The Federal Government holds the key to turn around the fortunes of the country’s mortgage sector, Managing Director/CEO Infinity Trust Mortgage Bank Plc, Mr . Sunday Olumorin has submitted. Nigeria is in deficit position of houses estimated to be in the region of 17 million.
Speaking on Tuesday as a Lead Speaker at the 2023 annual workshop organised by the Abuja chapter of Finance Correspondents Association of Nigeria (FICAN), CEO, Infinity Trust Mortgage Bank, who was represented by Mrs. Ngozi Chukwu, Grp Head, Business Development, advised the Federal Government to give housing the first lift in fiscal and monetary policy by making funds easily accessible at a cheaper rate for sector develop.
According to her, mortgage finance had been widely recognized as the key driving force for housing development in every country.
“Also, it is popularly believed that the availability of housing provides psychological satisfaction and guarantees better healthcare for citizens of a country. Hence, housing should be given the first lift in every government fiscal and monetary policy to make funds easily accessible and at a cheaper rate because every activity in the housing sector generates employment that will boost and sustain economic growth.
“If the mortgage sub-sector in Nigeria must survive and attain its full potential to contribute significantly to the economy the government must be supportive and have a progressive outlook for the sector,” she said.
Speaking to workshop theme: “ Mortgage financing in Nigeria: impact on economy and financial inclusion,” she said the importance of shelter in man’s life could not be over emphasised, as, according to her, it ranks as one of the three basic needs of man after food and clothing.