Former President of the Real Estate Developers Association of Nigeria (REDAN), Aliyu Wamakko, has urged the Federal Government to inject at least N1 trillion into the Federal Mortgage Bank of Nigeria (FMBN) to address the country’s housing deficit.

Wamakko said increased funding for the mortgage institution would enable more Nigerians to access affordable housing finance and stimulate construction across the country.

He made the call in an interview with journalists while speaking on the rising cost of building materials and its impact on housing affordability in Nigeria.

According to him, the high cost of construction has made homeownership increasingly difficult for Nigerians, while rising rents are also putting pressure on households.

Wamakko said the government needed to address both the cost of building materials and access to affordable housing finance to tackle the housing challenge.

“The solution to the housing deficit in the country is for the government to channel more money into the Federal Mortgage Bank so that people can get affordable finance for affordable construction,” he said.

“We are thinking of at least not less than N1 trillion into the Federal Mortgage Bank.”

He also identified the rising prices of cement and other building materials as a major factor contributing to the increasing cost of housing.

Wamakko said cement, which sold for about N7,500 per bag in March 2025, now costs about N13,000, adding that the continued increase was making construction more expensive.

“The most nagging issue today in Nigeria is the price of building materials,” he said.
“People are complaining of paying higher rent. You don’t have to see the fault of the landlords because they go to the same market you go as a tenant.

“The higher cost of rent now in Nigeria doesn’t come by accident. It has its genesis in the cost of building materials in the country.”

The former REDAN president called on the government to reduce taxes and levies associated with cement production and consider subsidies to enable manufacturers to sell at lower prices.

“If they want to give a solution to the whole saga, they should be able to bring at least a subsidy in terms of cement production and cut all the taxes that have been associated with it so that the producers can sell cement at a price that is affordable to Nigerians,” Wamakko said.

“And I’m sure that will bring down the cost of houses in Nigeria as well.”
He also urged the Federal Government to sign the Real Estate (Regulation and Development) Bill, also known as the RECON Bill, which was passed by the ninth National Assembly.

Wamakko said stronger regulation, cheaper building materials and increased access to mortgage finance were necessary to make housing more affordable and reduce the country’s housing deficit.