Managing Director and CEO of the Nigeria Mortgage Refinance Company (NMRC) and Chairman of the African Union for Housing Finance (AUHF), Mr. Kehinde Ogundimu, has described housing as not just a social good but a powerful economic catalyst.
According to him, each home that is built creates jobs, stimulates local industries, deepens financial markets, and builds wealth.
Ogundimu stated this while delivering his opening remarks at the State and City Roundtable on Blended Finance for Affordable Housing, during the 41st Annual AUHF Conference and Annual General Meeting in Kenya, pointing out that through advocacy, capacity-building, and cross-sector partnerships, AUHF is committed to championing this vision.
‘Housing is not just a social good; it is a powerful economic catalyst,’ he said. ‘Each home built creates jobs, stimulates local industries, deepens financial markets, and builds wealth,’ he added.
To address Africa’s deepening housing deficit sustainably, Ogundimu called for stronger government leadership and innovative financing mechanisms, particularly through blended finance, as a catalyst for transformative, large-scale impact across the continent.
Addressing a distinguished audience of policymakers, development partners, and housing finance institutions, he underscored the urgency of coordinated action in response to Africa’s rapidly growing urban population, projected to triple by 2050.
‘This transformation presents a choice,’ he stated. ‘Will our cities become engines of prosperity and human dignity, or sprawling informal settlements marked by lost opportunity and persistent inadequacy?’ he added.
Citing the continent’s low mortgage penetration, which remains below three per cent, Ogundimu emphasized that innovation, partnerships, and blended finance are essential. ‘We need blended finance – the strategic combination of public, philanthropic, and private capital to unlock investment at scale. It is not merely an option – it is a necessity.’
He stressed that governments must evolve from being sole providers to becoming market enablers, using public resources to unlock private capital. ‘When structured effectively, blended finance can reduce investment risk, extend loan tenors, lower interest rates to affordable levels, and multiply the impact of limited public funds,’ he said.
Ogundimu pointed to emerging models across Africa, such as guarantee schemes and employer-employee housing funds, as promising examples that must be scaled through collaboration and policy alignment.
Drawing from NMRC’s experience in Nigeria, he noted that while strategic housing finance interventions can reshape markets, lasting impact requires an ecosystem-wide approach. ‘No single institution, and no single country, can achieve this alone,’ he said.
The conference, hosted in Kenya with support from UN-Habitat and the African Development Bank, brought together delegates from across the continent – including Nigeria, Kenya, Rwanda, South Africa, Botswana, and Zimbabwe – to share practical solutions in housing finance, urban policy, and capital mobilization.
Ogundimu reaffirmed AUHF’s commitment to documenting successful models and promoting continental knowledge exchange. He urged African policymakers to act boldly, stressing the importance of long-term planning and decisive leadership by executing decisions made at forums like the AUHF Conference.
‘The families waiting for decent homes are counting on us,’ he concluded. ‘History will judge whether we rose to meet this defining challenge. I am confident that together, we will,’ he stated.
Commenting on the call for blended finance, Affordable Housing Advocate, Femi Oyedele, described blended finance in housing development as one of the best ways of providing affordable housing in Africa, where governments are incapable of doing it alone, especially with the huge housing deficit of about 51.8 million units on the continent.
According to him, non-governmental organisations (NGOs) and private sector participants must pool resources together to complement government efforts, as lack of adequate housing for one citizen is lack of adequate housing for any country.
He explained that blended finance is an innovative approach to development financing that strategically combines public, philanthropic, and private capital to fund sustainable development initiatives, particularly in low-income and developing countries.
He said: ‘Blended finance is a strategic approach that combines public and private funding to mobilize private and non-interest or philanthropic capital flows towards emerging and frontier markets.’