EchoStone Housing (EchoStone), a leading global provider of efficient Housing systems and the Nigeria Mortgage Refinance Company Plc (NMRC), Nigeria’s foremost Mortgage underwriter, have gone into a partnership to address one of the nations’ most pressing issues, which is to improve the operational efficiency of delivering commercially viable, qualitative and affordable housing.
The Memorandum of Understanding (MoU), which was executed on the 19th of July 2017 will foster a partnership between NMRC and EchoStone to work towards the provision of housing finance, project advisory and structuring to increase affordable housing stock to drive mortgage creation and penetration in Nigeria. The agreement is also expected to promote knowledge, technological transfer and support between Echostone and NMRC in relation to the residential Real Estate market in Nigeria.
According to NMRC’s Managing Director/CEO, Professor Charles Inyangete, the company has invested substantial sums in providing and improving policy requirements and Information systems infrastructure that have ultimately led to the decision of international players like EchoStone choosing to invest in Nigeria’s housing market as symbolised by the executed MoU.
On his part, the representative of EchoStone Mr Sammy Adigun, CEO of Sammya Construction noted that the EchoStone Housing System is an innovative and more efficient approach to housing design and construction, from site planning and preparation through finishing. He further stated that EcoStone’s approach utilizes state-of-the-art construction technology, lean design, value engineering, and cost-effective procurement solutions that will facilitate rapid, scalable, industrial, and highly-mobile building solution to meet the growing housing needs in Nigeria.
Mr Emmanuel Obire, CEO MIDC, also representing EchoStone noted that the MoU and engagement is predicated on EchoStone’s proposed model to deliver 750,000 housing units within a 10-year period across key states in Nigeria. This will be kickstarted with its planned development of 2,400 units in the Ikorodu axis of Lagos, in partnership with Ibile holdings and Lagos State Government scheduled for take-off between the 3rd and 4th quarter of 2017.
The MoU proposes a huge potential towards improving building standards, creating a minimum of 500 jobs per site as well position NMRC’s member Banks to further create assets that will in turn drive refinance activities and bring value and expected outcomes to first time home owners and investors.
Professor Charles Inyangete further noted that Housing and mortgage finance are critical and important components of our socio-economic landscape requiring a sustainable approach that goes beyond construction to include leveraging data and insights. These will additionally incorporate digitally-driven solutions to help developers have the precise and measurable control they need to make investment decisions and deliver housing spaces where people can thrive.
Press Release: July 20, 2017, 2:30pm, Abuja, Federal Capital Territory, Nigeria