CBN Unveils ‘My Own Home’ Scheme

Having a house in Nigeria is usually a bragging right. The type of house you occupy provides information about your status, your standard of living and peculiar taste. Houses in most Nigerian communities are used as a yardstick for one’s social status. The rate of owning a house is particularly challenging. This has become a major prayer point in most religious homes. A new scheme has been provided by stakeholders in the housing industry. This scheme is aimed at providing enhanced access to housing finances to aspiring home owners. This public-private partnership scheme known as “My Own Home” is domiciled by the Central Bank of Nigeria. The scheme is for providing awareness, education and practical tips for prospective homeowners in need of long-term housing finance. Reasons, why most housing schemes fail over the years, are poverty, high costs of housing units, access to credit facilities, low incentives to investors, low housing cultures among other things. With this new scheme, Nigerians hope to have a smooth sail in getting affordable housing.  According to The Deputy Director, Other Financial Institutions Supervision Department, Mrs. Martins Tokunbu, as she represented CBN Governor, gave reasons for the launch. She explained that launching “My Own Home” scheme is to improve access to housing finance and housing in Nigeria through Nigeria Mortgage Refinance Company (NMRC), Housing Microfinance Scheme. In Nigeria, renting your home means you are putting up your landlord’s investment and with palaver at that. When you own your home, you can cook your pot of soup in peace and live serenely. No more putting up with early morning alarm knocks by your landlord to pay your monthly rent’s bills. Neither would you have to avoid your landlord.

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This article was first published on 28th August 2017

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