Stakeholders have called for stronger collaboration, improved regulation, digital transformation and innovative financing to accelerate affordable housing delivery in Nigeria and across Africa. The stakeholders met at a two-day Cooperative Housing Summit Africa (CHOSA Africa), held in Abuja, themed: “Catalysing Adequate Housing for All Through Cooperatives,” with a sub-theme on “Leveraging Digital Finance for Cooperative Housing.”
Participants at the conference resolved that cooperative societies must embrace stronger corporate governance structures and digital operations to become more attractive to funding institutions and capable of delivering large-scale housing projects. The conference brought together government officials, housing experts, financial institutions, developers, cooperative leaders, fintech firms and policymakers to explore how cooperatives can serve as vehicles for national economic development and affordable housing delivery.
Participants stressed that many cooperative societies in Nigeria are yet to fully prioritise housing development and urged them to restructure operations specifically towards cooperative housing schemes. The summit highlighted the growing role of technology in cooperative operations, with digital platforms presenting solutions designed to improve transparency, operations and access to financing. According to participants, digitalisation would help cooperatives bridge the gap between members and financial institutions while improving trust, accountability and operational efficiency.
The summit noted that flexible pay-as-you-use technology models could help cooperatives overcome the high cost of acquiring digital platforms. Stakeholders also urged cooperatives to take advantage of opportunities provided by government agencies such as the Ministry of Finance Incorporated (MOFI) and the Federal Mortgage Bank of Nigeria (FMBN) to improve access to housing finance.
Participants, however, observed that awareness about available government support programmes remains low and called for increased funding to enable cooperatives to meet growing housing demand. The summit further resolved that African-centred financing models should be developed to accommodate informal sector operators and non-salary earners, who make up the majority of cooperative society members.
Delegates also advocated the use of diaspora remittances and pension funds to expand the funding pool available for cooperative housing development. Participants encouraged cooperative members to adopt realistic housing expectations and take proactive steps towards home ownership by exploring available financing and development opportunities.
The summit also emphasised the importance of continuous education and capacity building for cooperative members to improve understanding of housing finance, governance and ownership processes. Stakeholders called on the government to provide special concessions for land allocation to cooperative housing projects and to support infrastructure provision in designated housing locations.
They also advocated reduced funding costs and special financing arrangements to make cooperative housing more affordable. Participants stressed the need for improved regulation and stronger oversight of cooperative societies to enhance transparency, accountability and sector-wide impact. The conference also encouraged cooperatives to collaborate and pool resources for housing delivery, including leveraging pension contributions as now permitted under existing laws.
Earlier, in a keynote presentation titled “The Barriers: Making Cooperative Housing Work in Nigeria,” the Director, Centre for Housing and Sustainable Development, University of Lagos, Prof. Timothy Nubi, noted that Nigeria’s urban population currently accounts for 51 per cent of the total population and is growing at about four per cent yearly. According to him, about 80 per cent of Nigerians are unable to access formal mortgage finance, while available housing remains unaffordable to many citizens.
Nubi argued that cooperative housing remains one of the most viable solutions to the country’s housing crisis, describing it as “cooperative architecture: pulling the power to lift the burden.” He identified major barriers to cooperative housing development in Nigeria to include insecure land tenure, high land costs, Land Use Act bottlenecks, high interest rates, weak mortgage systems, poor construction quality, lack of professional expertise, weak internal controls, fraud, low trust levels and fragmented regulations.
The professor maintained that while formal cooperative housing structures have recorded some success, informal sector cooperatives, which account for nearly 80 per cent of the sector, continue to face significant operational and financial challenges. Convener of the summit, Dr Yemi Adelakun, described CHOSA Africa as a continental platform aimed at strengthening cooperatives as innovative tools for delivering decent and affordable housing to low- and medium-income earners through self-help and collaboration. Adelakun urged participants to leverage the summit to build partnerships and gain practical knowledge that would advance cooperative housing across the continent.
