Nigerian Property Expert Urges Employer-Backed Mortgages to Unlock Home Ownership

Property expert M.I. Okoro has called for an overhaul of housing finance in Nigeria, urging employers, government and financial institutions to work together to make home ownership affordable for workers and unlock more capital for the housing sector.

Okoro, a past captain of Ikoyi Club 1938 and a Fellow of the Nigerian Institution of Valuers, made the call at a Real Estate Expo Symposium marking the club's 88th anniversary in Lagos. Delivering the keynote address titled "The Future of Real Estate: Investment, Innovation and Wealth Creation," he proposed an employer-supported home ownership scheme under which employers would contribute to workers' housing while employees repay over time.

He said the arrangement could provide workers with a realistic path to home ownership while giving employers a more stable workforce and creating steady demand for housing. "When will a young graduate who has just secured employment be able to dream of a home of his or her own?" Okoro asked.

He said Nigeria's housing challenge required more than simply constructing new houses, stressing the need to improve existing homes while expanding access to affordable mortgage finance. He commended the Federal Government's Renewed Hope Housing initiative and the mortgage arrangement under the Mortgage Refinance and Guarantee Company, but said such interventions needed to operate at greater scale to make a significant impact.

Okoro called for deeper participation by pension funds, insurance companies, banks, development finance institutions and private equity firms in housing and real estate financing. According to him, Nigeria needs to move away from expensive short-term financing and develop a deeper pool of long-term capital capable of supporting housing projects.