Nigeria needs to construct at least 700,000 housing units every year for the next decade if the country hopes to make a significant reduction in its estimated 28 million housing deficit, the Chairman of Gateway Mortgage Bank Limited, Samuel Durojaiye, has said.
Durojaiye made the observation during the bank’s ninth Annual General Meeting in Abeokuta, Ogun State, where he called for greater investment in housing development and improved access to affordable mortgage facilities.
He warned that the country’s housing shortage could not be addressed through government policies alone, stressing the need for stronger collaboration among government agencies, financial institutions, private investors and other players in the housing industry.
According to him, affordable financing remains one of the biggest requirements for increasing housing supply, particularly as many Nigerians struggle to secure mortgage loans under prevailing economic conditions.
He pointed to Federal Government initiatives, including the N1tn Ministry of Finance Real Estate Investment Fund (MREIF) and the National Housing Fund mortgage scheme, which offers loans at an annual interest rate of six per cent.
Durojaiye explained that these intervention programmes were designed to make homeownership more accessible by providing financing at lower interest rates. He, however, noted that the high cost of borrowing had continued to affect mortgage operations and limit the creation of new housing finance opportunities.
Reviewing the bank’s 2025 financial performance, the chairman said Gateway Mortgage Bank had recorded growth in its business activities and profitability despite the challenging economic environment.
He disclosed that the bank secured approval for a N2.2bn facility under the MREIF programme and released N809.9m in loans to customers during the financial year.
The chairman also raised concerns about the proposed recapitalisation of primary mortgage banks, warning that the anticipated capital requirements could put additional pressure on smaller institutions. He said Gateway Mortgage Bank currently had a paid-up capital of N2.5bn, which could fall below the expected threshold if the new requirements were implemented.
Durojaiye further revealed that the bank spent N202.6m on interest payments to its funding partners in 2025, largely due to its reliance on commercial borrowings to support lending operations.
Meanwhile, Ogun State Commissioner for Finance and Chief Economic Adviser, Dapo Okubadejo, who represented Governor Dapo Abiodun at the meeting, highlighted the importance of sustained investment in productive sectors.
He said Ogun State’s growing industrial base had contributed to economic expansion, job creation, improved government revenue and stronger local supply chains, adding that the state remained committed to attracting more manufacturing investments.
