FEC APPROVES $300 MILLION FOR SOCIAL HOUSING SCHEME.

There is some cheery news for prospective home/house owners in Nigeria. Nigeria’s Federal Executive Council recently approved the request of the Minister of Finance, Dr. Ngozi Okonjo-Iweala, to secure a $300 million loan from the International Development Association Housing Projects in Nigeria. Housing demand exceeds its supply and this has a multiplier-effect on rents. It is estimated that Nigeria needs more than 700,000 housing units annually as against the current 100,000 units available.

The main objective of the Nigeria Housing Finance Project is to increase access to housing finance by deepening the primary and secondary mortgage markets in Nigeria. Sequel to this development, people who up to now could not provide adequate collateral to access loans will not experience much difficulty in securing loans to enable them own homes/houses through a mortgage.

Investors be on high alert.....LOL