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World Bank approves US$300 million Nigeria’s mortgage

APA

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The Minister of Lands, Housing and Urban Development, Ms Ama Pepple, said this while briefing State House correspondents on the outcome of the weekly Federal Executive Council (FEC) meeting in Abuja on Wednesday.

Pepple, who was represented at the briefing by the Permanent Secretary in the Ministry Alhaji Ibrahim Mahe, said the mortgage company was being worked out by the Federal Ministry of Finance in conjunction with the Central Bank of Nigeria (CBN).

She expressed the hope that the company, when operational, would create about 200,000 mortgages across the country.

“The Minister highlighted the support that was given to the ministry or rather to the sector by the World Bank. You must have heard, I’m sure, that the World Bank is making available a credit of US$300 million for the establishment of Mortgage Re-Financing Company.

“That company is being worked out by the Federal Ministry of Finance in conjunction with the Central Bank of Nigeria and when it is formed eventually, the expected is that it will able to create more mortgages in the country.

“In the medium term, that company is expected to create 200,000 mortgages, in the long term, it will create much more.”

The minister said that her ministry had delivered 8,069 houses in 2012.

She said the ministry’s prototype housing scheme had so far produced 256 houses in three cities of the federation, adding that the ministry had also entered into partnership with private companies to build houses in Taraba, Gombe, Kano and other states.

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