The solution to Nigerias growing housing deficit lies in the restructuring of the countrys mortgage business, NIMCO Group, the developer of Ivy Suite Estate, has said.
The developer believes that the present structure of the mortgage system in the country does not support or encourage housing affordability as it is neither affordable nor accessible given the outrageous interest rate that lenders demand from borrowers.
Banjo Olumide, the Groups general manager, noted that the bad situation in the mortgage system and housing sector has been made worse by inflation, high building material prices, and devaluation of the naira which have combined to put housing out of reach for many Nigerians.
Olumide spoke in Lagos recently at the unveilin…
Read the full article at: https://businessday.ng/real-estate/article/ivy-suite-developer-sees-housing-deficit-solution-in-mortgage-business-restructuring/