Nigeria’s Housing Sector Contributes USD 7.1 Billion to GDP in 2024
- brg_news_room
- Sep 29
- 1 min read
Nigeria: AG Mortgage Bank PLC announced that Nigeria’s housing sector contributed over N11 trillion (USD 7.1 billion) to the country’s Gross Domestic Product (GDP) in 2024, according to data from the National Bureau of Statistics. Despite this contribution, the country’s housing deficit remains above 28 million units. Speaking at the bank’s 20th anniversary and annual report presentation in Abuja, Board Chairman Felix Nwabuko highlighted the government’s Renewed Hope Agenda, which emphasised affordable housing, housing finance reform, land titling, and collaboration with the private sector. He noted that policies allowing Retirement Savings Account holders to access 25% of their pension for home equity contributions have seen increased adoption, improving access to housing finance.
Nwabuko stated that AG Mortgage Bank PLC continues to support national housing initiatives, including participation in the Family Homes Fund’s Help to Own scheme, which aims to move mortgage rates closer to single-digit levels. He identified key challenges in the mortgage sector, including limited long-term capital, rising construction costs, insufficient low-cost housing supply, legal delays in foreclosure, and inefficiencies in land administration. To address these issues, he called for digitised land registries, greater capital market integration, credit enhancement, and regulatory reforms. He also emphasised the need for consolidation within the mortgage sub-sector to build scale and foster innovation.
Source: This Day
