Thanks to those that made comments on my tweet on the possibility of Nigerians getting mortgage loans for home ownership. It’s really not about the banks as it appears. It’s more about the structure of our politics and our economy. #mortgage
2. The banks are also victims of a system where a few use political power to control economic resources to benefit themselves to the detriment of the majority, though the banks are also controlled by members of the elite class. #mortgage
3. It is not just that the elite class does not care, it is that it does not want the current structure to change because it has access to the commonwealth and finds it easy to manipulate a hungry citizenry. #mortgage
4. The starting point is our collective ambition. Do we want a country where interest rates are low and the banks can give out home, business and personal loans to people that are trustworthy? #mortgage
5. Or do we want to continue to pay rent most of our lives and build houses that take 10-20 years to complete? That is assuming we don’t leave them to the next generation to complete. #mortgage
6. We must pay attention to leadership in the political, private and religious sectors, and stop the worship of people with money and power. It may not fit our traditional leadership culture but we need to hold people accountable for what they do with collective wealth. #mortgage
7. Are the two bills being discussed at the National Assembly to control hate speech symptomatic of the country’s real problems? Are they meant to empower citizens or to prevent accountability by leaders? #mortgage
8. This is not to take away from government’s efforts to improve the economy, but are they enough? Are the few good elites in leadership winning over the large number of selfish and greedy ones? Do citizens have a role to play? #mortgage
9. Nigeria has an estimated deficit of 17m housing units. Access to funds by many will lead to a boom in sale of building materials and jobs for professionals and contractors. Wealth will circulate while the value will remain in the properties and appreciate with time. #mortgage
10. Certainly, access to funds at low interest rates for home ownership and for building businesses will not happen with our current political and economic structure. Laws and policies need to change and that should be the preoccupation of elected representatives. #mortgage
11. Records in England show mortgages were in existence as far back as the 12th Century. People paid 50% deposit, paid interest only for 5 years and paid the balance wholesale at the end. This structure changed substantially in the 1930s in the US. #mortgage
12. In response to the Great Depression, the US Government created the Federal Housing Authority (FHA) to protect lenders from loan defaults while increasing payment period to 15-30 years and reducing the deposit payment. Loans are FHA-insured. #mortgage
13. In 1938, the US Government created the Federal National Mortgage Association to buy up FHA-insured loans so lenders could have more money to loan out. This led to increased activity in the construction industry. #mortgage
14. While it is reported that the real estate sector contributes 7% to Nigeria’s GDP and only 1% employment, it’s the highest employer in Australia and one of the highest contributors to GDP in Australia and the US. #mortgage
15. The Federal Mortgage Bank of Nigeria was established in 1977 and the National Housing Fund in 1992 to make housing affordable for Nigerians. They have made little impact because of the greed of the elite class and the complacency of citizens. #mortgage
16. How will citizens access loans when it is difficult to get title documents for landed property. Our approach must be holistic. Laws and policies including the Land Use Decree need to be created or changed. This should be the preoccupation of our lawmakers and all. #mortgage
17. Shelter comes right after food on Marslow’s hierarchy of needs. Nigerians will remain a desperate lot till the average person can meet basic needs like food and shelter. We really should discuss and act on these points now. Penury and slavery are not our destiny. #mortgage
18. We have a serious leadership challenge, and it’s not only about those at the top. It’s about us all. Let’s be free from greed and use our influence positively, sacrificing where necessary, for the good of all. End. #mortgage
