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Nigeria: 32 Years After, Nigeria to Establish National Mortgage Registry
2025-04-21 15:45:03| Spiritual Career Counseling
Ensure expansion to informal sector - Expert Despite the crucial role the mortgage industry plays in Nigeria's economy, the mortgage sector has long been plagued by inefficiencies, a lack of transparency and complex bureaucratic hurdles that make homeownership an uphill battle for millions of citizens.With a housing deficit exceeding 20 million units, the sector's underperformance is starkly evident. Mortgage penetration remains below 1% of GDP, significantly lower than rates in other African countries like South Africa (30%) and Kenya (5%).This disparity highlights systemic issues that have stifled growth and deterred investment in Nigeria's mortgage sector.The absence of a centralised, verifiable mortgage record system has exacerbated these challenges, leading to fraudulent property transactions, multiple claims on properties and protracted delays in mortgage approvals.For decades, prospective homeowners have faced long approval timelines, difficulty in verifying property ownership a...
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