The government has been tasked to prioritise a functional mortgage system that will address Nigeria’s pressing housing issue and bridge the gap by providing accessible financing options for homebuyers.
Kayode Oyewole, the Lead Director of Amorit International Limited, who gave this charge, identified limited access to long-term funding, high interest rates and lack of affordable housing supply as one of the key challenges, saying all these identified challenges can be surmounted if necessary actions are taken.
Speaking at the 30th Anniversary’s thanksgiving of Amorit International Limited, Osogbo, held at the company’s Housing Estate in Abere, Osun State, Oyewole urged the Nigerian government to prioritise a functional and inclusive mortgage system capable of serving both the formal and informal workforce, saying such reforms are critical to closing the country’s widening housing gap.
He identified unstable construction material costs and low purchasing power as major constraints affecting housing development nationwide. He said creating an accessible mortgage structure that accommodates low-income earners and informal workers would drastically ease these challenges.
“If there’s a good mortgage system in place, every gap in putting up housing estates will be mitigated, and there will be enough access for everybody,” he said.
Oyewole also expressed cautious optimism about President Bola Tinubu’s economic reforms, noting that VAT exemption on housing and turnover-based taxation could ease the burden on small developers.
“It will be positive and negative at the same time, but the positive part will outweigh the negative,” he added.
Also speaking at the event, Osun State University Vice Chancellor, Prof. Clement Adebooye, described thanksgiving as a biblical principle upheld across nations such as the United States, Canada, and the United Kingdom.
He praised Amorit for its impact on the university community, particularly the large hostel built by the company to offer students safer and more affordable accommodation amid rising rent costs.
“I wish that other estate development agencies in the state and even across Nigeria could come over and develop estates in institutions.
Hostels built by developers like this will be cheaper and more secure for students,” Adebooye said.
Pastor Abiodun Alabi of Winners Chapel, Kelebe, Osogbo, congratulated Oyewole, describing him as a leader whose humility and consistency have grown Amorit from a modest beginning into a thriving enterprise.
“Thirty years just like yesterday, and there’s so much achievement. All glory must be to God,” Alabi said.
Founded in 1995, Amorit International has weathered decades of Nigeria’s economic fluctuations to become a notable player in real estate development.
