Housing supply remains inadequate in Nigeria. Official records place the country’s

housing deficit at 28 million units. According to the latest national accounts, the real

estate sector grew by 5.3% y/y in Q1 ‘22 and has averaged a growth rate of 5.6%

over the past eight quarters. Housing finance remains in its infancy. Nigeria’s

mortgage/GDP ratio of 0.6% compares with South Africa’s 23%, Tunisia’s 10.6%

Kenya’s 2.1%, and Ghana’s 0.8%.