Nigeria’s housing crisis continues to deepen, with experts estimating a deficit of over 28 million units. Reports has revealed that the country builds far fewer than the 700,000 homes required annually over the next two decades to bridge this gap. Mortgage financing remains another major challenge, as less than 5% of Nigerians currently access mortgages due to high interest rates, limited repayment tenure, and bureaucratic hurdles in land administration.
However, hope is emerging through innovative public–private collaborations. At the BHD2024 Summit, attended by over 9,400 housing and finance stakeholders, Harmony Gardens & Estate Development Ltd, under the leadership of Hon. (Dr.) Audullahi Saheed Mosadoluwa, popularly known as Mr-Ibile, unveiled an ambitious model designed to change Nigeria’s homeownership narrative.
From its Lekki Aviation Town project, which started as bare land and has now grown into a thriving estate with over 500 housing units completed as of July 2025, Harmony Gardens launched the “Home Ownership Made Easy (HOME)” scheme in collaboration with the Ministry of Housing.
The HOME scheme introduces a simplified mortgage structure that allows Nigerians to secure a home with just 10% initial deposit, move in after paying 30% of the cost, access up to ₦50 million from the Federal Mortgage Bank of Nigeria (FMBN) at single-digit interest rates.
This bold approach stands in sharp contrast to Nigeria’s conventional mortgage system, where interest rates hover between 32% and 38%, locking millions of families out of affordable homeownership.
Already, the results are encouraging as 3,495 Nigerians in the Diaspora have received homeownership counseling through the scheme. 232 families also have fully completed their purchase and will move into their homes by October. Another 1,091 families without wasting time have made informed commitments with just 10% deposits, awaiting federal mortgage disbursements.
The Harmony Gardens model highlights several critical takeaways for addressing Nigeria’s housing deficit, such as hybrid Financing Works, Pairing private capital with low-cost government funding improves affordability. Lower Interest Unlocks Access, moving from double-digit to single-digit mortgage rates drastically improves repayment feasibility. Financial Literacy is Key, buyer education and counseling empower families to make sustainable decisions. Flexible Repayment Matters, tenure extensions of up to 20–30 years make homeownership viable for middle and low-income earners. Reforms are Urgent, state-level adoption of pro-mortgage laws, land registry reforms, and foreclosure frameworks remain essential. PPP Models Scale Faster, Public–Private Partnerships can deliver large-scale solutions, as seen with Harmony Gardens and similar African initiatives.
Looking forward, Harmony Gardens plans to deliver 10,000 homes for 18,000 families within the next five years, a bold initiative that could serve as a national housing template. Its success demonstrates what is possible when visionary developers, financial institutions, and government agencies align toward a shared mission.
As Nigeria grapples with its housing crisis, this model offers more than just hope, it presents a blueprint for affordable, inclusive, and sustainable homeownership.