OPIC partners NMRC to unlock mortgage market opportunities for housing in Ogun

As part of steps towards unlocking opportunities for housing and homeownership in Ogun State,  the Ogun Property and Investment Corporation (OPIC) has partnered the Nigeria Mortgage Refinance Company (NMRC) for adequate funding  for housing schemes in the state.

According to the terms of agreement which now exists between OPIC and NMRC, there will be three principal sub partners, including mortgage lending banks, Lafarge Africa and some private developers who are expected to start the construction of 400 housing units in the New Makun City housing project.

Speaking during the inspection of OPIC housing projects along Lagos-Ibadan Expressway at the weekend Babajide Odusolu, OPIC Managing Director, noted that OPIC’s partnership with NMRC would not only serve as enabler for aspiring home owners to acquire and build houses with ease, but would also open up  opportunities in the state’s real estate sector.

He revealed that the NMRC, being the key driver of mortgage policy designs in the country and saddled with the responsibility of financing  middle and affordable housing through technologically-based methods, opened agreement with OPIC in order to aid the populace to owning standard houses at affordable prices.

“NMRC is meant to assist developers to build more houses through a robust mortgage policy design to finance and monitor technologically-based method of building houses for mortgages in the states of the Federation that are found suitable to anchor the project.

“Opportunities now abound for average income earners to own houses through a special mortgage scheme designed to fulfill a key cardinal objective of the present administration  in the state. Anybody with a paid employment or regular  and predictable income could key into the plan which allows him to pay by installments over a long period of 20 years.

“The scheme, when fully flagged off, will be for any of the Ogun state housing projects. The first phase of the mortgage scheme will target 400 housing units in the New Makun City within 18 months of its flag off.

“This, no doubt, will ameliorate the hardship of homeownership being faced by the middle income earners. It will further expand the economic base of the state, create employment opportunities and aid growth of infrastructure across the three senatorial districts”, he assured.

Charles Inyangete, Managing Director, NMRC who was conducted round OPIC housing projects, said, “our key role is mortgage refinance which we do by raising funds from the capital markets for the mortgage industry in Nigeria through our participating mortgage banks, so that more Nigerians can own their own homes.

“We are a private sector-driven mortgage refinancing company with the public purpose of promoting home ownership for Nigerians while deepening the primary and secondary mortgage markets. Our vision is to be the dominant housing partner in Nigeria, with a mission to break down barriers to home ownership by providing liquidity, affordability, accessibility and stability to the housing market in Nigeria.

“We want to make access to housing more affordable. What we need is housing stock and as a financing body, we have known for a fact that the provision of housing must increase, and this must be done in partnership with states government.”

But, Ben Akaneme, Managing Director, Imperial Homes Mortgage Bank Limited said, “Ogun state is no doubt a model state for the NMRC scheme to reduce housing deficit in Nigeria. The road, industrial layout and internationally-acceptable master plans in and around OPIC estates are part of the development and repositioning we long to have in Lagos-Ogun states borderlines.”