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Housing Deficit: NMRC to provide liquidity for Mortgage Creation

Funmilayo Adeyemi

The Nigeria Mortgage Refinance Company (NMRC) has promised to provide liquidity to the housing market of the economy to ease housing deficits in the country.
Mr Kehinde Ogundimu, Acting Chief Executive Officer, NMRC made this known in an interview with Housing News in Abuja.

Ogundimu who was speaking at the sideline of the signing of a Memorandum of Understanding between it and Kohart Housing Corporation, a housing developer, said housing was made difficult for Nigerian in the past because of lack of access to housing,high interest rates and lack of mortgage products.
According to him, if the liquidity rate which is a major force to acquiring housing by Nigerians could be brought down, then the economy will be better for it.

“ We are liquidity providers but there are so many challenges in making homes affordable to Nigerians.
“We have the issues with titles; we have issues with cost of construction and a host of other problems.
“ In the past, people used to get mortgages at a very high rate but now, with the Federal Government guarantee, we will achieve our dreams and that of Nigerians.

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“But what we are doing essentially is to bring that liquidity down which is also very critical and this rate will continue to go down as the micro economic condition of the country improve.’’
Ogundimu added that the Federal Capital Territory (FCT) was one of the most expensive housing markets in the country, hence the need to reduce the liquidity rate for civil servants to acquire houses.
According to him, the minimum annual salary required to purchase a median priced home is more than 30,000 dollars.

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He said that this price range excludes many hardworking people including the civil servants from being able to rent or even own a two-bedroom apartment for their families.
He therefore called on housing developers to collaborate with the government to ensure that housing programmes were made affordable to Nigerians.
Housing News reports that NMRC is a Central Bank of Nigeria licensed mortgage liquidity facility with the core mandate of developing the primary and secondary mortgage markets.
NMRC raises long-term funds from the capital market for mortgage refinancing and by extension promotes affordable housing development and home ownership in Nigeria.

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