Nigeria Needs 700,000 New Homes Each Year to Address Housing Shortage

Samuel Durojaiye, the Chairman of Gateway Mortgage Bank Limited, has stated that Nigeria needs to build at least 700,000 new homes every year for the next decade to tackle a housing shortage of about 28 million units. He made these comments during the bank’s ninth Annual General Meeting in Abeokuta, Ogun State.

Durojaiye emphasized that consistent investment in housing and affordable mortgage options is crucial for solving the country’s housing issues. He called for a united effort from the government, mortgage institutions, private investors, and other parties involved in housing to make this happen.

According to Durojaiye, the Federal Government has started financing programs to encourage investment in housing. These programs aim to make mortgages more accessible by offering low interest rates. He noted that despite some improvements in the economy, high borrowing costs still make it difficult for many people to get mortgages.

During the meeting, Durojaiye also discussed the bank’s financial performance for the year ending December 31, 2025. He mentioned that Gateway Mortgage Bank had managed to grow its business and profits, even in a challenging economic environment.

He pointed out that the government’s financing initiatives, like the Ministry of Finance Real Estate Investment Fund, are vital for boosting housing demand and making mortgages available to more Nigerians. Durojaiye also raised concerns about the need for primary mortgage banks to increase their capital to remain viable.

In his remarks, Dapo Okubadejo, the Commissioner for Finance in Ogun State, stressed the importance of ongoing investment in productive sectors for economic growth. He highlighted that Ogun State is becoming a key area for industry and investment, which in turn supports local economies.