Nigeria’s
government will announce tomorrow its plans to develop a mortgage finance
company along the lines of the U.S.’s Fannie Mae that will help
broaden access to home loans.
The Nigeria
Mortgage Refinance Co. (NMRC) will sell bonds on capital markets and provide
long-term financing to lenders that will help them extend more home loans,
according to an e-mailed statement from the Mercury PR company, acting for the
government. It will also have an “oversight function to standardize mortgage lending
practices,” it said.
The company to
be launched by President Goodluck Jonathan at the Presidential Villa, in Abuja,
is expected to help create over 200,000 mortgages over the next five years at
affordable interest rates, extend maturities for Nigerian home-buyers to as
much as 20 years, encourage the building of 75,000 new homes a year and create
at least 300,000 jobs, according to the statement.
According to the
Ministry of Finance which is to midwife the programme, it will begin in 14
pilot states where the state governors had agreed to provide fast-track land
titles, foreclosure arrangements, and serviced plots.
Nigeria has been
seeking to expand financing to help address a housing deficit in Africa’s
second-biggest economy. The Federal Mortgage Bank of Nigeria (FMBN) said last
month it was in talks with two Chinese lenders for credit of as much as $6
billion. In November, the government accepted a $300 million loan from the
World Bank’s housing unit.
To contact the
reporter on this story: Chris Kay in Lagos at ckay5@bloomberg.net
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