CBN to address housing finance challenges in Nigeria

The Central Bank of Nigeria CBN has assured that it will partner with stakeholders in addressing some of the constraints and challenges to access housing finances for Nigerians. CBN Governor, Mr. Godwin Emefiele made this assurance recently at a media launch of “my own home- a public private partnership” programme aimed at increasing home ownership […]

The Central Bank of Nigeria CBN has assured that it will partner with stakeholders in addressing some of the constraints and challenges to access housing finances for Nigerians.

CBN Governor, Mr. Godwin Emefiele made this assurance recently at a media launch of “my own home- a public private partnership” programme aimed at increasing home ownership in the country through mortgage financing in Abuja. 

Represented by the Deputy Director, other financial institutions supervision, of the CBN, Mrs. Tokunbo Martins, Emefiele said the National Housing Fund Program ( NHFP) will help reduce the housing deficit through mortgage financing, adding that the financial activities will also be monitored.

Also speaking during the briefing, the Executive Secretary, Mortgage Bankers Association of Nigeria( MBAN) Mr. Kehinde Omotosho  said that housing is one of the important aspect of life adding that government need to make housing accessible to people.  

He disclosed that to achieve the dream of more access to homes, especially by middle and low income earners, the issue of difficulty in accessing land title and documentation must be addressed holistically.

Omotosho further said that lack of foreclosure law in the country poses a serious challenge to realisation of mortgage loans, when in default.