Housing Development A Critical Component Of Economic Growth – CBN

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Yemisi Izuora

The Governor of Central Bank of Nigeria (CBN), Godwin Emefiele,has identified housing as a major component of economic development which he said is capable of growing the Gross Domestic Product (GDP).

The governor in his remark at the opening ceremony of the 32nd Annual Conference and General Meeting of the African Union for Housing Finance (AUHF) in Abuja observed that non-availability of long term capital to boost mortgages stands as obstacle to the development of the country’s housing market.

He added that the housing sector currently contributes less than one percent to the nation’s GDP while the housing market in the United States represents 80 per cent of the country’s GDP.

AUHF is a 55-member association of mortgage banks, building societies, housing corporations and similar organisations working on the mobilisation of funds for shelter and housing on the African continent.

The CBN governor, who was represented by CBN’s Director, Other Financial Institutions Department, Dr Ahmed Abdullahi, lamented that Nigeria was lagging behind in comparism with other African housing markets, adding, “You will find out that the market is less developed because the contribution of housing market to the GDP is less than one per cent,”.

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