The Managing Director, Drekford Global Concept Limited, Mr Daniel Oparinde, has called on the Federal Mortgage Bank of Nigeria to re-assess the mortgage system to reflect the current economic realities in the country.
Speaking on the rising cost of construction materials, the real estate developer argued that the federal mortgage system is no longer adequate to address the housing needs of Nigerians, stressing that the private sector should be involved in bridging the housing gap by providing attractive mortgages to citizens.
“The cap, for example, is N15m. A decent apartment located within the city would cost more than N15m except the government is encouraging people to go to remote areas to own a home. Even at that, the high cost of building materials is eating a large chunk of the money.
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