Elsewhere, especially in the advanced economies of the world, housing finance is synonymous with mortgage, because in such societies, the only known way of buying and owning a home is by applying for, and accessing a mortgage facility. In Nigeria, the story is different. This is a country where home ownership is realised almost 100 percent from own savings or through communal and co-operative efforts. In Lagos, for instance, a city of about 18 million people where over 60 percent of this population lives in rented accommodation, unconfirmed report has it that about 86 percent of the housing stock in the city is funded from household income. Experts have revealed that housing finance by public authorities in Nigeria is about 10 percent; mortgage banks contribute about 2 percent, while contribution from banks and other institutions is insignificant. In a comparative analysis of what obtains in Nigeria, Ghana and South Africa, Sonnie Ayere, CEO, Dunn Lore...
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