Chris Steven, Abuja
Godwin Emefiele, the Governor, Central Bank of Nigeria (CBN) says limited access to housing and mortgage financing, complications in enforcing mortgage contracts and foreclosure on properties in Nigerian courts are some of the bottlenecks killing mortgage in the country.
According to him, slow bureaucratic procedures in land administration and high cost of land registration are also serious impediments to adequate housing delivery in Nigeria.
He spoke in Abuja at a workshop for judicial officers on mortgage, with the theme: Mortgage Disputes in Nigeria: The Need for Expeditious Resolution of Case.
“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” he said.
Emefiele also noted that the difficulties in delivering affordable housing to low and middle income households wherein lies the greatest demand for housing as another major drawback.
He also identified high rate of population growth, high rate of rural-urban migration and exorbitant cost of construction materials as other problems militating against the robust development of housing and mortgage sectors in the country.