28m Housing Deficit: Operator Advocates Building 700,000 Homes Annually

A real estate expert and the managing director/CEO of Harmony Gardens and Estate Development, Hon. Saheed Mosadoluwa, is advocating that the country needs to build more than 700,000 homes annually over the next two decades to bridge 28 million housing deficits in Nigeria.

Speaking to LEADERSHIP, Mosadoluwa blamed high interest rates, high cost of building reinforcements, FX volatility, limited repayment tenure and access to mortgage financing plans as major hurdles in homeownership bid.

According to him, mortgage financing remains another major challenge, as less than 5% of Nigerians currently access mortgages due to high interest rates, limited repayment tenure, and bureaucratic hurdles in land administration.

The company also announced the launch of “Home Ownership Made Easy (HOME)” scheme in collaboration with the ministry of Housing , saying, from its Lekki Aviation Town project, which started as bare land, it has now grown into a thriving estate with over 500 housing units completed as of July 2025.
He said, as Nigeria grapples with its housing crisis, this model offers more than just hope, it presents a blueprint for affordable, inclusive, and sustainable homeownership.

Mosadoluwa added that, the HOME scheme introduces a simplified mortgage structure that allows Nigerians to secure a home with just 10% initial deposit, move in after paying 30% of the cost, access up to N50 million from the Federal Mortgage Bank of Nigeria (FMBN) at single-digit interest rates.

He further stated that the bold approach stands in sharp contrast to Nigeria’s conventional mortgage system, where interest rates hover between 32% and 38%, locking millions of families out of affordable homeownership.

He said, “the results are encouraging as 3,495 Nigerians in the Diaspora have received homeownership counseling through the scheme. 232 families also have fully completed their purchase and will move into their homes by October. Another 1,091 families without wasting time have made informed commitments with just 10% deposits, awaiting federal mortgage disbursements.”

The Harmony Gardens boss further highlighted several critical takeaways for addressing Nigeria’s housing deficit, such as hybrid Financing Works, Pairing private capital with low-cost government funding improves affordability, and Lower Interest which, he said, unlocks Access, by moving from double-digit to single-digit mortgage rates drastically to improve repayment feasibility.

On financial literacy, he said, buyer education and counseling empowers families to make sustainable decisions while noting that, Flexible Repayment Matters, as tenure extensions of up to 20–30 years will make homeownership viable for middle and low-income earners.

“Reforms are Urgent, state-level adoption of pro-mortgage laws, land registry reforms, and foreclosure frameworks remain essential. PPP Models Scale Faster, Public–Private Partnerships can deliver large-scale solutions, as seen with Harmony Gardens and similar African initiatives,” he said.

Looking forward, Mosadoluwa revealed that they planned to deliver 10,000 homes for 18,000 families within the next five years, a bold initiative that could serve as a national housing template while calling on visionary developers, financial institutions, and government agencies to align toward its shared mission.