Nigerian Mortgage Lenders Strain as Loans Sour on Job Losses
By-
Home-loan providers struggling to survive, industry body says
-
Non-performing loans reach 55% of mortgages as inflation soars
Nigeria’s mortgage lenders are buckling under the weight of unpaid loans as job losses and inflation near a record high hinder the ability of customers to pay off their debts.
“They are just struggling to survive,” Adeniyi Akinlusi, president of the Mortgage Banking Association of Nigeria, said in an interview in Lagos, the commercial capital. “A lot of them aren’t making money.”
While the association said it isn’t aware of any mortgage lenders on the verge of collapsing, increased pressure on the nation’s 36 home-loan providers presents another challenge to President Muhammadu Buhari, whose administration is grappling with how to reverse the first contraction in gross domestic product in 25 years. Rising costs for everything from building materials to school fees has meant the industry has been stagnant since June, Akinlusi said…
Nigerian Mortgage Lenders Strain as Loans Sour on Job Losses
