The Nigeria Mortgage Refinance Company Plc (NMRC) has successfully secured $228 million to address the country’s housing deficit and promote economic growth and development. The funding was announced via a statement on the company’s official X handle, facilitated through a collaboration with MiDA Advisors, based in the United States, and Standard Bank Group from Johannesburg. This financial package includes a $200 million loan from the US International Development Finance Corporation (DFC) and an additional $28 million sourced from local financial markets.
The partnership aims to bridge the liquidity gap in Nigeria’s mortgage finance market by creating a blended finance solution that mobilizes long-term financing at scale. Kehinde Ogundimu, the Managing Director and CEO of NMRC, emphasized that the funding will be utilized to provide liquidity to primary lending institutions, including commercial banks and mortgage banks, enabling them to refinance or pre-finance eligible mortgage loans.
“This transaction will enhance our efforts to provide affordable long-term housing finance in a manner that will impact the overall sector,” Ogundimu stated. He also noted that this funding reflects international confidence in NMRC’s ability to manage long-term investments effectively.
The financing is designed to support vulnerable populations, focusing on low-income earners, women, and individuals in the informal sector. Approximately 20% of the loan will be allocated to informal and low-income borrowers, while an estimated 40% will benefit women, either as borrowers or co-borrowers.
Aymeric Saha, CEO of MiDA Advisors, expressed satisfaction with the partnership, stating, “We are very pleased to partner with NMRC and Standard Bank to arrange another transformative housing finance solution that will impact over 6,000 households in Nigeria.”
Luvuyo Masinda, Chief Executive of Corporate and Investment Banking at Standard Bank Group, highlighted the significance of the transaction, asserting, “This transaction demonstrates the bank’s commitment to driving Africa’s socio-economic development through sustainable investment on the continent.”
Oladele Sotubo, Chief Executive of Stanbic IBTC Capital, also emphasized the importance of this landmark financing, aimed at enhancing the accessibility and affordability of mortgages in Nigeria.
In August, NMRC reiterated its commitment to providing interim housing data to aid decision-making processes that address Nigeria’s pressing housing challenges.
