SAN FRANCISCO, September 16, (THEWILL) – The Minister of Finance, Mrs Kemi Adeosun says the ministry has adopted a housing finance initiative that would bring about the construction of approximately 300, 000 affordable homes to be supported by mortgages. She added that the building project would provide about 700, 000 new jobs across a range of various professions.
Adeosun stated this in Abuja on Thursday at African Union for Housing Finance, AUHF conference in collaboration with Nigerian Mortgage Refinance Company, NMRC, with the theme: ‘Housing and Africa’s Growth Agenda.’
Speaking on the topic, “Nigeria’s Mortgage Market and Opportunities for Growth’, she pointed out that foreclosure law and expedited legal process for dispute resolution was needed to support the development of mortgage markets in Nigeria.
Represented by Mr Seye Senfuye, the minister harped on the need for monetary policies to support low interest rate as a means of boosting activities in the mortgage market adding that federal government is committed to thrashing down the current high interest rate.
She pointed out that single digit interest rates are critical to ensuring the affordability of mortgages saying that long tenure repayment period is essential in acquiring mortgage loans.
“Nigeria deserve to acquire affordable homes, built to a standard of good quality and located in well serviced estates that will create ideal environments in which they can raise their families instead of being saddled with the challenges and risks of trying to build their homes organically,” Adeosun said.
