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FG to boost home ownership through affordable mortgage

By Nkechi Onyedika-Ugoeze, Abuja
16 September 2016   |   4:50 am
The Minister of Finance, Kemi Adeosun, has stated Federal Government’s commitment to reflating the economy through targeted investment in capital projects.
Kemi Adeosun

Kemi Adeosun

The Minister of Finance, Kemi Adeosun, has stated Federal Government’s commitment to reflating the economy through targeted investment in capital projects.

She also disclosed plan to boost home ownership through an affordable mortgage system of single-digit interest rate with a 20-year repayment period.

The minister noted that with housing deficit at over 17 million, Nigeria was ripe for radical intervention in the sector.

At the ongoing Annual Conference and General Meeting of the African Union for Housing Finance (AUHF) in Abuja, Adeosun said due to current high interest rates, intervention to bring down the rates and enhance affordability of mortgages over a long tenure is needed.