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A new programme aimed at making home ownership more affordable through cooperative societies and digital finance has been unveiled by the Nigerian government, with plans to establish a Cooperative Bank of Nigeria.
The Renewed Hope Cooperative Reform and Revamp Programme will strengthen cooperatives as vehicles for housing delivery and economic inclusion, the Minister of State for Agriculture and Food Security and Supervising Minister for Cooperative Affairs, Aliyu Abdullahi, said in a statement on Thursday.
“Cooperatives remain one of the most powerful vehicles for economic inclusion, community mobilisation, self-help development, social solidarity, and shared prosperity,” Abdullahi said.
“Through cooperative housing systems, people can pool resources, reduce costs, improve bargaining power, access financing collectively, and create sustainable pathways to home ownership.”
According to the minister, cooperative housing has worked successfully in many countries, helping to reduce homelessness and strengthen communities.
“Across several countries, housing cooperatives have become strategic instruments for urban renewal, affordable home ownership, and inclusive economic participation,” he noted.
The proposed Cooperative Bank of Nigeria would provide financing for housing schemes, mortgages and infrastructure projects. It would operate under a cooperative ownership structure and focus on underserved Nigerians, particularly informal sector workers.
Abdullahi stressed that digital infrastructure is essential for modern cooperative housing systems, promising to digitise cooperative operations nationwide to boost transparency and access to credit.
Digital finance platforms would simplify mortgage repayments, project monitoring and member verification, he added.
Women, youth, persons with disabilities, farmers, informal workers, rural communities and low-income earners would be prioritised under the housing initiatives, according to him.
The Minister of Housing and Urban Development, Muttaqha Darma, described cooperative housing as one of the most practical solutions to Africa’s housing deficit, adding that technology-driven finance would expand housing access.
