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

The Federal Mortgage Bank of Nigeria (FMBN) has revealed the solution to this country's 17 million housing shortage.

72 to 102 million Nigerians lack decent homes

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.

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.

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.

Eyewitness? Submit your stories now via social or:

Email: eyewitness@pulse.ng

Recommended articles

Court throws out Nnamdi Kanu’s bail application

Court throws out Nnamdi Kanu’s bail application

U.S. launches conflict monitor for Russian war on Ukraine

U.S. launches conflict monitor for Russian war on Ukraine

2023:  I will grow agriculture, revamp economy- Amaechi

2023: I will grow agriculture, revamp economy- Amaechi

PDP urges Ugwuanyi to zone Enugu West Senatorial ticket to Udi LGA

PDP urges Ugwuanyi to zone Enugu West Senatorial ticket to Udi LGA

2023: Atiku in Kaduna, promises devolution of powers to states, LGAs

2023: Atiku in Kaduna, promises devolution of powers to states, LGAs

2023: Tinubu promises to navigate Nigeria to prosperity

2023: Tinubu promises to navigate Nigeria to prosperity

2023: Adamu Garba re-enters presidential race, picks YPP form

2023: Adamu Garba re-enters presidential race, picks YPP form

Abuja-Kaduna train to resume services next week amid insecurity

Abuja-Kaduna train to resume services next week amid insecurity

ASUU calls on EFCC to investigate IPPIS in the wake of AGF arrest

ASUU calls on EFCC to investigate IPPIS in the wake of AGF arrest