Nigerians To Own Houses With N1.5 Million – Mortgage Expert


Nigerians desirous of owning their own houses will be able to do so with just N1.5 million, according to the managing director of the Nigerian Mortgage Refinance Company, NMRC, Charles Inyangate.

He made this known on Monday when he spoke to reporters at a press briefing for the upcoming African Union for Housing Finance, AUHF, 2016 conference, which it is co-hosting with the AUHF in Abuja from September 14 to 16.

The AUHF is an association of 56 mortgage banks, building societies, microfinance institutions, housing corporations and organisations, involved in mobilisation of funds for shelter and housing in Africa.

“We are ready to refinance houses as cheap as N1.5 million, we are not looking at the money market but hope that technology will allow us to actually build houses at that price, Iyangate stated

He said further: “It will first of all drive down the affordability because the prices of houses in Nigeria are particularly very high,’’ the NMRC chief noted, adding that the conference will seek to provide solutions to the serious problem of housing in Africa.”

The outcome of the meeting will be known as “Abuja Declaration”, which the AU’s Housing and Urban Development Coordinating Unit will work with as part of the Africa Delegation’s contribution to Habitat III meeting, in Equador in October 2016.

“The conference will also explore how to grow Africa’s mortgage markets to provide sustainable access to affordable housing finance as well as public-private partnership for affordable housing delivery,” Inyangate said.

With about 170 participants from more than 23 countries, the conference is coming at a right time, especially with the Federal Government finding ways of reducing Nigeria’s 17 million housing deficit.

The Minister of Power, Works and Housing, Babatunde Fashola, is expected to deliver the keynote address, including the blueprint the government is adopting to solve the problem of housing in Nigeria.

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