NMRC, developers seal deal on housing finance

Acting Managing Director, FMBN, Richard Esin(left); Minister of State, Power, Works and Housing, Mustapha Baba Shehuri; REDAN President, Ugochukwu Chime; MD/CEO, NMRC, Prof. Charles Inyangete and REDAN Deputy National President, Aliyu Wamakko during the signing of a Memorandum of Understanding between NMRC and REDAN in Abuja

After a major agreement with Kaduna Government to promote mortgage penetration and home ownership recently, the Nigerian Mortgage Refinance Company (NMRC) has again entered into another deal with estate developers.

The agreement with the Real Estate Development Association of Nigeria (REDAN) is meant to boost research, advocacy and housing finance in the housing sector. The deal is a fall-out of the just concluded REDAN building expo and intensive workshop in Abuja.

It will be recalled that REDAN had also signed a Memorandum of Understanding (MoU) with Shelter Afrique, a Pan African Housing Finance Institution and Federal Mortgage Bank of Nigeria (FMBN) last month.

The MoU is to create opportunities in increasing investment flow to housing with a 200 million U.S dollars annual line of credit, which will certainly have positive impact on shelter provision, employment generation and inclusive economic growth.

NMRC Managing Director, Prof. Charles Inyangete stated that the MoU was intended to allow the housing developers who were critical housing suppliers to be part of its long term funding in housing monetary value chain.

Inyangete stated that the NMRC was committed to partnering with REDAN and all stakeholders to achieve deep investment in creation of robust mortgage market system.

He described NMRC mortgage market system as a disruptive technology innovation, which consolidated Nigeria’s fragmented housing market by integrating the housing value chain.
“A country that ignores significance of housing in its economy ignores the key sustainable economic growth development initiatives. Partnership is needed to achieve affordable housing for Nigeria,’’ he noted.

REDAN President, Rev. Chime Ugochukwu noted that the two organisations agreed to work together in the area of research, advocacy, training and housing finance.

Chime said that the MoU also captured the interface with the state governments and the Federal Capital Territory on land administration, approvals, titling, foreclosure and permits.

“With the bridges being built, we envisage a new era of cooperation and enhanced access to opportunities and growth of real estate sector.

The expert reiterated the association’s commitment to collaborate with critical stakeholders in the sector with a view of galvanizing resources to reflate the economy.

“Beyond finance, critical stakeholders should always be brought on board in policy formulation with a view of having effective and deliverable policies,” he said.

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