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Mortgage Lenders’ Assets Rise by N56bn in 10 months

The assets of mortgage banks in Nigeria rose by N 56 bn from N 315. 48 bn as of the end of November 2019 to N 371. 66 bn as of the end of September 2020 .
Figures obtained from the Central Bank of Nigeria on its report on ‘ Primary mortgage banks ’ accounts and assets showed that the lenders ’ assets had continued to record moderate growth over the year .
The CBN disclosed in its third quarter economic monthly report for 2020 that under its development financing , it approved N 200 bn as mortgage financing to Family Homes Fund Limited.
The fund is expected to fast -track the construction of 300 , 000 homes across the country within the next five years and help create up to 1. 5 million direct and one million indirect jobs .
The National Bureau of Statistics had earlier disclosed that the real estate sector grew by 9 .15 per cent in the fourth quarter of 2020 .
The NBS stated in its Gross Domestic Product report for Q 4 that the sector contracted by 3 .55 per cent in the full year 2020 .
Part of the report read, “ In nominal terms , real estate services in the fourth quarter of 2020 grew by 9. 15 per cent , or 6. 64 per cent points higher than the growth rate reported for the same period in 2019 and 17 . 21 per cent points when compared to the preceding quarter .
“ Quarter- on- quarter , the sector growth rate was 27 . 34 per cent , while the annual growth rate stood at – 3 .55 per cent for 2020 compared to 4 . 23 per cent in 2019 . ”
It stated that the contribution to nominal GDP in Q 4 2020 stood at 6 .4 per cent as against 6 .45 per cent recorded in the fourth quarter of 2019 and higher than the 5 .6 per cent recorded in the third quarter of 2020 punch

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