'Nigeria needs over N40tn to solve national challenge' - FMBN

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In an interview with a Punch correspondent, the bank shed light on the housing deficit.

According to the bank, 72 to 102 million Nigerians do not have decent homes, thus the need for more mortgage loans and advances.

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The FMBN also revealed that Nigeria needs over N40tn in mortgage finance in order to handle the country's housing shortage, estimated at 14 to 17 million units.

“The building and construction sector, inclusive of housing, contributes a mere 1.62 per cent to the Gross Domestic Product, a dismal figure compared to contributions ranging from between 30-40 per cent to 60-80 per cent in emerging and developed economies, respectively.

The mortgage sector contributes less than one per cent to the GDP compared to what obtains in other countries such as the USA, with 63 per cent; Britain, 64 per cent; Germany, 55 per cent; Thailand, 15 per cent; South Africa, 20 per cent, India, five per cent and Ghana, three per cent,” the bank stated.