TheCable

Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), says Nigerians who wish to own homes through mortgage financing can now do so.

Speaking at the launch of ‘My Own Home Scheme’, an initiative of the CBN in collaboration with its partners, in Abuja on Monday,  Emefiele, who was represented by Tokunbo Martins, director banking supervision at the CBN, explained that the aim of the scheme is to increase access to housing finance for Nigerians.

He said the initiative which is under the Nigeria Housing Finance Programme (NHFP) is purely driven by “public-private partnership”.

“If you seeking the capacity to purchase a home through mortgage this is the time… the time has come for you….” he said.

“Through the Nigeria Mortgage Refinance Company (NMRC), mortgage guarantee scheme and housing micro-finance scheme several people have become home owners already and nobody must be left behind.”

Under the scheme potential mortgage clients, who cannot make 20 percent initial down payment of the value of a piece of property but have the capacity to make regular payments, can access mortgage,  but on the basis of third party guarantee.

The NHFP was set up by the federal government for the purpose of ensuring improved access to housing finance and housing in general for Nigerians.