Business
Vision 20:2020 NIESV Assures On Housing Target
Nine years to the deadline, Nigeria could still attain its target in the housing sector as set out in the Vision 20: 2020 document. This declaration was made in Lagos on Monday by the President of the Nigerian Institution of Estate Surveyors and Valuers (NIESV), Mr. Bode Adediji.
Adediji told our correspondent that nine years was still enough time to attain the target if the government had the political will.
He said the Vision 20: 2020 document captured all the things that needed to be done to ensure that the housing target was attained.
“Nine years is a considerable length of time that where there is a political will on the part of the government, the attainment of the target for housing as contained in the Vision 20: 2020 is attainable. “This is simply because that document captures all the things that need to be done to ensure that the housing target is attained.
“But as you know in Nigeria, it is one thing to set a target it is even one thing to spell out all the modalities for implementation. “But when it comes to implementation that is where the problem starts.’’
The NIESV president said that government had to be serious about its implementation while soliciting for the cooperation and understanding of the populace.
“In my mind and as a member of Vision 20: 2020, the housing sector sub-theme, I am confident that if the government is serious enough, and if the public gives the required cooperation and underst-anding to government in the implementation of the housing policy and programmes as enshrined or envisaged in the Vision 20 2020, then in nine years time, even if we are not able to solve all the problems, we would have really come a long, long, way in achieving that goal.’’
Adediji noted that to date nothing had been achieved in the mortgage and housing sector since Vision 20: 2020 document was rolled out.
He said that the solution to housing problem lay in building houses for all segments of the various income levels. “As far as the implementation of the Vision 20: 2020 is concerned, you and I know that nothing tangible has been done. “But I believe that when this new government settles down, it is a document that will form the plank of their modus operandi. “But the fundamental solution to housing problem either in Nigeria or anywhere in the world is to secure adequate production of houses across the various income levels.’’
Adediji said no amount of policies and progr-ammes rolled out by the government would succeed until the nation nurtured and deployed a formidable mortgage system.
Credit to Nigeria’s private sector rose to N83.26 trillion in June 2026 from N81.04 trillion in May, signifying a positive balance of N2.22 trillion month-on-month.
Year-on-year, the figure represents a nine per cent increase compared with the N76.13 trillion recorded in June 2025. The latest figures come as the CBN continues to balance efforts to control inflation with the need to support economic growth and expand credit to businesses.
The CBN data shows that credit to Nigeria’s private sector increased by approximately 2.74 per cent month-on-month between May and June 2026. Also, the CBN data noted that credit to the government fell slightly to N40.03 trillion from N40.38 trillion. Other assets, net, dropped to N10.76 trillion from N12.63 trillion.
The credit surge signifies sustained growth in lending to businesses and other private-sector borrowers during the month. The rise in private sector credit was recorded alongside an increase in net domestic credit, despite declines in credit to government and other assets.
Further analysis of the report says that compared with June 2025, private sector credit rose by about N7.13 trillion yea-on-year but net domestic credit increased by approximately N1.87 trillion during the month.
The CBN’s relatively tight monetary policy stance notwithstanding, more banks still loaded funds to the private sector within the period. The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) held its 306th meeting on July 20 and 21.
The Committee reviewed recent developments in the global and domestic economies, assessed emerging risks to the outlook and considered their implications for monetary policy and retained all rates.
The Committee decided to retain the Monetary Policy Rate at 26.5 per cent; the Standing Facilities Corridor around the MPR at +50/-450 basis points and retain the Cash Reserve Requirement (CRR) for Deposit Money Banks at 45.00 per cent, Merchant Banks at 16.00 per cent, and non-TSA public sector deposits at 75.00 per cent.
The MPC decision means that credit extension in the private sector will likely continue to rise because of rising confidence in the sector and calls by stakeholders for banks to invest in the private scetor instead of government securities.
