Nigerian Exchange Wants to Kick-Start Mortgages to Boost Trading
- FMDQ says cheap homeloans will free up funds for investment
- Bourse also planning to act as a counterparty clearing house
A housing estate in Abuja, Nigeria.
Photographer: George Osodi/Bloomberg
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Nigeria’s FMDQ Securities Exchange Plc is working on a plan to kick-start mortgages to boost trading on the nation’s capital markets.
“The lack of housing finance is one of the reasons why our capital market has not grown as it should,” Chief Executive Officer Bola “Koko” Onadele said in an interview. “We should be talking of 30-year mortgages for Nigerians. If you want 70% of the people to own their own houses, they can’t borrow at 20%.”