Nigerians’ access to mortgages and investment in real estate has been negatively impacted by the Central Bank of Nigeria’s frequent interest rate increases.
"To tame the accelerating inflation rate in the country, the Central Bank of Nigeria has hiked the interest rate from 11.5 per in April 2022 to 18.5 per cent in July this year."
This was as they expressed concern that the increasing rivalry among professionals involved in the construction of houses was inhibiting the growth of the sector.