Fashola harps on low mortgage

Minister of Power, Works and Housing Mr. Babatunde Raji Fashola has identified lack of access to construction finance by housing developers and high risk in current mortgage finance structure as major bottlenecks in the housing sector. Fashola stated this in Abuja at the 2016 Annual Conference and General Meeting of the African Union for Housing […]

Minister of Power, Works and Housing Mr. Babatunde Raji Fashola has identified lack of access to construction finance by housing developers and high risk in current mortgage finance structure as major bottlenecks in the housing sector.
Fashola stated this in Abuja at the 2016 Annual Conference and General Meeting of the African Union for Housing Finance (AUHF).
AUHF is an association of 56 Mortgage Banks, Building Societies, Microfinance Institutions, Housing Corporations and organisations involved in mobilising funds for shelter and housing in Africa.
He said that housing was believed to be a long- term investment and should be protected against high inflation and unpredictable economic down turn.
He lauded stakeholders and African experts for coming together to proffer solutions to the age long challenge of providing housing finance for Africans, especially Nigerians who were facing harsh economic challenges.
Dr Oscar, Mgaya, AUHF Chairman, said that the union was  focused on mobilising fund for shelter in Africa from 17 different countries across the continent.
According to him, the conference will be drafting an “Abuja Declaration’’, which will propose way forward in housing development in Africa.