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Nigeria faces a significant housing deficit, estimated between 20 to 28 million units. The Federal Mortgage Bank of Nigeria (FMBN) is working to bridge this gap by offering mortgage loans at single-digit interest rates, as low as 6% and 7%, with tenors of up to 30 years.
Despite numerous government initiatives since independence, Nigeria continues to grapple with a significant housing shortage, with mass housing projects often failing to meet the needs and affordability of the general populace. Many completed projects remain unoccupied or abandoned due to their prohibitive costs for low-income citizens.
Kano State's ambitious Kwankwasiyya Mega City, envisioned to decongest the ancient city and provide world-class facilities, remains largely unoccupied over a decade after its commissioning. Despite significant investment and government initiatives to boost habitation, factors like security concerns and high costs are hindering full occupancy.
