Nigeria: Mortgage Bankers Association of Nigeria to Address Housing Deficit
Former Mortgage Bankers Association of Nigeria (MBAN) president, Ebilate Mac-Yoroki, has called for a fundamental overhaul of Nigeria's housing finance system to address the country's severe housing deficit. According to Mac-Yoroki, Nigeria needs to produce at least 500,000 homes annually to meet the demand for housing, as the current rate of less than 50,000 units annually is not sufficient.
Mac-Yoroki emphasized that addressing Nigeria's housing deficit requires a market-driven solution that involves the establishment of a Central Housing Data Repository and the Central Housing Data Directorate.
The former MBAN president suggested that the Central Housing Data Repository would provide comprehensive housing data, which would enable automated credit scoring for informal-sector workers and the adoption of Automated Valuation Models (AVMs) to reduce reliance on subjective property valuations.
Mac-Yoroki argued that Nigeria's real estate sector should focus on developing affordable and middle-income housing units, rather than concentrating on luxury properties.
To address Nigeria's housing deficit, Mac-Yoroki proposed the establishment of a Central Housing Data Directorate to work closely with the MBAN secretariat and ensure that housing policies, land reforms, and budgetary allocations are informed by reliable housing data.
Speaking at the 2022 MBAN annual conference, Mac-Yoroki emphasized that the establishment of a Central Housing Data Directorate would enable the integration of data from various sources, including MBAN, mortgage lenders, and real estate developers, to provide a comprehensive database for the housing sector.
The ex-president of MBAN also urged the Federal Government to establish a Central Housing Data Repository, which would integrate data from the National Collateral Registry, the National Housing Fund, and other relevant stakeholders to provide a centralised platform for the housing sector.
Mac-Yoroki noted that the Central Housing Data Repository would enable the creation of a reliable and robust database for property ownership and mortgage lending, and reduce the reliance on subjective property valuations.
The Central Housing Data Directorate, he said, would enhance transparency and reduce the risk of fraud and corruption in the housing sector.
Speaking at the conference, Mac-Yoroki highlighted that the Central Housing Data Directorate would enable the integration of data from various sources, including MBAN, mortgage lenders, and real estate developers, to provide a comprehensive database for the housing sector.
The ex-president of MBAN emphasized that the establishment of a Central Housing Data Repository would enable the creation of a reliable and robust database for property ownership and mortgage lending, and reduce the reliance on subjective property valuations.
Mac-Yoroki argued that the Central Housing Data Repository would enhance transparency and reduce the risk of fraud and corruption in the housing sector.
The Nigerian Mortgage Bankers Association (NMBA) and the Nigerian Mortgage Refinance Corporation (NMRC) could provide the necessary resources for the Central Housing Data Repository, while the Federal Government could provide policy direction and regulatory oversight.
Mac-Yoroki stated that the Central Housing Data Repository would enable the integration of data from various sources, including MBAN, mortgage lenders, and real estate developers, to provide a comprehensive database for the housing sector.
The ex-president of MBAN argued that the establishment of a Central Housing Data Repository would enable the creation of a reliable and robust database for property ownership and mortgage lending, and reduce the reliance on subjective property valuations.
Mac-Yoroki maintained that the Central Housing Data Repository would enhance transparency and reduce the risk of fraud and corruption in the housing sector.
Nigeria: MBAN President Proposes Digital Property Registry to Tackle Housing Deficit
- The ex-president of the Mortgage Bankers Association of Nigeria (MBAN), Ebilate Mac-Yoroki, has called for the establishment of a Central Housing Data Repository to address Nigeria's housing deficit.
- Mac-Yoroki argued that the Central Housing Data Repository would enable the creation of a reliable and robust database for property ownership and mortgage lending, reducing reliance on subjective property valuations.
- He noted that the Central Housing Data Repository would enhance transparency and reduce the risk of fraud and corruption in the housing sector.
- The ex-president of MBAN has proposed the mobilisation of institutional funds from the Nigerian Mortgage Bankers Association (NMBA), the Nigerian Mortgage Refinance Corporation (NMRC), and the Federal Government to fund the Central Housing Data Repository.
- Mac-Yoroki suggested that the Central Housing Data Repository could provide the necessary resources for the mortgage market, enabling the integration of data from various sources, including NMRC, mortgage lenders, and real estate developers.
- He emphasized that the Central Housing Data Repository would improve transparency and reduce
<small>Source: The Sun Nigeria — read the original story there.</small>
