NIGERIA MORTGAGE REFINANCE COMPANY Information

The Nigeria Mortgage Refinance Company (NMRC) Plc is a Public Private Partnership between the Federal Government of Nigeria and private sector financial institutions to develop the primary and secondary mortgage markets in Nigeria. The company was incorporated on 24th of June 2013 as a key component of the Nigeria Housing Finance Programme, an initiative of the Federal Ministry of Finance (FMOF), the Central Bank of Nigeria (CBN), Federal Ministry of Lands & Urban Development & Housing and the World Bank/IFC with the principal objective of addressing the long-term funding constraints hindering the growth of the primary mortgage market, and reducing the costs of residential mortgages and available housing to working Nigerians. NMRC’s key mandate is to make housing accessible and affordable in Nigeria by providing liquidity to primary mortgage institutions. It has a strong corporate institutional framework to raise long-term funds from both domestic and foreign capital markets to refinance qualifying mortgage loans provided by mortgage finance institutions. Currently, the company has a 440bn Federal Government guaranteed Bond Issuance Program that it uses to access long-term, low interest funds from the capital market. NMRC’s strategic intervention has enabled mortgage institution to provide longer term mortgage loans with payback periods of over fifteen years. NMRC is private sector driven and has commercial banks, primary mortgage institutions, insurance companies, private equity investors and international financial institutions through the Ministry of Finance as critical partners.