Expert harps on low mortgage to boost housing sector

Former President/ Chairman of Council, the Chartered Institute of Bankers of Nigeria (CIBN), Mrs. Debola Osibogun has said the mortgage industry could help in cutting interest rate on loans, which will boost housing affordability. She said this in her valedictory speech titled: “Rethinking Nigeria’s Mortgage Financing Policies for Sustainable Development and Global Competitiveness.” She noted  […]

Former President/ Chairman of Council, the Chartered Institute of Bankers of Nigeria (CIBN), Mrs. Debola Osibogun has said the mortgage industry could help in cutting interest rate on loans, which will boost housing affordability.

She said this in her valedictory speech titled: “Rethinking Nigeria’s Mortgage Financing Policies for Sustainable Development and Global Competitiveness.”

She noted  that there is a gradual shift from mobilising short-term household deposit for long-term mortgage financing to housing finance a more closely integrated with broader capital market developments.

she  said:  “ Against the background of the challenges of delivering affordable houses to Nigerians, there was need for a rethink of the approaches used hitherto to achieve the objectives of the housing policy.

“Looking at the past, analysing the present and projecting into the future, there is the compelling need to take a second look at what we have done as a nation to promote housing delivery, ensure better development, and global competiveness so as to make Nigeria an investment destination for housing delivery,” she said.

She said the Nigerian housing policy has always emphasised that housing must be seen in the context of overall national development, which includes social development, the generation of employment opportunities, the geographical distribution of the population and the location of industrial, commercial and agricultural activities.