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<\/p>\nCBN building<\/p>\n<\/div>\n
In a bid to promote increase access to housing<\/a> finance and home ownership, the Central Bank of Nigeria (CBN) has launched its Nigerian Housing Finance Programme (NHFP) in Lagos area.<\/p>\n The new scheme called \u201cMy Own Home\u201d, a Public-Private Partnership (PPP) arrangement is a targeted at providing mortgages, mortgage<\/a> guarantee and insurance as well as housing microfinance to the Nigerian populace.<\/p>\n Stakeholders backing the scheme include Federal Ministry of Finance, World Bank, Federal Ministry of Power, Works and Housing, the Federal Ministry of Justice and Mortgage Banking Association of Nigeria (MBAN). MBAN is participating in the scheme through equity stake in Nigeria Mortgage Refinance Company (NMRC).<\/p>\n Expectedly, the scheme would scale up mortgage and housing finance awareness through mortgage literacy, customers\u2019 rights, responsibilities and education. Speaking at a media briefing in Lagos, the CBN\u2019s Housing\/Mortgage Finance Consultant, Nigeria Housing Finance Programme (NHFP), Mrs. Adenike Fasanya-Osilaja explained that the \u201cproduct is not designed to sell house<\/a> but to serve as a catalytic product in jump starting the housing market and capacitate the banks to give subscribers loans<\/a>.\u201d<\/p>\n On the security of the product, she said: \u201cThe programme is industry driven. The industry is the same irrespective of government and political parties in power. The scheme does not have its base in social housing and so sustainability is assured. The scheme does not discriminate on the basis of income. If you are able to pay your rent, then, you are able to subscribe to the scheme. It is a paradigm shift for home ownership in Nigeria and we will spread the initiative to all parts of the country\u201d.<\/p>\n Assistant Head of Administration, NHFP, CBN, Mr. Jackson Imandi stressed that for the programme to succeed, parties to it must ensure responsible lending and borrowing simultaneously to prevent hiccups in the process.<\/p>\n Head, Risk Management, Nigeria Mortgage Refinance Company (NMRC), Phyllis Uzoma remarked that owing to lack of access to long-term funds, most of the mortgage banks at best create only medium term mortgages, which severely constrained mortgage creation in the country.<\/p>\n She stated that NMRC has started addressing the hurdle through refinancing mortgages for long term funding<\/a> constraints hindering the growth of the primary mortgage market in Nigeria.<\/p>\n MBAN president, Niyi Akinlusi said: \u201cThe scheme would promote social stability among the millennial as everyone would be engaged in doing one thing or the other, have a source of income and be able to buy a house<\/a>, start a house and would not be available for social violence.<\/p>\n \u201cIt will create total change, when the market booms, there is capital inflow and with all the relevant stakeholders working together, we can have the Nigeria of our dream and intention to own individual homes would be achievable\u201d, he stated.<\/p>\n Guardian <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"
\nEvery Nigerian from age 21, irrespective of trade or occupation that meets the borrowing requirements of a mortgage or housing microfinance bank are eligible for the scheme.<\/p>\n