NMRC, REDAN sign MoU to bolster housing sector through finance, research
NAN-H-105
MoU
Uche Bibilari/Emmanuella Anokam
Abuja, March 16, 2017 (NAN) The Nigerian Mortgage Refinance Company (NMRC) on Thursday signed a Memorandum of Understanding with the Real Estate Development Association of Nigeria (REDAN) to bolster the housing sector through research, advocacy and finance.
The News Agency of Nigeria (NAN) reports that the signing of the MoU was held at the ongoing REDAN building expo and intensive workshop in Abuja.
Prof. Charles Inyangete, Director-General, NMRC, stated that the MoU was intended to allow the housing developers, who are critical housing suppliers, to be part of its long term funding in housing monetary value chain.
Inyangete said that the NMRC was committed to partnering with REDAN and all stakeholders to achieve deep investment and create robust mortgage market system.
He described NMRC mortgage market system as a technology innovation, which consolidated Nigeria’s fragmented housing market by integrating the housing value chain.
“A country that ignores significance of housing in its economy ignores the key sustainable economic growth development initiatives.
“Partnership is needed to achieve affordable housing for Nigeria,’’ he said.
Rev. Chime Ugochukwu, REDAN President, noted that the two organisations agreed to work together in the area of research, advocacy, training and housing finance.
Chime said 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.
The expert reiterated the association’s commitment to collaborate with critical stakeholders in the sector with a view of galvanizing resources to reflate the economy.
“Beyond finance, critical stakeholders should always be brought on board in policy formulation with a view of having effective and deliverable policies.
It would be recalled that REDAN had also signed MoU with Shelter Afrique, a Pan African Housing Finance Institution and Federal Mortgage Bank of Nigeria (FMBN) on Feb. 18, 2017.
The MoU is to create opportunities in increasing investment flow to housing with a 200 million U.S dollars annual line of credit, which will certainly have positive impact on shelter provision, employment generation and inclusive economic growth. (NAN)
UU/ELLA/AFA
Edited by Felix Ajide