The Federal Government has introduced a Rent-to-Own Scheme to address the country’s growing housing crisis, allowing eligible Nigerians to move into homes while paying monthly toward ownership.

Minister of Housing and Urban Development, Arc. Ahmed Musa Dangiwa, disclosed this on Tuesday at the 19th Africa International Housing Show (AIHS) in Abuja, themed “Reimagining Housing Through Innovation, Collaboration and Policy.”

The minister said the scheme would provide practical options for urban workers and young families battling with the twin pressures of rising rents and inaccessible mortgages.

Dangiwa stated that the scheme, together with a complementary Rental Assistance Product, would be launched by the Federal Mortgage Bank of Nigeria (FMBN) to provide Nigerians with two vital support options.

The support options, according to the minister, included the chance to move into homes while gradually paying towards ownership and access to funds to cover annual rent payments with flexible monthly instalments.

He said: “Recognising the reality that not everyone is ready to buy a home, we have also introduced two groundbreaking interventions at Federal Mortgage Bank of Nigeria (FMBN)—the Rent-to-Own Scheme, which enables eligible Nigerians to move into homes while making monthly payments toward ownership.

“The Rental Assistance Product helps Nigerians pay their annual rent in advance, with flexible monthly repayment terms. These are practical tools to ease housing pressure, particularly for urban workers and young families.

“Our commitment also extends to the National Urban Renewal and Slum Upgrade Programme, which prioritises infrastructure improvement, housing rehabilitation, and service delivery in underserved communities.”

The minister noted that the efforts align with the UN-Habitat Global Action Plan for Slum Transformation and the Addis Declaration adopted at the 2024 Africa Urban Forum, which commits African governments to leave no one—and no place—behind.

He said the schemes complement the broader Renewed Hope Housing Programme, which spans large-scale Renewed Hope Cities, state-based Renewed Hope Estates, and Social Housing Estates for low-income earners, all supported by public-private partnerships that have so far attracted over N70 billion in private capital.

Acknowledging the challenge of affordability, Dangiwa stated that across the African continent, the housing deficit is not just a matter of supply but also of access.

According to him, too many people, even when housing is available, cannot afford it, emphasising that incomes are low not only in Nigeria but across Africa.

“That is why the administration of President Bola Ahmed Tinubu, GCFR, is focused not only on building houses but also on fixing the structural and macroeconomic foundations that will make housing affordable and sustainable today and in the long run.

“The government is taking bold steps to stabilise the economy, strengthen the Naira, raise real incomes, and reduce inflation. These efforts are already beginning to show results, and they are laying the groundwork for a housing market where Nigerians can truly own or rent homes that reflect their income levels and living realities,” he added.

However, while praising the government’s initiatives, a former Minister of Information, Professor Jerry Gana, cautioned that the steep decline of the naira could undermine these efforts, warning that the currency’s free fall had left ordinary Nigerians unable to afford basic housing, let alone home ownership.

In reference to a recent conversation he had with Chief Executive Officer, Africa International Housing Show, Festus Adebayo, Gana said, “The story you told me of the recent visit to Ghana was so depressing, I don’t want to repeat it here.

But it’s very important that we hear about it, that things are moving on in other African countries, and we in Nigeria must get our act together. He said he went to Ghana with some N200,000 and when he exchanged it to Ghana Cedis, he got back only 1,000 Cedis.

“Can you imagine that? The value of the Nigerian Naira has gone down. Managers of this economy can’t even listen to the people. The people are telling you that we are suffering. Mr. Honourable Minister, you know I respect you tremendously. You know you’ve been doing wonderful things, especially when you were in the Federal Mortgage Bank. But the truth is that the naira is devalued. Almost 750 per cent. If there is one thing that I want you to kindly do for us, it’s to appeal to the managers of this economy that the exchange rate, they must work on it.”

The former minister urged the government to boost local production of building materials to lower construction costs.
According to him, this is a strategic solution to make houses affordable for the masses while generating jobs and reducing insecurity.

On his part, former Head of State, Gen. Yakubu Gowon (rtd), said affordable housing impacts health, education and economic output, adding that the nation must prioritise sustainable urban planning and equitable development to meet the needs of Africa’s growing population.

Represented by former Executive Secretary, Tertiary Education Trust Fund, TETFUND, Prof. Suleiman Bogoro, the former leader urged the government to ensure that housing policies are not only effective but also equitable and beneficial to all segments of society.

“The future of Africa’s housing sector depends on our collective ability to innovate, invest and implement solutions and meet the needs of our growing populations,” he added.