Nigeria’s Central Bank Leads Housing Finance Sector Reform
Central Bank of Nigeria (CBN) has announced that it will make reform of the housing finance
one of its priorities in the next few years. Nigeria’s
mortgage sector is extremely small – less than 0.5 percent of GDP, which
hampers formal housing development. On august 11, 2011, the CNB organized a
Stakeholder’s Roundtable on “Expanding Housing Finance in Nigeria” at the
Central Bank in Abuja to kick off the initiative. It is a joint effort by
CNB and the Federal Ministry of Lands, housing and Urban Development (FMLHUD).
The Roundtable, which represents all public and private sector
stakeholders in the sector issued a Communiqué and will meet half-yearly.
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