This report summarizes the results ofthe analytical work on housing market finance carried out bythe World Bank Group at the request of the Ministry ofFinance. The purpose of the work was to inform the policydialogue about how best to develop a sustainable housingfinance market in Nigeria, and improve the effectiveness ofinterventions aimed at stimulating the housing market andproviding quality housing to the population. The work wasfunded by DFID and carried out over 2013 and 2014.Experience has shown that an increase in housing production,especially at the lower reaches of the market, stimulatesjob creation, both skilled and unskilled; and that housingand other infrastructure investment is strongly linked toeconomic growth. While the availability of housing financeis essential for increasing housing production, sustainableand equitable housing production also depends on: (a) accessto residential lands and basic services; (b) an efficientand transparent land administration; (c) legal protections;and (d) a macroeconomic environment that maintains lowinflation and low interest rates. An essential part ofmaking housing finance work for the poor is the availabilityof houses at lower prices in the market. The reportsummarizes the institutional landscape, policy framework,and public and private sector actors involved in housingfinance, and focuses on the underlying reasons for the lackof housing finance, particularly for lower-priced houses forthe poor. The report also summarizes issues related to theconstruction industry and building materials, anunderstanding of which is key to developing transformativepolicies in the sector. Finally, the report proposespossible new approaches to housing finance in Nigeria, basedon international best practices.
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