The coming together of the Nigerian Mortgage Refinance Company (NMRC) and the Real Estate Development Association of Nigeria (REDAN) to chart a common course on research, advocacy and housing finance has raised hope of growth for the housing sector.
The two bodies at the just concluded REDAN building expo and workshop in Abuja signed a memorandum of understanding (MoU) which, according to Charles Inyangete, NMRC’s MD/CEO, was intended to allow housing developers to be part of its long term funding of housing value chain.
“NMRC is committed to partnering with REDAN and all stakeholders to achieve deep investment in creation of robust mortgage market system”, he said, describing the recently launched NMRC Mortgage Market System as a disruptive technology innovation aimed to consolidate Nigeria’s fragmented housing market by integrating the housing value chain.
“A country that ignores the significance of housing in its economy ignores the key sustainable economic growth development initiatives. Partnership is needed to achieve affordable housing for Nigeria”, he explained.
Chime Ugochukwu, the REDAN President, stressed that the two organisations agreed to work together in the area of research, advocacy, training and housing finance, adding that the MoU also captured the interface with the state governments and the Federal Capital Territory on land administration, approvals, titling, foreclosure and permits.
“With the bridges being built, we envisage a new era of cooperation and enhanced access to opportunities and growth of real estate sector and we are committed to collaborate with critical stakeholders in the sector with a view to galvanizing resources to reflate the economy.
“Beyond finance, critical stakeholders should always be brought on board in policy formulation with a view to having effective and deliverable policies”, he said.
REDAN had, earlier this year, signed an MoU with Shelter Afrique, a Pan African Housing Finance Institution and Federal Mortgage Bank of Nigeria (FMBN) which was aimed to create opportunities for increasing investment flow to housing with a $200 million annual line of credit, which will certainly have positive impact on housing provision, employment generation and inclusive economic growth.