NMRC launches N13bn civil servants mortgage loan refinancing scheme
Nigeria Mortgage Refinance Company Plc (NMRC) on Friday launched a N13 billion mortgage refinancing scheme for 5,635 beneficiaries of Federal Civil Service.
The N13 billion mortgage refinance investment commitment by the NMRC, according to Kemi Adeosun, Nigeria’s Minister of Finance, is coming on the heels of its N8 billion initial bond issuance, the proceeds of which have been fully utilised in refinancing.
Adeosun in her address at the launch of the scheme for Civil Servants said the development should signal to investors at home and abroad that there are significant opportunities in the Nigerian Housing Sector.
Adeosun while stressing on the importance of the scheme said it is in recognition of the importance of Housing, that “the government earmarked N40 Billion in the 2016 Budget for the implementation of a comprehensive housing scheme to address the housing challenges facing the country, improve the living conditions and welfare of our work-force and people, and generate gainful employment for our teeming youth.”
“This is also in line with our overall objective of providing the necessary stimulus to kick-start growth in the current challenging economic environment.
“Civil servants play an important role in nurturing and developing our nation so it is only fair that those who serve the country can be afforded the opportunity of owning their own home by retirement. We have to put in place the right incentives as part out anti-corruption drive to plug leakages,” she stressed.
“The Federal Ministry of Finance has concluded arrangements to provide a complementary and sustainable Housing Market Finance ecosystem to address the challenges of affordable housing. The Family Homes Fund (FHF) Ltd is an innovative private sector driven financing solution that will catalyse funds from the private sector, pension and insurance funds, multilateral agencies, and impact investors, and use its funds to selectively intervene in the areas of developer financing and mortgage provision.
“The scheme is being implemented in partnership with State Governments who will contribute land with the necessary approvals. FHF is also collaborating with the NMRC on the Mortgage Market System (MMS) which includes the Mortgage Market Information Portal (MMIP), a technology platform and marketplace for all housing partners in Nigeria.
“The platform provides seamless integration between developers, investors, buyers, mortgage providers and policy makers. This will enhance accessibility to affordable housing as Nigerians irrespective of where they are will have verifiable information and access to financiers, developers and a variety of affordable homes projects to choose from.” She explained.
According to the Minister, the scheme is a collaboration steered by the Office of the Head of Civil Service of the Federation, the Federal Government Staff Housing Loans Board (FGSHLB), the Federal Integrated Staff Housing Programme (FISH), and the Nigeria Mortgage Refinance Company Plc (NMRC).
While extending invitation to willing investors to explore the emerging investment opportunities in Nigeria’s Housing Sector, the Minister urged for support of the Federal Government’s initiatives towards providing affordable housing for Nigerians.