Kehinde Ogundimu, Managing Director and CEO of the Nigeria Mortgage Refinance Company (NMRC) and Chairman of the African Union for Housing Finance (AUHF), has urged African governments to step up with stronger leadership and pioneering financing models to tackle the continent’s escalating housing deficit.
Speaking at a high-level roundtable, co-hosted by UN-Habitat and the African Development Bank, Ogundimu warned that without transformative strategies, Africa’s cities risk devolving into “sprawling informal settlements marked by lost opportunity and persistent inadequacy.” The event drew top delegates from Nigeria, Kenya, Rwanda, South Africa, Botswana, and Zimbabwe to exchange cutting-edge ideas on housing finance, urban policy, and capital mobilization.
“Africa must address its deepening housing deficit through sustainable solutions that catalyze transformative, large-scale impact,” Ogundimu declared in his opening statement. He spotlighted the continent’s alarmingly low mortgage penetration rate—below 3%—as a stark indicator of restricted access to affordable, long-term housing finance.
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At the heart of Ogundimu’s blueprint is blended finance, the strategic fusion of public, philanthropic, and private capital designed to de-risk investments and amplify impact. “It is not merely an option—it is a necessity,” he asserted, explaining how this approach can slash investment risks, extend loan terms, cut interest rates to affordable levels, and stretch scarce public funds.
Ogundimu called on governments to pivot from being the sole housing providers to savvy market enablers, leveraging public resources to lure private capital. “When structured effectively, blended finance can multiply the impact of limited public funds,” he said, citing scalable innovations like guarantee schemes and employer-employee housing funds already gaining traction across Africa.
Reframing housing as a “powerful economic catalyst,” Ogundimu emphasized its ripple effects: every home constructed sparks jobs, boosts local industries, bolsters financial markets, and fosters wealth creation. “Housing is not just a social good; it is an engine of inclusive growth,” he told the assembly.
Drawing lessons from Nigeria’s NMRC, Ogundimu stressed an “ecosystem approach” that unites regulators, investors, developers, and policymakers. “No single institution, and no single country, can achieve this alone,” he said, underscoring the need for coordinated government action alongside robust private-sector involvement.
