The Securities and Exchange Commission (SEC) has stated that the non-interest segment of the capital market is capable of financing the housing sector.
This, SEC said, will lead to better well-being of the citizenry as well as general performance of the other sectors of the economy.
The director general of SEC, Mr. Lamido Yuguda stated this during a webinar with the theme: ‘the Non-Interest Capital Market as Panacea to Mortgage Financing in Nigeria’. He said, it is a well-known fact that financing residential and commercial real estate to enhance societal well-being and unlock economic opportunities, remains a global challenge.
Yuguda said, he considers the theme timely and relevant in the discourse of issues pertinent to the growth and advancement of the Nigerian capital market and the economy as a whole.
According to Yuguda,” Ihave observed with delight, the attention this webinar has generated, and come to the conclusion that it is a clear indication of the keen interest in the potentials, that the Non-interest finance segment holds in furthering the development of the Capital Market and the growth of our economy.
“According to a World Bank study, Nigeria’s housing sector requires an investment of about N59.5 trillion to bridge the 20 million housing deficit that is increasing yearly. Undoubtedly, this shows a huge untapped investment opportunity in the Nation’s real estate sector.”