FG, States Consider 35-year Mortgages at Single-Digit Interest Rates

The federal government and state governments are considering far-reaching mortgage reforms, including single-digit interest rates and repayment periods of up to 35 years, to make homeownership more affordable for millions of Nigerians priced out of the housing market.
The proposals, which also include expanding housing finance to traders, farmers and other self-employed Nigerians, emerged at the 15th meeting of the National Council on Land, Housing and Urban Development (NCLHUD), which opened in Sokoto on Monday against the backdrop of a housing deficit exceeding 14.5 million units and an estimated 50.6 million people living in unsafe housing conditions.
Sokoto State fommissioner for ...