July 8th, 2020, 2:45 pm, Lafia, Nasarawa State Nigeria
In line with its mandate to develop the housing market in Nigeria, the Nigeria Mortgage Refinance Company (NMRC) Plc today signed a partnership agreement with the Nasarawa State Government in a pivotal move to ignite the growth of the State’s housing sector through the creation of an investment climate for affordable housing provision.
The Managing Director/Chief Executive Officer, NMRC, Mr. Kehinde Ogundimu, signed the Memorandum of Understanding (MoU) on behalf of NMRC while the Secretary to the Nasarawa State Government, Barrister Mohammed Aliyu Ubandoma, signed for Nasarawa State.
The pact outlines a structured framework for collaboration between the Nasarawa State Government and NMRC towards implementing modern housing reforms that will create an enabling environment for private sector investment in the State and unlock the hitherto dead capital in land.
A notable component of the agreement is the commitment on the part of the State to adopt and pass of the NMRC Model Mortgage Foreclosure Law (MMFL). This commitment was reiterated by the State Governor, His Excellency, Engr. Abdullahi Sule while remarking on the landmark collaboration. The MMFL is designed to make mortgage transactions faster, safer, easier; and institutionalize a clear legal framework for the administration and judicial enforcement for mortgages and property related disputes.
In his remarks at the event, the NMRC MD/CEO, Mr. Kehinde Ogundimu expressed delight at the commitment of the Executive Governor, Engineer Abdullahi Sule towards transforming the housing investment climate in the state. He stated that the execution of MoU and the reforms it will engender would bolster investor confidence in the Nasarawa State housing market and position the State as an investment friendly destination.
In his words: “We believe that the proximity of Nasarawa State to Abuja is like the Lagos – Ogun relationship and thus, positions the state in a vantage position to attract investment into its housing market. We believe that this will help unlock the dead capital in land that Nasarawa State citizens possess towards other wealth creating endeavors. The gesture will also increase the internal generated revenue profile of the state and while positioning the real estate sector to contribute an estimated 20% to 30% to the state’s gross domestic product”
Furthermore, he said that the partnership would help the State leverage the potential of the housing sector to create jobs because of related activities such as construction and the attendant multiplier effects on the local economy.
In his comments, the Executive Governor Nasarawa State, Engineer Abdullahi Sule thanked NMRC for the collaboration and stated that the focus of his administration is to provide affordable housing to the people of Nasarawa State in line with the Nasarawa Economic Development Strategy (NEDS).
The Governor noted that his administration had already submitted the Model Mortgage Foreclosure bill as well as a Public-Private Partnership bill to the State House of Assembly for adoption and passage.
In his words, the Governor stated that “The partnership with NMRC provides yet another opportunity to open Nasarawa State to the world in line with our goal to create opportunities for the good people of the State. Nasarawa has the best proximity and the longest border to the FCT with a good number of those working in the Federal Capital Territory choosing to make Nasarawa State their home. We are committed to maximizing this natural advantage by forging strategic partnerships with institutions like NMRC”.
Also speaking at the ceremony, the Special Adviser to the Nasarawa State Governor on Investment, Mr. Ibrahim Abdullahi stated that the agreement is a culmination of a series of engagements with NMRC in line with the government’s strategy to improve the investment climate in the housing, real estate and construction sectors in terms of the inflow of investment, and also the ability of the people of Nasarawa to have the liquidity required to afford housing.
Mr Kehinde Ogundimu
M.D CEO, NMRC