Secondary Mortgage Market in Nigeria: The Old is Dead; Is the New Ready to be Born?
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Department of Estate Management, University of Lagos-Nigeria
There are calls for the establishment of secondary mortgage market (SMM) in Nigeria based on its inherent advantages. But can the concept of SMM be adopted or adapted? Do we have the structural, institutional and economical framework in place to sustain it? Is it possible to link the informal sector that accounts for about 80 per cent of the nation's housing stock into SMM? The history of housing finance development in Nigeria has not been a smooth one. While South Africa, in less than five years, has built about 1.5 million units of houses, mortgage in Nigeria is built on papers and in talkshops. From Africa Building Societies to Federal Mortgage Bank to the "reformed" FMBN acting as apex institution in 1991, the result was the same. The FMBN today is simply warming up to assume the position of the only secondary mortgage market in Nigeria (Taminu 2003). Experience all over the world shows that SMM evolved where there are functional primary market (Porteous 2000). With this masquerading game, are we not going to be discussing issues, constraints and prospects of the SMM come 2015?
Mortgage , Finance , Market , Housing , Research Subject Categories::SOCIAL SCIENCES
Nubi, T.G. (2007). Secondary Mortgage Market in Nigeria: The Old is Dead; Is the New Ready to be Born? Department of Estate Management, University of Lagos-Nigeria.