In one of my earlier essays, I hinted that plans were in the works by the Federal Government to introduce an encouraging mortgage regime that will be accessible to many Nigerians especially low income earners.
Sequel to the flagging off, of the newly inaugurated Mortgage Refinance Company (MRC), the Central Bank of Nigeria (CBN) has brainstormed a regulatory and supervisory framework that will guide the activities of the Mortgage Refinance Company. Let me quickly point out that the MRC is analogous to the United State's Fannie Mae. The establishment of the MRC promises to increase the liquidity within the mortgage sub-sector and availability of mortgage credit in Nigeria as well as reduce mortgage and related costs, and make residential housing more affordable. It is expected that the advent of the Nigeria Mortgage Refinance Company will 'help to extend maturities for Nigerian homebuyers to as much as 20 years, encouraging the building of 75,000 new homes annually and creating at least 300,000 Jobs.