Adopt flexible repayment plans for loans, Minister tells mortgage banks

The Minister of Housing and Urban Development, Ahmed Dangiwa, has called on mortgage banks in the country to adopt flexible repayment plans for mortgage loans taken by Nigeria.

The Minister who made the call on Saturday while delivering his keynote address at the 20th edition of Mortgage Banking Sub-sector CEO’s Annual Retreat, said business owners should not see the provision of housing and home loans from a business and profit motive, but as a moral imperative to reduce the number of homeless persons.

According to Dangiwa, business owners should not see the provision of housing and home loans from a business and profit motive, but as a moral imperative to reduce the number of homeless persons.

“I am pained to note that the same problems that have been militating against the growth of housing finance, mortgage adoption and housing delivery in this country are the same ones that still plague the sector today,” the Minister said.

Dangiwa, a former Managing Director of the Federal Mortgage Bank of Nigeria, lamented that unresolved constraints have continued to bedevil the housing sector since the retreat began 20 years ago.

He also noted the problems inhibiting the growth of housing finance, mortgage adoption and housing delivery in the country and stressed the need for innovation and creativity to implement solutions at every point in the value chain.

“You will agree with me that not much has changed. Most of these problems are still with us. This emphasises the need for all players to find ways to navigate the macro, legal and policy bottlenecks.

“There is a need for innovation, creativity and effective leadership at every point in the value chain. Leaders are supposed to navigate the complexities of situations to make progress,” he added.