Kingsley U.N Chikwendu
The Managing Director of the Nigerian Mortgage Refinance Company [NMRC], Kehinde Ogundimu has stated that the NMRC is ready to play a positive role in growing the Nigerian housing industry by connecting the capital market to the financial market.
“I am proud to say that NMRC is playing a catalyst role in this emerging Nigerian market by tackling systemic issues that have stunted housing growth in the country. First is connecting the capital market to the financial market by bringing in funds from the capital market to our bankers, he stated.
“To date, we have raised about 30 billion and extended the tenure of mortgages which hitherto was less than 10 years to now between 20 and 30 years”.
He appreciated some state governors for working assiduously in accepting the Model Mortgage and Foreclosure Law which he said is already yielding fruits. He added that in addition to Kaduna and Lagos states which he described as the pioneers in this regard, states like Ondo, Ekiti and Nasarawa have also adopted the law.
Several other states including Edo, Enugu, Osun, Kwara and Oyo are working on imbibing the law which he said will institutionalize the legal framework necessary to drive housing development and mortgage penetration forward. He described the law as important and said the NMRC is “greatly encouraged by the enthusiasm and commitment shown by state governors nationwide whom he pledged that the NMRC is ready to work and partner with to ensure that more Nigerians have access to affordable housing in line with the vision of Alhaji Jakande.
Ogundimu further advised political leaders in the country to take more aggressive policies for housing development.
He added that after decades of trying to make the housing sector more functional and impactful on the Nigerian masses, he believes that the country is now on that path that guarantees sustainable housing development.
“Our housing deficit is estimated at about 17 million or more and is the highest in the continent and I dare say it is the highest per capital in the world. The current efforts to resolve this remain inadequate.
“As daunting as Nigeria’s housing challenges are, it is not insurmountable and I dare say it holds great promise and opportunities, the NMRC boss said.