Mortgage in Nigeria is a mockery of housing credit system –Ashmolowo

The senior pastor of the Kingsway Church, Matthew Ashimolowo, has said that mortgage in Nigeria is a mockery of the housing credit system.

Ashmolowo, who spoke at the ongoing Africa International Housing Show in Abuja, explained that what is obtained in other economies coupled with the high interest rate in Nigeria makes mortgages a huge joke.

Read also: Improving access to mortgage penetration in Nigeria

The pastor who was the chairman of the opening ceremony for the housing show added that with interest rates at 25—30 percent and very short tenors, mortgages are too expensive in the country to finance the housing Nigerians need.

To finance the housing they need, he said, Nigerian housing producers have to be innovative and intentional in creating products that are affordable.

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