The rate of poverty in Nigeria is unarguably very high. In fact, the Bureau of Statistics in its latest report estimates that a whopping 102 million Nigerians fall within the poverty bracket.
The question is, how many of these less privileged Nigerians can borrow money from the bank at a 20 percent interest rate to either buy or build their own houses?
Against this backdrop, built environment experts are now campaigning for the direct intervention of the Federal Government in the mortgage sector so that interest rate on mortgage loans would not exceed a single digit.
Specifically, the Nigerian Institution of Estate Surveyors and Valuers NIESV, which has been in the vanguard of calls for a reform of the nation’s land tenure system, has joined the fray in campaigning for a reform of the country’s mortgage finance system.
Its president, Emeka Eleh told Vanguard Homes & Property that the reform has become very imperative in view of its multiplier effects on the economy.
One how to bring down interest rate to a single digit, the NIESV President said government should use the same model of intervention adopted for small and medium enterprises, SMEs.
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