Our objectives is to bring Nigerians Affordable Housing
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A robust, efficient and functional housing market that operates based on global standards is critical to attracting the required investment to catalyze housing development and homeownership.
NMRC, leverages its strategic positioning in the mortgage industry value chain to conceive and drive initiatives that are designed to develop and unlock the potential of the housing market for sustainable growth.
To create the enabling environment for mortgage origination and housing investment, NMRC drives an advocacy initiative that is focused on the nation-wide adoption and passage of a draft Model Mortgage and Foreclosure Law by state governments.
The law advocates the creation of state mortgage boards as one-stop-shops for facilitating mortgage administration, property registration and title perfection processes in addition to the instituting of non-judicial foreclosure processes.
The passage of the law incentivizes investment in the housing and mortgage sectors in the state with multiplier effects such as greater home ownership, jobs and wealth creation as well as enhanced Internally Generated Revenues (IGR).
NMRC has executed Memoranda of Understanding with Kogi, Cross River, Kaduna and Delta States to facilitate the passage of the draft Mortgage and Foreclosure Law (MFL) as a legislative Bill by their respective Houses of Assembly.
In July 2017 Kaduna state became the first state in the federation to pass the law.
Lagos state has since updated its own Mortgage and Foreclosure law to reflect the stipulations outlined in NMRC’s Model Mortgage and Foreclosure law.
The Nigeria Mortgage Refinance Company(“NMRC”) is a Public Private Partnership arrangement between the Federal Government of Nigeria and private sector. It is a component of the Nigeria Housing Finance Programme initiated by the Federal Ministry of Finance in collaboration with the Central Bank of Nigeria (“CBN”), Federal Ministry of Lands, Housing & Urban Development (“FMLHUD”) and the World Bank/IFC.
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