Ex chairman calls for effective mortgage system in Nigeria

The former chairman of Nigerian Institute of Town Planners, Abuja chapter,is calling for an effective mortgage system in Nigeria.

LEADERSHIP reports that Alhaji Saka Olajide says better mortgage plans is the key to solving Nigeria's lack of housing.

“As long as you don’t have effective mortgage system in Nigeria, housing may not be cheap and may not be available to everybody. And the people who are building big houses in the town they are not building for the poor. They cannot go and borrow money at 25 to 30% and you say they should give it to the poor. Banks will not do it, individuals will not do it, only government can do it. Government have the land, they can develop the infrastructure as their own contribution and allow people to build the houses through mortgage system. Without mortgage system I don’t see us getting out of the problem of lack of housing.”

Last year, Imperial Homes collaborated with Lamudi Nigeria to provide affordable mortgage facilities.

Former Managing Director of Lamudi, Obi Ejimofo, spoke on the partnership, calling it beneficial to Nigeria's real estate sector.

"We chose to partner with Imperial Homes specifically because they share the same ideals and have developed mortgage and savings products designed to assist the broader populace in getting a firm foot on the property ladder, as of today, when you visit Lamudi, you can not only find your dream home, but also secure the finances to buy it.”

Do you agree that Nigeria's 17 million housing deficit can be solved with an effective mortgage system?