Nigerians Earning Below N500k Struggle to Access Mortgages Due to High Rates and Affordability Issues
Despite a housing deficit of over 20 million units in Nigeria, mortgage penetration remains below 1%. Adedeji Ajadi of the Mortgage Bank Association of Nigeria highlights that even modest homes require repayments exceeding 40% of monthly income, far above global affordability thresholds.
Factors like lack of formal financial access, high interest rates, short tenures, legal barriers, and low awareness contribute to the low mortgage uptake in the country.
Plus234Feed summary based on reporting from Business Day. Read the original report below.
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