The Minister of Housing and Urban Development in Nigeria, Ahmed Dangiwa, has urged mortgage banks to adopt innovative approaches such as rent-to-own mortgage options and flexible monthly mortgage loan repayments.
Speaking at the 20th edition of the Mortgage Banking Sub-sector CEO’s Annual Retreat in Abuja, the minister emphasized the need for affordable mortgages, particularly for Nigerians within the low and medium-income segments.
Dangiwa urged mortgage banks to view the provision of housing and home loans not only from a business and profit perspective but also as a moral imperative to address homelessness.
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He encouraged CEOs of mortgage banks to explore creative ways to develop innovative mortgage products that respond to the current economic situation in Nigeria.
Highlighting the challenges facing the housing finance sector, Dangiwa stressed the importance of innovation, creativity, and effective leadership at every point in the value chain.
He called for the deepening of mortgage refinancing with long-term funds in the capital market to unlock the potential of the housing market.
The minister expressed concern that despite the existence of long-term funds in the capital market, they have not been maximally tapped to refinance mortgage loans and make housing more affordable.
He urged leaders in the sector to navigate complexities and work towards expanding access to affordable mortgages, not only for the elites but also for those in the low- and medium-income segments.
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