World Bank, CBN Seek New Law for Model Mortgage Regime

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World Bank, CBN Seek New Law for Model Mortgage Regime

World Bank and Central Bank of Nigeria have initiated collaborations in efforts to review the existing Land Use Act laws and create enabling environment for the mortgage activities to thrive in the country.

The move which is aimed at enhancing housing delivery in the country is coming on the heels of an affirmation that Nigeria has about 16 million housing deficit, which needs to be closed.

The World Bank has already extended a 300 million dollars lifeline credit to the country for the Nigerian Housing Finance Programme meant to boost mortgage finance and refinancing.

However,the credit line, announced by CBN on Tuesday, will provide a guarantee to allay the fears of the mortgage institutions about non-repayment by the beneficiaries.

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