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Nigeria’s Housing Sector Contributed Over N11trn GDP in 2024, Says Mortgage Bank

Kuni Tyessi in Abuja

The management of AG Mortgage Bank PLC has disclosed that the Nigerian housing sector was contributing above N11 trillion to the Gross Domestic Product (GDP) by year 2024.

Quoting the Nigerian Bureau of Statistics (NBS), the bank stated that despite this laudable achievement, Nigerian housing deficit remains estimated in excess of 28 million units. 

The Chairman of the Board of Directors, Felix Nwabuko, announced this at the 2024 Mortgage Bank PLC annual report and accounts 20 years Anniversary in Abuja.

He said the federal government’s Renewed Hope Agenda gained momentum in 2024 with renewed emphasis on affordable housing delivery, housing finance reform, land tilting and enhanced collaboration with private sector stakeholders. 

According to him, “AG Mortgage Bank PLC continues to play a strategic role in supporting these national housing efforts. The policy that allows retirement savings accounts (RSA) Holden’s to access 25 per cent of their pension balances for home equity contributions witnessed higher adoption in 2024. This initiative has continued to narrow the gap in housing financing in Nigeria. 

“The bank is one of the leading administrators of RSA linked mortgages, helping more Nigerians transition from tenants to homeowners. The Help to Own initiative of the Family Homes Fund, FHF, which is gradually inching mortgage rates closer to a single digit rate is a very welcome development.

“The bank is one of the first active players in the scheme amongst the primary mortgage banks in Nigeria, and will continue to do so, blending it with its internal mortgage facilities.” 

He named challenges in the mortgage ecosystem to include dearth of accessibility long term capital, limited availability of low-cost housing stock, rising construction cost, legal delays in foreclosure processes and deficiencies in the land administration system.

“To unlock scale, our industry must continue pushing for digitised land registries, capital market integration, credit enhancement and regulatory easing,” he said. 

Nwabuko also noted that the “mortgage sub-sector needs to consolidate and scale, as all signs are pointing to the inevitability of consolidation, but a leading company will in some way need to emerge with the scale and internal innovation capability and strength to create leading products and drive some acquisitions or scale by organic growth. Your bank desires to play such a leading role in the sector and it’s intentionally working towards its achievements.”

​  

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    Obidients to ADC: We’re Concerned About How Coalition Party Will Zone Presidential Ticket, Offices

    Obidients to ADC: We’re Concerned About How Coalition Party Will Zone Presidential Ticket, Offices

    Chuks Okocha in Abuja 

    The Obidient Movement, the political arm of the Peter Obi presidential campaign, has expressed worries over whether the coalition party, African Democratic Congress (ADC) will zone its presidential ticket and offices of the party.

    The Obidients also said that it became more worried over the ultimatum given to Obi to officially declare for the coalition party in view of agreements that Obi will do so after some off-season elections that he is committed to before the birth of the coalition party.

    A statement by the National Coordinator of the Obidient Movement, Dr. Tanko Yunusa, said, ”As the Obidient Movement, being part of the main consulting bloc, we are particularly concerned about how the party intends to zone its presidential ticket. Considering that the presidency is currently held by the South, issues of equity and fairness must guide such decisions if the party truly aims to secure victory in the 2027 elections.

    ”We are equally interested in how the party zones its principal offices within the coalition, as this will ensure justice, fairness, and inclusivity — factors that will enable us to mobilise effectively across the country,” Yunusa said.

    The statement further said, ”It must be emphasised that H.E. Peter Obi is not desperate to be President of Nigeria. His ultimate mission is to see Nigeria work — to lift people out of poverty, to improve the economy, education, healthcare, and security. 

    “These were the reasons he joined the coalition in the first place targeted towards good governance which are the core values of the Obidient Movement,” Yunusa added.

    The statement further read, ”Our attention has been drawn to the recent statement released by the African Democratic Congress (ADC) concerning the resolutions of the coalition and our role within it.

    ”We wish to restate our position clearly. While we remain fully committed to the vision of the Coalition and acknowledge the adoption of the ADC as the coalition platform, it is on record that His Excellency Mr. Peter Obi aligned with the coalition’s position after the Anambra State Governorship Election, extending to the 2027 eeneral elections. 

    ”This adoption and pronouncement were made publicly by the party. We are therefore concerned as to why the resolution is now being altered midway into the agreement.

    ”H.E. Peter Obi, as a leader with a broad constituency, has always taken time to consult widely before making major political decisions. He did so before joining the coalition, and he must also do so before responding to any ultimatum.”

    ​  

    Chuks Okocha in Abuja  The Obidient Movement, the political arm of the Peter Obi presidential campaign, has expressed worries over whether the coalition party, African Democratic Congress (ADC) will zone its presidential ticket and

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    Environment Minister Lauds NDDC’s Sustained Developmental Strides in Niger Delta

    Environment Minister Lauds NDDC’s Sustained Developmental Strides in Niger Delta

    Blessing Ibunge in Port Harcourt 

    The Minister of Environment, Mallam Balarabe Lawal, has commended the Niger Delta Development Commission (NDDC) for its commitment to sustained developmental strides and effort towards addressing the long-standing infrastructural gaps in Niger Delta communities.

    The minister made the commendation during a stakeholders’ engagement forum on Environmental Impact Assessment (EIA), in Port Harcourt, for proposed road projects in Rivers State.

    The forum, held in collaboration with the Federal Ministry of Environment and the Rivers State Ministry of Environment, focused on three critical projects: The construction of a 4km Bonny Internal Road in Degema and Bonny Local Government Areas; the construction of Luebe-Agbani -Lueku Road in Khana LGA; and the construction of 6 km Egelebia Road, Phase 2, in George-Ama, Okrika LGA.

    Represented by an Environmental and Chemical Engineer in the Ministry of Environment, Manji Justine, the minister extolled the NDDC for subjecting the proposed projects to the provisions of the Environmental Impact Assessment Act, before commencement.

    He said, “We are not here to stop the project but to ensure it aligns with environmental laws to protect the future and guarantee sustainability. Once approval is granted, the ministry, along with the state government and affected communities, will monitor the projects through baseline data collection and post-construction site assessments.”

    He highlighted the importance of incorporating proper drainage systems to mitigate flooding and stressed the need for covered drainage channels in residential areas to prevent waste dumping and blockages.

    According to him, “The NDDC has taken a bold and commendable step by addressing road infrastructure gaps that have long affected these communities. Every identified impact in the EIA process must have a mitigation strategy.”

    The NDDC Director II, Environmental Protection and Control, Mr. Aniefiok Iniokut, said the forum aimed to provide a platform for engagement between the commission, the ministry, and the affected communities before project commencement.

    “It’s only through such engagements that we can understand the full social and environmental implications of these projects. The feedback so far shows overwhelming community support and a clear understanding of the project’s benefits,” he said.

    He noted that the forum confirmed no objections from the communities and that the positive impacts significantly outweigh the negatives. He assured stakeholders that the NDDC would ensure the successful completion of the projects.

    In her remarks, the NDDC Deputy Director, Environmental Protection and Control, Dr. Ukpe Eno, underscored the importance of stakeholder engagement in driving sustainable development.

    Head of the Dokube Royal House in Okrika, Chief Godknows Tam-George, expressed appreciation to the NDDC and its Managing Director, Dr. Samuel Ogbuku, for initiating the projects.

    “For years, Egedeme lacked basic infrastructure. Within a short period under the current NDDC leadership, we’ve received a 2km road, a 6km road, and a water project. These are life-changing developments,” he said.

    In his speech, the Paramount Ruler of Baa-Lueku, Chief Samson Barilugbene Obrien, praised the project’s potential to enhance economic opportunities.

     “This road will bridge the gap between our community and others. It will open up access for trade, ease transportation, and serve as a vital link to Akwa Ibom via Aba,” he noted.

    ​  

    Blessing Ibunge in Port Harcourt  The Minister of Environment, Mallam Balarabe Lawal, has commended the Niger Delta Development Commission (NDDC) for its commitment to sustained developmental strides and effort towards addressing

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