#GEJAchievements in Housing: Nigerian Mortgage Refinancing Company

We have set up the Nigerian Mortgage Refinancing Company (NMRC) to enable up to 200,000 affordable mortgages within five years. Before our administration, the housing sector received inadequate attention. We have built over 61,000 housing units in six geopolitical zones to provide affordable and quality houses.

The World Bank has agreed to support us with investment of up to $300 million zero-interest, 40-year loan, 10 years grace and 0.7% commitment charge – to lower costs, particularly lending rates.

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#GEJAchievements in Housing: Affordable Housing Units Across the Nation

Our administration has built hundreds of quality and affordable housing units either directly or indirectly in the South-South. In collaboration with some states including Cross River and Bayelsa, the Federal Housing Authority is providing 6,000 housing units across the country.

The FHA is working on a 262 prototype housing scheme at Asaba, Kuje and Lagos. Of these, 238 have been completed. On completion, the scheme is expected to provide housing to 1,572 beneficiaries. Our administration has also taken giant strides to meet the needs of the people of the Southeast through direct provision of housing, and by enabling private developers through provision of land for residential plots as well as loans and mortgages to both developers and potential home owners.

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#GEJAchievements in Housing: Job Creation Through Construction Activities

Before 2011, past governments never made a contingency plan to reduce the level of unemployment which was also precipitated by the global economic recession. In the short to medium term, the government is emphasising the use of labour-intensive techniques in building and construction activities. This is aimed at increasing the number of available jobs in the sector. The expectation is that about one million jobs can be created annually in the sector. So far, the Federal government has built about 65,000 housing units across the six geopolitical zones of the country through the Federal Housing Fund, using highly labour-intensive techniques.

There were financial constraints facing investment in the housing sector before 2011. In an effort to solve the financing constraints plaguing the sector, the government launched the Nigerian Mortgage Refinance Company (NMRC) in January 2014 to boost mortgage financing for housing delivery and home ownership. The company, through the support of the government, has secured US$300 million soft loan from the World Bank. This intervention is expected to deliver 20,000 affordable housing units within five years of its establishment. Given the labour-intensive nature of the housing and construction sector, government’s interventions are expected to achieve the dual objective of providing affordable quality houses and creating a massive number of jobs across the housing value chain.

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#GEJAchievements in Housing: Testimonial

My name is Uche Ikedi and I am a building contractor based in Bayelsa State. Our business is booming now because of all the estates that the federal government is building in the South-South zone. Even though we have not grown enough to win any of the big contracts, we are always getting jobs from the big contractors who always sub-contract to us.

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on point !
I see evidence here in kuje .