Why mortgage accounts for less than 3% of housing finance in Nigeria

Why mortgage accounts for less than 3% of housing finance in Nigeria

Unlike its peers in Africa and despite the touted growth in its economy, mortgage penetration in Nigeria is still less than 1 percent and  accounts for less that 3 percent of housing finance and homeownership. In other jurisdictions, especially the advanced economies, individuals and households buy homes through credit given to them by mortgage banks…

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