Tag Archives: mortgage

Housing is one of man’s key needs. Most people would like to own their own houses. Unfortunately, there are far too many obstacles stifling the achievement of this dream of owning their own homes. In spite of Nigeria being Africa’s largest economy with a GDP of $510 billion, the housing and construction sector accounts for only 3.1% of the rebased ...

Housing sector plays a critical role in the development of an economy. It not only affects the welfare of the citizens but also the performance of other sectors of the economy. It is one of the three most important basic needs of man, the others being food and clothing. Consequently, greater attention is being given by governments in the delivery ...

History of some sort will be made this month, following plans by the Nigerian Mortgage Refinancing Company (NMRC) to provide its first tranche of refinancing for existing mortgage loans in the market, totaling about N10 billion, which will deepen affordable housing processes, especially for first time buyers. The new deal is coming as part of the bargain by NMRC to ...

The United Nations Human settlements programme (UN-Habitat) has proposed a seven point housing agenda, and if adopted by the in-coming Buhari administration, this could transform Nigerian cities into functional, productive, equitable, resilient and safe place to live in. The proposed agenda is consistent with research findings and policy advocacy that the agency have pursued over several years, harped on the ...

Purpose THE Mortgage and Property Law 2010 established the Lagos State Mortgage Board (LMB). The law outlines the functions of the agency. Some of these functions include generating a conducive environment for citizens of the state to secure affordable mortgages or charges to enable them purchase their own homes; advise the Governor on the funding, administration and structure of the ...

The Governor of Lagos state, Babatunde Raji Fashola, on Thursday said home ownership through mortgage was the only way to address the problem of housing deficit in the country. The governor spoke at the inauguration of Chois Estate, a housing estate in Lekki area of the state. NAN reports that the 420-unit estate of bungalows and duplexes was delivered by ...

Despite the current economic difficulties occasioned by a significant drop in oil revenue, foreign investment inflows into the country recorded fresh impetus on Tuesday when Cantor Fitzgerald, a highly regarded investment company based in the United States of America, signed a memorandum of understanding with the Nigeria Mortgage Refinance Company (NMRC) for $1 billion (about N200 billion) in mortgages in ...

Expectations are high that Nigeria’s mortgage market which has, for too long, suffered slow growth, will experience a boom when the Nigerian Mortgage Refinance Company (NMRC), a private sector-led secondary mortgage market, starts refinancing more mortgages. The company, which launched 10,000 mortgages last year with an initial target of creating 200,000 mortgages, disclosed recently its plan to refinance one million ...

The Minister of Finance, Dr. Ngozi Okonjo-Iweala, recently revealed that 33 Nigerians have benefited from the Federal Government’s housing programme under the mortgage refinancing scheme. The Minister also added that 9,667 people had also been cleared as eligible to benefit from the scheme. The minister said this while presenting a speech at the Caritas Nigeria Forumon Tuesday in Abuja. In ...

The Federal Ministry of Lands, Housing and Urban Development has said it has reduced housing deficit, improved quality of houses and increased affordability of houses in Nigeria. According to an interview with Daily Trust last week, the Minister of Lands, Housing and Urban Development, Mrs Akon Eyakenyi pointed out that in the last four years, the ministry has provided 61,000 ...