Mortgage Finance

The Nigeria Mortgage Refinance Company Plc (NMRC) was amongst the 800 participants consisting of government and business leaders that attended the Corporate Council on Africa (CCA) U.S. and Africa Business Summit hosted in Washington DC .

Sam Odia, the Chief Executive Officer, Millard Fuller Foundation (MFF), “Affordability is determined by a number of factors, key of which are the income level of the buyer, the cost of land, materials and labour that go into building the house and the cost of funds.”

The scheme, ‘My Own Home’ comes as an offshoot of the Nigeria Housing Finance Programme (NHFP) set up by the Federal Government and implemented by the Central Bank of Nigeria (CBN) with the support of World Bank’s $300 million loan. 

According to them, Nigerian Local Content Act popularly called “NOGICD Act 2010” was a major change agent for engineering design by increasing the domiciliation of engineering to over 55per cent from 5 per cent.

The innovative collaborative move involved a team of Nigerian development stakeholders visiting the City of Munich, Germany to expand knowledge on affordable, social and cooperative housing approaches.

Building environment experts have revealed that cutting-edge technology holds key to lower house prices and increasing affordable housing stocks that could mitigate the nation’s deficit.

For The Vice President, Nigerian Institute of Building (NIOB), Mr. Kunle Awobodu, more efforts should be concentrated in tackling the bottlenecks associated with access to mortgages.

The performance, which surpassed the total revenue of N11.4 billion recorded in the previous year, came from transaction on the sales of land for industrial development in the state.

Towards providing adequate funding at low interest rate for the delivery of affordable housing to public servants, the Federal Government has entered...

A Lagos- based real estate company - Realty Point Limited has again unfolded its flagship mass housing programme, Cedar Homes, which is pioneering eco-friendly and environmentally sustainable gated community.

Fresh efforts are underway to seek pragmatic and contemporary solutions to the challenges in the mortgage sub-sector, following plans by the operators to extend loss of job insurance scheme, which will cover mortgage default up to a year. 

The country has between 17million and 18 million housing deficit and will need one million houses yearly to fill the gap. The delay is resulting in the loss of billions of naira in investments as there is no template for planning.