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.