Cablegate: Nigeria: Lagos State Takes Steps to Lower Mortage Interest

VZCZCXRO7299
RR RUEHMA RUEHPA
DE RUEHOS #0254/01 1970736
ZNR UUUUU ZZH ZFR ZFR
R 150736Z JUL 08
FM AMCONSUL LAGOS
TO RUEHC/SECSTATE WASHDC 0013
INFO RUEHUJA/AMEMBASSY ABUJA 9700
RUEHZK/ECOWAS COLLECTIVE
RUCPDOC/DEPT OF COMMERCE WASHDC
RHEBAAA/DEPT OF ENERGY WASHDC
RULSDMK/DEPT OF TRANSPORTATION WASHDC
RUEATRS/DEPT OF TREASURY WASHDC

UNCLAS SECTION 01 OF 02 LAGOS 000254

SIPDIS

E.O. 12958: N/A
TAGS: EINV EAID EIND EFIN NI

SUBJECT: NIGERIA: LAGOS STATE TAKES STEPS TO LOWER MORTAGE INTEREST
RATES

LAGOS 00000254 001.2 OF 002

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PLEASE, ZFR IMI ZFR LAGOS MRN 254 AND BLANK ALL ASSOCIATE MCNS, AND
MRN, NEW MSG WILL BE SEND WITH NEW MCN//////////////////////////////
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ZFR ZFR ZFR

LAGOS 00000254 002 OF 002

stakeholders illustrate that housing need cannot be met without the
development of a functional mortgage market, which is predicated on
a stable and low interest rate regime as well as reform of the
country's cumbersome and outdated Land Use Act. End Comment.

7. (U) This cable has been cleared with Embassy Abuja.

BLAIR

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