Why Mortgages Don’t Work for Most Nigerians

On paper, a mortgage is the obvious route to a home. In Nigerian reality, it is a door most people can't open.

The numbers that lock people out

• Interest rates of 18–25% on commercial mortgages make monthly repayments brutal.
• Deposits of 10–30% — on a ₦30m home, that is ₦3m–₦9m upfront.
• Eligibility hurdles — formal payslips, years of records, collateral.

Mortgage penetration in Nigeria sits under 1% of GDP — one of the lowest in the world. That single statistic tells the whole story: the system simply isn't reaching most people.

The alternative gap

If mortgages don't work and saving ₦20m takes a lifetime, what's left? That empty space between renting forever and borrowing for decades is exactly where a regulated, low-entry property competition fits.

A different way to reach property ownership

RaffleProp runs FCCPC-regulated promotional competitions for real property in Nigeria. Entry starts from ₦2,500, every property is independently valued by an NIESV firm, all funds sit in escrow at a named Nigerian bank, and the winner is selected in a live-streamed, independently witnessed draw.

And your entry value is always protected: if a campaign does not reach its minimum, your full participation value converts to Home Credit you can use on any future campaign. Browse live campaigns, see how it works, or join the waitlist to be first when the next property goes live.

RaffleProp is a promotional competition open to Nigerian residents aged 18 and over. Participation requires passing a skill assessment. Play responsibly.