NMRC Secures $228 Million to Boost Affordable Mortgages and Address Housing Deficit in Nigeria

The Nigeria Mortgage Refinance Company Plc (NMRC) has successfully secured $228 million in blended financing to enhance affordable mortgage options in Nigeria. This landmark transaction aims to tackle the country’s significant housing deficit by combining a $200 million loan from the U.S. International Development Finance Corporation (DFC) with $28 million sourced from local financial markets.

The deal, arranged by MiDA Advisors and Stanbic IBTC Capital, a member of the Standard Bank Group, represents a major step forward in NMRC’s mission to provide liquidity to Nigeria’s mortgage finance market. The funds will be channelled through primary lending institutions, including commercial banks and primary mortgage banks, to refinance or pre-finance eligible mortgage loans across the country.

A key focus of the financing package is its commitment to serving vulnerable populations. Approximately 20% of the loan will be allocated to informal and low-income borrowers, while an estimated 40% of the mortgages refinanced or pre-financed will target women as borrowers or co-borrowers. This approach aligns with recent statistics from the National Bureau of Statistics (NBS), which indicate that 63% of Nigerians are multidimensionally poor.

Reacting to the approval of the loan, NMRC’s Managing Director and Chief Executive Officer, Kehinde Ogundimu, expressed gratitude to DFC, noting that it was a clear proof of NMRC’s positioning as a key institution within the housing ecosystem. “This transaction will certainly enhance our efforts to provide affordable long-term housing finance in a manner that will impact the overall sector. It shows that DFC and other local and international financing institutions have a lot of trust in our capacity to manage long-term facilities that will make a tangible impact on the lives of Nigerians.”

Ogundimu emphasized the institution’s commitment to driving equitable access to housing credit facilities, enabling vulnerable Nigerians to achieve their homeownership dreams.

MiDA Advisors Chief Executive Officer, Aymeric Saha, added, “We are very pleased to partner with NMRC and Standard Bank to arrange another transformative housing finance solution that will impact over 6,000 households in Nigeria. Through this transaction, we are demonstrating the power of partnerships with Africa’s leading companies to tackle social infrastructure financing needs in the region.”

Luvuyo Masinda, Chief Executive of Corporate and Investment Banking at Standard Bank Group, commented, “This transaction demonstrates the bank’s commitment to driving Africa’s socio-economic development through the facilitation of sustainable investment on the continent. We understand the needs and challenges of Africa’s people and continue to deliver innovative solutions to address these.”

Oladele Sotubo, Chief Executive of Stanbic IBTC Capital Limited, also praised the collaboration, stating, “Stanbic IBTC Capital is delighted to have worked alongside MiDA Advisors to facilitate this landmark financing aimed at enhancing the accessibility and affordability