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The Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele has identified various bottlenecks hindering genuine investors and by extension free flow of funds into the mortgage sector.
The central bank governor while delivering a keynote address at a workshop for judicial officers on mortgage, with the theme: ‘Mortgage Disputes in Nigeria: The Need for Expeditious Resolution of Case,’ in Abuja on Wednesday, noted that, “land tenure system as enshrined in the Land Use Act of 1978 has deterred proper development of a robust and sustainable housing sector in Nigeria.” Emefiele also disclosed that difficulties in delivering affordable housing to low and middle income households wherein lies the greatest demand for housing as another major drawback.
Speaking further, the Governor acknowledged limited access to housing and mortgage financing, complications in enforcing mortgage contracts and foreclosure on properties in Nigerian courts, slow bureaucratic procedures in land administration and high cost of land registration as serious impediments to adequate housing delivery in Nigeria.
Photo Caption: Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele
