 |
| Iweala |
Olumide T. Agunbiade
By the
end of 2013, young professionals in Nigeria will be able to access mortgages
says Iweala at the just concluded 17th Annual African Business Conference
hosted by the Harvard Business School, themed: Redefining Africa: The Emergence
of a New African Story.
At the
closing Keynote address by Dr. Ngozi Okonjo -Iweala, the Nigerian Minister of
finance closed her speech with a very good insight about the Nigerian Real
Estate Industry, stating “Let me end with a very important interesting area
that i feel has a lot of opportunities which is the Housing and Real Estate”
Nigeria
is working towards creating a housing market, she stressed on lack of mortgage
transactions stating, “In Nigeria we have 20,000 mortgages in a country of 165
Million people, this leaves a huge opportunity in the housing market with 17
million housing deficit.
Having
identified this major challenge, she went ahead to state that creating a
Nigerian private-owned with Government participation Mortgage refinance company
(MRC) will help securitize and refinance mortgages. Stating that apart from
unleashing the full potentials of Housing and creation of large number of jobs
in Nigeria, the MRC plans to tackle the housing issues of Foreclosures and Land
titling.
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