Analysts say the elevated interest rate environment in Nigeria is impacting the adoption of mortgages in the country and reducing access to affordable housing.
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Mortgage operators have appealed for regulatory-induced fiscal and monetary measures that would stimulate the sub-sector towards sustainable development.
They also implored the Central Bank of Nigeria (CBN) to fast-track implementation of the Mortgage Interest Draw-Back Programme (MIDP), together with other policy measures that would moderate the cost of funds to single digit, on a consistent and sustainable basis.
The operators, under the aegis of the Mortgage Banking Association of Nigeria (MBAN), made the call in a seven-page communiqué after its Chief Executive Officers (CEOs) retreat in Lagos. The association plans to engage the CBN on specific modalities required to facilitate policy implementation, monitoring and impact assessment.