Nigeria’s housing deficit of over 20 million units can be reduced if access to a functioning and affordable mortgage system improves, according to Mustapha Njie, Group Managing Director, TAF Africa Global.
While it is impossible to construct houses that cost N4-5 million, Njie explained during a panel session at the 2021 edition of the BusinessDay CEO Forum that access to cheap finance can enable the development of properties that will be affordable for many of Nigeria’s middle class or even the low-income earners.
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“Housing prices can come down in Nigeria if we have access to affordable mortgages,” Njie said.
According to him, there is also a need for a partnership with multilateral that can offer affordable financing to enable off-takers to pay less for housing properties.
“What we have done that’s working in The Gambia is to engage banks to issue mortgages. They are now issuing single-digit interest rates to Gambians in diaspora and then 13 percent for locals in the Gambia.”
