You can now have your own house

Does that not sound like everybody's dream? Owning a house you can call your own. That is a big relief when you consider the trauma many go through in the hands of landlords. The government of Dr Goodluck Jonathan is coming strongly to the rescue of Nigerians with the introduction of the Nigeria Mortgage Refinancing Company. The Company, a brainchild of the Federal Government, has signed a Memorandum of Understanding with Cantor Fitzgerald,  a global investment firm, to build a 10,000 housing units spread over Kaduna, Lagos, and Abuja within 12 months. The contract is worth some N200 billion. The houses which would be rented out to qualified Nigerians would sell for N8 to 15 million, with payment spread over 20 to 30 years.

The Coordinating Minister for the Economy, Dr Ngozi Okonjo-Iweala, who is at the heart of the scheme confirms that it is showing Federal Government's commitment to affordable housing for Nigerians. The scheme is expected to take off in April this year.

All you need do is to apply like every other person with collateral. Perhaps your strongest collateral would be that you are in government service and still have some 20 or more years to put in, during which time the 'rent' which would eventually turn out to be your payment, would be deducted. If your application gets through then you need to pay the initial mortgage fee, collect the keys and move in! The rest is left for government to do. This is a very convenient way to own a house, but it does not address those who have no collateral. Perhaps government has to think of this too so as to accommodate all Nigerians. Congrats Nigeria!