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


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






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