The Nigeria Mortgage Refinance Company Plc (NMRC) and a German agency, Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ), have signed an agreement to deepen affordable housing in Nigeria.
The agreement was signed on the sideline of the just concluded 13th Abuja International Housing Show.
NMRC’s Managing Director (MD) noted during the signing ceremony that the ongoing collaboration with GIZ includes joint activities in the affordable housing value chain that would be focused on synergistically using both institutions capacities and expertise to bring about access to finance while also driving the creation of an economy around affordable housing in target locations across Nigeria.
GIZ’s Cluster Coordinator for Sustainable economic Development, Hans Ludwig Bruns in his remarks also noted that GIZ and NMRC both recognise the great potential to join forces and leverage synergies for the benefit of the affordable housing sector in the GIZ-SEDIN focal states: Ogun, Plateau and Niger states.
The strategic collaboration between GIZ-SEDIN and NMRC is in furtherance of the efforts of the Federal Government of Nigeria to resolve the housing crisis in Nigeria, through collaboration with the World Bank and International cooperation institutions like GIZ.
This engagement also falls under the primary mandate of the NMRC to structurally address the current challenges with regards to financial innovations required to develop affordable housing in Nigeria from a private sector perspective by acting as a conduit between the capital markets and housing markets.
NMRC as the nation’s leading provider of mortgage refinance in collaboration with GIZ will seek to promote housing accessibility through financial innovation as well as foreclosure mechanisms that facilitate the creation of an enabling environment for mortgages and investment in the housing sector of the target states.
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