Business Nigeria puts $300 million World Bank cash into mortgage agency - Reuters

[curator]

ABUJA, Jan 22 (Reuters) - Nigeria has put $300 million worth of World Bank aid money into a mortgage-backed guarantee that it hopes will boost lending via the creation of a secondary market, the finance ministry said on Wednesday.

Africa's most populous country and second biggest economy suffers a woeful housing shortage, with somewhere between 16 and 20 million new homes needed just to keep up with current demand, according to official figures.

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Source: Reuters

 

[Jomaryngs]

It's strange that the government thought about it only in 2014. The obvious overpopulation of Africa was not news to anyone in the early 200s.

 

[Ronnyvagh]

Efforts to improve mortgage conditions also didn't help. The demand for housing is still lower than the actual supply. Have you seen houses built from plastic bottles? In Nigeria, people have been building these since 2018, assuring everyone else that this is a great, sustainable option. But let's be honest, who would want to live in a house made of plastic bottles? If Mortgage Advisor Bristol had offered me that option here in Britain, I wouldn't spend an extra second talking. It'd be a good experiment for three days, but not for a long happy life with my family there.