From left : Prof. Mohammed Al- Min, MD, FHA, Richard Esin Acting MD, FMBN, Hon. Mustapha Baba Shehuri, Minister of State, Power, Works and Housing, Surv. Ugochukwu Chime, President REDAN, Prof. Charles Inyangete MD/CEO, NMRC, Aliyu Wamakko, Deputy National President, REDAN.
The Nigerian Mortgage Refinance Company (NMRC) on Thursday signed a Memorandum of Understanding with the Real Estate Development Association of Nigeria (REDAN) on research, advocacy and housing finance to bolster the sect
The signing of the MoU was held at the just concluded 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 were critical housing suppliers to be part of its long term funding in housing monetary value chain.
Inyangete stated that the NMRC was committed to partnering with REDAN and all stakeholders to achieve deep investment in creation of robust mortgage market system.
He described NMRC mortgage market system as a disruptive 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 noted.
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 will be recalled that REDAN had also signed an MoU with Shelter Afrique, a Pan African Housing Finance Institution and Federal Mortgage Bank of Nigeria (FMBN) in 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.