Mortgage, Mortgage finance, Financial system, Housing, Development, FSS 2020, Housing finance
This paper examines the Mortgage sector of FSS2020 Strategy document which falls within the category of the drivers of the FSS2020 Strategy implementation blueprint. FSS2020 Mortgage: Vision and Mission. The paper further explores the Strategic Objectives of FSS2020 Mortgage Sector and the Transformational Programmes which includes: Ml - Establish a secondary mortgage market; M2 - Attract affordable international credit to fund affordable housing programmes; M3 - Advocate for mortgage ready and affordable housing. Three Transformational Programmes were designed to support the realization of the three objectives of the Mortgage Sector namely: TPl - Establishment of Mortgage Refinancing Companies (MRC) TP2 - SPV for the Development of Affordable Housing Clusters TP3 - Mortgage Asset Registry System (MARS) It is to be noted that Strategic objective M1 is supported by TP1; Strategic objective M2 is supported by IP2 while Strategic objective M3 is aligned to Tp3. The paper concluded with a description of the end-state of the Nigerian mortgage market by the year 2020 is therefore depicted with the following outlook: (a) Nigeria would have developed a mortgage market that is safe and profitable. A market that would have provided access to housing finance to over 30% at Nigerians in all social closes in urban centres to own their own houses; (b) a market that has multiple long-term funding sources including full integration with the Nigerian capital market where the value of listed mortgage backed securities will be at 20% of the market capitalisation of equities; (c) a market that would account for about 15% of the gross domestic product of the country, stimulating construction activities with attendant multipliers and providing up to l0% of the population with jobs. (d) a market that would provide Iong-term financing facility for mortgages of low interest rate and accessible to all classes of Nigerians.
Aririguzo, Patrick E.
"Transforming the mortgage sub-sector using the FSS 2020 platform,"
Bullion: Vol. 41:
3, Article 11.
Available at: https://dc.cbn.gov.ng/bullion/vol41/iss3/11