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World Bank Lends Nigeria $300m for Affordable Mortgages

Initiative aims to boost mortgages supplied to middle to low income earners

The World Bank recently disclosed details of its loan to Nigeria which aims to bring affordable mortgages to Nigeria’s middle and working classes.

Nigeria is currently making an concerted effort to capitalise on its oil windfall, by investing in its infrastructure.

Marie Francoise Marie-Nelly, the World Bank Country Director for Nigeria said:

The Nigerian financial system has quickly grown and is becoming increasingly integrated into the regional and global financial systems… Today’s project will further the country’s economic success, strengthen the nascent mortgage market and create much-needed jobs in construction, housing improvement, finance and other sectors throughout Nigeria.

Michael Wong, the World Bank Task Team Leader said of the project:

This project will directly benefit new home owners who struggle to find available cash to purchase a long-term mortgage and increase incomes for Nigerian families through the creation of new jobs.

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