As the Nigeria Mortgage Refinance Company (NMRC) celebrates its 10th anniversary, its leadership has pledged to intensify efforts to make homeownership more affordable and accessible to Nigerians.
During the online conference, industry experts and stakeholders explored the challenges of expanding mortgage access, the importance of market-driven reforms, and the need for inclusive financing strategies.
Kehinde Ogundimu, MD/CEO of NMRC, reassured stakeholders of the organization’s ongoing commitment to improving the mortgage landscape.
Ogundimu also provided an update on the $200 million loan facility secured from the U.S. International Development Finance Corporation (DFC), noting that the funds will be used to provide single-digit interest rate mortgages, which he described as a significant step toward making homeownership more affordable.
Dr. Femi Johnson, Managing Director/CEO of Homebase Mortgage Bank and a Non-Executive Director of NMRC, reflected on the evolution of Nigeria’s mortgage sector and NMRC’s role in its transformation.
He acknowledged that progress has been made but emphasized that addressing the affordability gap and enhancing long-term funding remain crucial. “We need to continue pushing for solutions that ensure sustainable financing for all Nigerians,” he added.
Kayode Omotosho, Former Executive Secretary of the Mortgage Banking Association of Nigeria, highlighted the significance of local market participation in sustaining housing finance solutions.
“With NMRC, we have been able to get long-term funding through market capitalization for robust financing of homeownership,” he remarked.
Omotosho also spoke about the MREIF as a potential catalyst for strengthening the supply side of the housing sector and emphasized the importance of continuous collaboration between private developers and mortgage lenders.
Adedeji Adesemoye, Chairman of the Federal Government Housing Institutions Reform Task Team, addressed the macroeconomic challenges affecting NMRC’s operations.
“Macroeconomic issues such as inflation and government policies have posed challenges to NMRC’s ability to lend to institutions and individuals who meet the underwriting criteria,” he noted.
Despite these hurdles, Adesemoye commended NMRC’s resilience and innovative strategies.
He urged the implementation of the Mortgage Model Law and the operationalization of the Mortgage Guarantee Company, stating that these measures are essential to de-risk the mortgage market and expand access to affordable housing.
Stakeholders at the conference agreed on the need to improve housing supply chains, enhance mortgage literacy among potential homeowners, and develop robust data systems to support market transparency.
As NMRC embarks on its next decade, it remains steadfast in its goal to bridge Nigeria’s housing finance gap and ensure that more Nigerians, especially those in underserved communities, can realize the dream of homeownership.
