Nigeria’s Acting President Yemi Osinbajo recently announced that Nigerians will be able to own a home soon for as low as N30,000.
In a statement released by the office of the Acting President, Osinbajo explained that “the Family Home Fund of our Social Housing Programme will provide inexpensive mortgages for low-income individuals and families across the country.”
“Both the World Bank and AFDB are contributors to the fund from which developers will borrow 80% of cost of project and counter fund with their own 20%.’’
Prof. Osinbajo added that “the same fund will enable us to provide inexpensive mortgages for hundreds of thousands across the country especially for Nigerians who can afford N30, 000 per month.’’ Some of the houses are estimated to cost as low as N2.5 million, which would be paid for through the monthly mortgages.
He said: “we expect that this Family Housing Fund will jumpstart and expand construction exponentially across the country.’’