Advocates Call for Mortgage Financing to Address Nigeria's Housing Deficit

Mrs. Gift Akande, Manager of Aridan Homes and Properties, advocates for Nigerians to embrace mortgage financing as a solution to the housing deficit, emphasizing its advantages over high-interest loans.

During an interview following an inspection of Aridan Homes’ estate, Emerson Parks and Garden, Lala, along the Abeokuta-Sango-Ota Expressway, Ogun State, Akande stressed the importance of affordable housing solutions through mortgage financing instead of resorting to burdensome shark loans.

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Akande highlighted the resource-intensive nature of homeownership and encouraged Nigerians to opt for mortgage financing, underscoring Aridan Homes' commitment to providing accessible housing options.

Recognizing the government's limitations, Akande emphasized the need for private sector involvement in addressing the housing deficit and ensuring quality, affordable housing for all.

She called for government intervention to enhance workers' earning capacity, suggesting an increase in the minimum wage to enable them to pursue their housing needs effectively. Akande also proposed the recapitalization and strengthening of mortgage facilities to facilitate long-term property ownership.

Similarly, Sola Ojikutu, CEO of Entrecom Homes and Properties, identified inadequate remuneration as a significant barrier to homeownership among Nigerians. Ojikutu urged the government to prioritize raising the minimum wage, citing the plight of poorly compensated workers who struggle to afford housing.

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Both Akande and Ojikutu emphasized the urgent need for government action to address economic challenges hindering homeownership aspirations and to promote mortgage financing as a sustainable solution to Nigeria's housing deficit.

Source: PunchNG

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