"Mortgage refinancing in Nigeria: prospects and challenges" by Kama Ukpai, Phebian N. Bewaji et al.

Bullion

Title

Mortgage refinancing in Nigeria: prospects and challenges

Authors

Kama Ukpai, Central Bank of NigeriaFollow
Phebian N. Bewaji, Central Bank of NigeriaFollow
Adigun Mustapha, Central Bank of NigeriaFollow
Olufemi Adetunji Edun, Central Bank of NigeriaFollow
Olubukola Adegbe, Central Bank of NigeriaFollow
Josiah Dassah, Central Bank of Nigeria

Keywords

Mortgage refinance, Mortgage affordability, Financialization of mortgages, Moral hazard, Macroprudential risks

Abstract

The paper examines the mortgage (re)finance market in Nigeria with a view to identifying its prospects and challenges. The method adopted included a review of jurisdictional experiences on mortgage refinance and thereafter draw on some lessons of experience as the Nigeria case is considered as a country in transition. Further discussions centered on the challenges of financialization of mortgages, mortgage affordability, low awareness of mortgage refinancing, macroprudential risks and moral hazard that confronts mortgage refinance in the country. The paper, further, provides considerations with regard to value-reorientation, institutional, regulatory and legal infrastructures as prerequisites for successful mortgage refinance system.

Author Bio

The authors are staff of Financial Institution and Market Office, Research Department, Central Bank of Nigeria.

Publication Title

CBN Bullion

Issue

Volume

Recommended Citation

Ukpai, Kama; Bewaji, Phebian N.; Mustapha, Adigun; Edun, Olufemi Adetunji; Adegbe, Olubukola; and Dassah, Josiah (2015) "Mortgage refinancing in Nigeria: prospects and challenges," Bullion: Vol. 39: No. 4, Article 3.
Available at: https://dc.cbn.gov.ng/bullion/vol39/iss4/3

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