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“Nigerians can’t come up with 20% equity down payment necessary for mortgage”- Ogundimu

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Kehinde Ogundimu

Nigeria Mortgage Refinance Company’s Chief Executive Officer, Mr. Kehinde Ogundimu has said that Nigerians are unable to provide the 20% equity down payment required to secure a mortgage.

He made this revelation during the ThePressNG industry outlook on the real estate and construction industry.

According to Ogundimu, the inability of Nigerians to obtain a 20% equity down payment serves as a major barrier within the mortgage market.

Ogundimu noted that the challenge of meeting the equity down payment requirement extends beyond Nigerians, highlighting it as a global issue.

Ogundimu further addressed additional obstacles within the real estate and construction sector, pinpointing interest rates as the predominant challenge. He emphasized that, regarding interest rates, there were limited interventions available to the NMRC.

He indicated that the NMRC has implemented measures to streamline processes and reduce turnaround time.

 

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