The Manager, Aridan Homes and Properties, Mrs. Gift Akande, has urged Nigerians to consider mortgage financing as a solution to the housing deficit in the country. The Expert also emphasized the significance of opting for mortgages over high-interest shark loans, which often lead to unnecessary financial strain.

Mrs. Akande made the call during a press briefing, following an inspection of Emerson Parks and Garden, Lala, a property estate along the Abeokuta-Sango-Ota Expressway in Ogun State. She highlighted the accessibility and sustainability of mortgage financing in achieving homeownership goals.

Akande reiterated the importance of making housing more affordable by providing flexible payment plans to accommodate a wider range of individuals, especially in regions like Abeokuta, the capital of Ogun State.

She emphasized the pivotal role played by private entities like Aridan Homes in supplementing government efforts to address the housing deficit and offer quality, affordable housing options to the Nigerian populace.

Challenges Faced by Prospective Homeowners

Addressing the dilemma faced by many Nigerians with aspirations of homeownership, Akande pointed out the financial constraints hindering individuals from realizing their housing dreams due to inadequate earnings.

Advocating for an increase in the minimum wage to empower workers with greater financial resources for housing investments, Akande stressed the need for a revamped mortgage facility that allows extended repayment periods spanning 20 to 25 years.

The Impact of Low Remuneration

Echoing these sentiments, Sola Ojikutu, the Chief Executive Officer of Entrecom Homes and Properties, underscored the detrimental effects of poor remuneration on homeownership aspirations, particularly for Nigerian workers.

Ojikutu urged the government to prioritize salary increments to provide workers with the necessary disposable income to pursue their housing goals effectively.

Highlighting the financial constraints faced by many Nigerian workers, Ojikutu emphasized the critical need to address low remuneration to enable individuals to allocate funds towards achieving their homeownership aspirations.