Abuja will host the Renewed Hope Housing PPP Summit this Monday, March 17, 2025. Southwest Housing Exhibition and Nish Affordable Housing Summit, in conjunction with the Federal Ministry of Housing and Urban Development, are organizing this landmark event. With Nigeria’s housing deficit now estimated at 28 million units, this summit will explore innovative public-private partnerships (PPPs) as a solution to bridge the gap.

The summit will feature discussions on project financing strategies, emerging technologies, and success stories from PPP models across Nigeria. While these conversations are critical to addressing the housing deficit, it’s equally important to consider how homeownership financing options can be made more inclusive—particularly for ethical subscribers who prefer non-interest financial models.

Currently, all available homeownership financing options—such as NHF mortgages (6% per annum), lease-to-own models (7% per annum), and commercial bank loans—are interest-based. This excludes a significant segment of Nigerians who adhere to ethical or religious financial principles that prohibit interest. As we anticipate this summit, policymakers must ask: How can we ensure that every Nigerian has equal access to affordable housing opportunities?

Why Inclusive Homeownership Financing Matters

1. Ethical Subscribers Are Excluded From Current Options
   Interest-based financing options currently dominate Nigeria’s housing schemes. This creates barriers for ethical subscribers who cannot participate due to religious or personal convictions against interest (Riba). Without alternative models, these individuals are effectively excluded from benefiting from government-backed housing initiatives.
2. Viable Non-Interest Alternatives Exist
   Non-interest financial models such as Islamic financing, cooperative funding systems, or tailored lease-to-own agreements offer equitable solutions for ethical subscribers. These models emphasize fairness and risk-sharing, ensuring inclusivity without compromising affordability.
3. Inclusivity Strengthens Housing Policies
   By integrating non-interest financing options into homeownership schemes, policymakers can create a framework that accommodates Nigeria’s diverse population while expanding access to affordable housing.

What We’re Expecting From the Summit

Key sessions, such as Leveraging PPP for Large-Scale Housing Projects, will explore mechanisms for funding housing development. While these discussions primarily focus on project-level financing, they provide an opportunity to advocate for inclusivity in homeownership financing policies.

A Call to Policymakers

As stakeholders discuss innovative ways to fund housing projects at this summit, it is crucial to raise awareness about the need for inclusive homeownership financing options. Policymakers should consider:

• Expanding lease-to-own models to include non-interest agreements tailored to ethical subscribers.
• Partnering with Islamic banks or cooperative societies to offer Sharia-compliant homeownership solutions.
• Creating frameworks that allow private developers to integrate non-interest options into their sales offerings.

By addressing these concerns, policymakers can ensure that all Nigerians, regardless of their financial preferences, are included in housing schemes designed to address the nation’s housing deficit.