Nigeria seeks to provide affordable homes at N1.5 million

The Nigeria Mortgage Refinance
Company (NMRC), has expressed its
readiness to refinance affordable
houses at the rate of N1.5 million.
NMRC is co-host of the African Union
for Housing Finance (AUHF) 2016
conference.
Charles Inyangete, the NMRC Managing
Director, made this known at a press
conference jointly organised by AUHF
and NMRC to unveil the union’s
forthcoming conference in Abuja on
Monday.
AUHF is an association of 56 Mortgage
Banks, Building Societies, Microfinance
Institutions, Housing Corporations and
organisations, involved in mobilisation
of funds for shelter and housing in
Africa
Mr. Inyangete, a Professor, said that
the NMRC was ready to refinance
houses at N1.5 million if permitted by
technology to drive the process of
delivering affordable housing through
practical solution in Nigeria.
“We are ready to refinance houses as
cheap as N1.5 million, we are not
looking at the money market but hope
that technology will allow us to
actually build houses at that price.
“It will first of all drive down the
affordability because the prices of
houses in Nigeria are particularly very
high,” Mr. Inyangete noted.
He decried the extent of inequality
created by the crisis of affordable
housing on the African continent,
adding that a practical solution for
sustainable housing should be
encouraged.