A HOLISTIC ANALYSIS OF MORTGAGE TRANSACTIONS IN NIGERIA

Abstract

Easy access to land is fundamental to housing adequacy and housing affordability which are among the
major parameters for the measurement of a nation’s per capita, standard of living and poverty index.
Housing is the second most basic need of man, and an inalienable human right alongside food, clothing
and medical care, as recognized under Article 25 of The Universal Declaration of Human Rights
(UDHR).2 The provision of adequate housing is the gap which mortgage transactions intends to fill. In
Nigeria, the mortgage industry has witnessed significant growth, driven by increased urbanization and
rising demand for homeownership. However, challenges such as high interest rates, limited access to
mortgage finance, land tenure issues, etc. have hindered its broader development. This analysis explores
the key aspects of the Nigerian mortgage market, highlighting the key challenges bedeviling the sector
and key recommendations were made. The research methodology employed in this research is doctrinal.
Primary and secondary sources were evaluated and these include the Constitution, Federal and State
Legislations, textbooks, Journals, decided court cases and internet sources.