Mortgage Dearth - Nigeria's Homeownership Lowest in Africa - FMBN

The lack of a robust mortgage financing system in Nigeria has made rate of home ownership in the country one of the lowest in Africa. 
Managing Director, Federal Mortgage Bank of Nigeria (FMBN), Mr. Gimba Ya'u Kumo, stated this at the 6th annual Abuja Housing Show and Housing Development Awards. He said Nigeria's homeownership rate of about 25 percent is much lower than contemporary countries such as Singapore 90 percent, Indonesia 84 percent, Kenya 73 percent, Benin Republic 63 percent, South Africa 56 percent and Libya 41 percent while that of the United States is put at 70 percent.