The Nigerian Tribune reported that it will take N59 trillion or $372.2 billion to close the country’s housing deficit. Nigeria is in need of 17 million housing units and the cost to fund one tips the $22,000 mark, creating a massive bill that jams the housing reform pipeline.

Still, president Goodluck Jonathan’s administration is moving forward in carrying out a plan which will provide hopeful citizens with a place to call home.

According to Vanguard, Jonathan’s cabinet has succeeded in building 68,000 housing units — a meager number in comparison to what’s needed to make a dent in the deficit. Annually, significant housing sector improvement calls for the construction of 700,000 units. Currently, the country’s sector is supplying 100,000 units.

The International Development Association has announced that it will lend Nigeria a $300 million loan to create mortgage financing opportunities on the primary and secondary markets, making financing for housing more accessible, Daily Trust reported.

“We know that one of the major issues that is constraining the development of our mortgage industry is lack of technical competence as well as capacity building. So, $10 million will be devoted to capacity building and also as technical assistance. This would give them the capability to drive the mass housing scheme,” Ngozi Okonjo-Iweala, Coordinating Minister for the Economy said elaborating on the loan.

In addition to $25 million being allocated to funding micro finance banks, $250 million will fund a mortgage finance company which will establish the secondary market.

According to Vanguard, the Federal Mortgage Bank of Nigeria (FMBN) has been instrumental in creating financial cushions for the advancement of the housing sector.

While most banks have strayed away from housing projects because of the long-term and unpredictable financing periods, FMBN has turned over profit for the National Housing Fund, lessened issued bonds in the sector as well as expanded the coverage of mortgage services.