing will attract this target group.

Property technology, known as PropTech, is revolutionising the way people buy,

sell and rent properties. Global investment in PropTech is forecast to reach
N55.45 billion (US$20 billion) in 2019. The emergence of listing portals,
crowdfunding and virtual reality tours is burgeoning in Nigeria. However, there is

1 The Freezone Channel. Nigeria external reserves stand at US$45bn. 23 The World Bank. Nigeria Affordable Housing Project.
https://thefreezonechannel.com/2019/06/24/%EF%BB%BFnigeria-external-reserves-stand-at-us45bn-cbn/ http://documents.worldbank.org/curated/en/278041531299329812/pdf/Concept-Project-Information-
(Accessed 21 September 2019). Document-Integrated-Safeguards-Data-Sheet-Nigeria-Affordable-Housing-Project-P165296.pdf (Accessed
2 Colato, J. (2019). Nigeria Inflation May 2019. Focus Economics, 17 June 2019. https://www.focus- 22 August 2019).
economics.com/countries/nigeria/news/inflation/inflation-holds-steady-in-may (Accessed 21 September 2019). 24 The World Bank. Nigeria Affordable Housing Project.
3 The Abuja International Housing Show. Today’s Nigerian mortgage market: lending conditions and the 25 The World Bank. Nigeria Affordable Housing Project. Pg. 3.
regulatory environment. https://abujainternationalhousingshow.com/aihs/conference-paper-aihs2019/ 26 StopTB Nigeria. National Tuberculosis Conference.
(Accessed 19 September 2019). http://www.stoptbnigeria.org/2019/img/Presentations/DAY%202%20SESSION%205/Roland%201.pdf
4 PwC. Bringing dead capital to life – what Nigeria should be doing. (Accessed 26 August 2019). Pg. 5.
https://www.pwc.com/ng/en/assets/pdf/bringing-dead-capital-life.pdf (Accessed 24 August 2019). 27 Lalaine C Delmendo. Nigeria’s housing market stabilizing, amidst improving economic conditions. Global
5 Central Bank of Nigeria. 5-year policy thrust of Central Bank of Nigeria: 2019 – 2024. Property Guide, 14 July 2019. https://www.globalpropertyguide.com/Africa/Nigeria/Price-History (Accessed
https://www.cbn.gov.ng/Out/2019/CCD/Five-Year%20Policy%20Thrust%20-%20CBN.pdf (Accessed 19 September 2019).
26 August 2019). 28 Family Homes Fund (online). About Us. https://fhfl.com.ng/about/# (Accessed 25 August 2019).
6 The ERGP was crafted in 2017 as a medium term plan (2017 – 2020) for the purpose of returning the 29 Family Homes Fund. (online) Home. https://fhfl.com.ng/ (Accessed 25 August 2019).
country to economic growth path following the recession of 2016. 30 The World Bank (2019). Doing Business 2019.
7 Budgit. Federal Republic of Nigeria: Economic Recovery and Growth Plan (2017 – 2020). https://www.doingbusiness.org/content/dam/doingBusiness/country/n/nigeria/NGA.pdf (Accessed 27 August
https://yourbudgit.com/wp-content/uploads/2017/03/Economic-Recovery-Growth-Plan-2017-2020.pdf 2019). Pg. 4.
(Accessed 26 August 2019). 31 JLL (2018). Global Transparency Index 2019. https://www.us.jll.com/en/trends-and-insights/research/global-
8 PwC. Bringing dead capital to life - what Nigeria should be doing. real-estate-transparency-index-2018 (Accessed 6 October 2019).
9 The Abuja International Housing Show, now in its 13th year is a gathering of sector experts who annually 32 Igbinoba, R (2017). The State of Abuja Housing Market Report, Roland Igbinoba Real Foundation for Housing
advocate for the development of the housing sector in Nigeria. and Urban Development. Pg. 46.
10 PwC. Bringing dead capital to life – what Nigeria should be doing. 33 Igbinoba, R (2016). The State of Lagos Housing Market Report, Roland Igbinoba Real Foundation for Housing
11 Businessday (2018). Imperative of informal sector for mortgage industry growth. Businessday Newspapers, and Urban Development. Pgs. 84-85.
3 June 2018. https://businessday.ng/real-estate/article/imperative-informal-sector-mortgage-industry-growth/ 34 The Roland Igbinoba House Price Index (RI Index) is a variant of the Simple Mean/Median method. The
12 Businessday (2018). Imperative of informal sector for mortgage industry growth. Businessday Newspapers, approach adopted in calculating the RI index in this report is that of the Laspeyres index. A Laspeyres house
3 June 2018. price index calculates the weighted average change in prices over a period for a fixed type of house drawn
13 EFInA. Nigeria’s new micro-pension scheme. https://www.efina.org.ng/wp-content/uploads/2019/05/A-Deep- from some base period. It compares the total cost of purchasing a specific type of house in the base period
Dive-on-Nigerias-New-Micro-pension-Scheme.pdf (Accessed 12 September 2019). with the total cost of purchasing the same type in other periods. An index of these costs is then constructed,
14 The Central Bank of Nigeria. Letter to All Banks. https://www.cbn.gov.ng/out/2018/fprd/october%20mgcs.pdf taking the quantity of each house listed for sale in the base period as weight. RI Index can be found at
15 The Committee of Governors (COG) of the CBN approved the establishment of Mortgage Interest https://hmip.nmrc.com.ng/nmrc/reports
Drawback Fund (MIDF) as an intervention fund to catalyse and deepen the mortgage and housing finance 35 Nigerian Environment. ‘Summary of the Land Use Act Decree No. 6 of 1978 in Nigeria.
market. http://nigeriaenvironment.blogspot.com/2012/11/summary-of-land-use-act-decree-no-6-of.html?m=1
16 The new draft PMBs guidelines stipulates N5Billion for state mortgage banks and N8Billion for National (Accessed 1 October 2019).
licence. 36 Central Bank of Nigeria. 5-year policy thrust of Central Bank of Nigeria: 2019 – 2024.
17 The Abuja International Housing Show. Today’s Nigerian mortgage market: lending conditions and the https://www.cbn.gov.ng/Out/2019/CCD/Five-Year%20Policy%20Thrust%20-%20CBN.pdf (Accessed
regulatory environment. https://abujainternationalhousingshow.com/aihs/conference-paper-aihs2019/’ 26 August 2019).
(Accessed 19 September 2019). 37 Tukur, S. (2019). Buhari signs new minimum wage bill. Premium Times, 18 April 2019.
18 The National Housing Fund program is subsidy fund the government and administered by the Federal https://www.premiumtimesng.com/news/headlines/325974-breaking-buhari-signs-new-minimum-wage-bill.html
Mortgage Bank of Nigeria (FMBN). (Accessed 21 September 2019).
19 This data was received from a CBN official following an Interview in March 2019 for a World Bank project. 38 NiDCOM Media. Nigerians in Diaspora Commission. https://nidcom.gov.ng/nigerians-in-diaspora/ (Accessed
20 The Housing Development Association of Nigeria (HDAN) on its social media forum has had relevant 28 August 2019).
discussions around Islamic housing microfinance and finance for mortgages and construction. 39 PwC. Strength from Abroad The Economic Power of Nigeria’s Diaspora.
21 SANEF (2019). https://www.pwc.com/ng/en/pdf/the-economic-power-of-nigerias-diaspora.pdf (Accessed 27 Aug 2019).
22 Abuja Housing Show. These real estate are projected to dominate 2019.
https://housingnews.org.ng/page/360/?wpl_format=f%3Aproperty_listing%3Aajax&wpl_function=locationtexts
earch_autocomplete&term (Accessed 22 August 2019).

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