Access to decent and affordable housing is one of the universal needs of man across societies. Over the years, successive Nigerian governments have tried to achieve the goal of affordable housing with several policy measures. Such policy measures include the establishment of the FHA in 1973 with a mandate to accelerate access of Nigerians to affordable housing and the setting of goals of particular housing units to be achieved within a given time frame (Amdii, 1993). Other examples of housing programs in Nigeria include the Shagari housing policy (1979), the 12,000 housing units target of 1994 and the 40,000 housing units per annum of the year 2002 (Oladimeji, 2015). In spite of plethora of these policies/programs, achievements in the delivery of affordable housing in the country remained abysmally poor. Olorunisola (2013) revealed that new housing construction by FHA is only 10,000 units per annum while 90% of housing delivery is through private developer. This ugly trend has limited the existing housing stock in the country thereby raising the prices of the available stock. Thus, Nigerians spend between 36% and 40% of gross income on rents. This level of expenditure has made decent housing unaffordable for the middle and low-income groups in the country.