The Nigeria Mortgage Refinance Company (NMRC) has signed an agreement with the Kaduna State Government (KDSG) and the Federal Housing Authority Mortgage Bank to create a novel Mortgage Blended Initiative (MBI) at single digit with an initial mortgage interest rate investment of N3 billion.
The event which took place at the Kaduna State Government House on Thursday was part of ongoing drive to create an enabling environment for affordable housing development and mortgage creation in Nigeria.
In a statement, NMRC said Gov. Nasir el-Rufai, after signing the agreement, thanked the participating institutions for agreeing to work with KDSG in establishing the blended rate programme and stated that the state had gone further to enact the landlord and tenant law that encouraged, empowered and protected property owners and investors.
In addition to the creation of a mortgage and foreclosure authority, the governor said the state had passed into law the Mortgage and Foreclosure Law (MMFL).
A Senior Special Adviser to the Governor, Mr. Jimi Lawal, said the creation of the initiative was premised on Kaduna State’s successful strides in driving institutional and policy reforms to enable investment in housing finance.
The Managing Director of NMRC, Mr. Kehinde Ogundimu, said the state was at the forefront of housing finance transformation and a model in terms of ease of doing business and mortgage friendliness.
The creation of the blended financing initiative represents NMRC’s value preposition under the World Bank sponsored housing finance strategy aimed at removing barriers to housing finance and promoting the creation of an enabling environment for housing development and mortgage creation across Nigeria.
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