Nigeria faces a severe housing deficit. Estimates by the Federal Mortgage Bank indicate a deficit of at least 15 million housing units. While the deficit cannot be addressed within the lifetime of an administration, a concerted effort at reducing it is, however, clearly required. This will entail creating linkages between provision of land to property developers, increased availability of housing finance, reduction in property transaction costs and job creation across several sectors ancillary to the provision of additional housing stock. 

What We Will Do

Our overarching objective will be to achieve a significant reduction in the housing deficit by facilitating an increase in housing stock via tri-partite partnerships with states and local governments through PPP arrangements and housing finance reforms.
Housing

Our goal is to deliver up to 1 (one) million housing units, for low and medium income families across the country through Public Private Partnership ventures. By 2025, we shall reduce the housing deficit to less than 10 million houses from the current figure. 
 To achieve this we shall:

1. Encourage home ownership and give added impetus to home ownership by introducing tax incentives via mortgage interest relief whereby homebuyers can offset a proportion of their mortgage interest payments against their tax liability.
2. Encourage a review of pension fund investment guidelines to facilitate   enhanced pension fund involvement in provision of the financing necessary for the development of the Nigerian mortgage market.
3. Enact appropriate foreclosure and securitisation legislation to mobilise  additional housing finance.
4. Reduce property transaction costs (stamp duties and other charges).
5. private investment in housing and facilitate the implementation of  private-sector-led mass construction of houses.
6. Support the states to digitalize their land registries to simplify the   procedure for conferring secure, registerable and marketable titles on land.
7. Facilitate a review of the financial, legal and regulatory environment to   promote private investment in housing and, facilitate the implementation of private sector-led mass construction of houses.
8. Work with existing Mortgage institutions to improve accessibility of citizens to long term housing finance.
9. Work with the private sector to improve the efficiency and operations of the National Housing Fund to improve the affordable housing stock in the country.   
   Over the Medium and Long Term, we shall
10. Under a tripartite partnership (since land matters are a residual responsibility), title, record and map all landed assets in the country. The Federal Government shall achieve this by introducing an initiative that has nationwide acceptance thereby encouraging the states to follow suit. 
11. Review of the Land Use Act and the passage of a revised Land Use Act that is more market friendly while protecting the rights of small holders and the landless.
12. Recapitalise the Federal Mortgage Bank through a partial privatisation in order to allow it play an expanded role in the secondary mortgage market. The capital base of the Federal Mortgage Bank of Nigeria shall be increased from N5 billion to N500 billion to enhance its capacity to support the market.  We shall also prioritize the activities of the Nigeria Mortgage Refinancing Company (NMRC) ensuring it has improved access to sufficient longterm capital needed to finance affordable mortgages to millions of Nigerians.