Nigerians now have the chance to realize their dream of owning a home. The Federal Government on Thursday launched the first mortgage scheme for 10,000 beneficiaries aimed at redressing the constraints posed by poor access to finance in the development of affordable housing in the country. The Minister of Finance, Ngozi Okonjo-Iweala, said at the formal roll-off of the scheme in Abuja that the scheme was in fulfillment of President Goodluck Jonathan’s pledge at the launching of the Nigeria Mortgage Refinance Company, NMRC in January to deliver the first 10,000 mortgages before the third quarter of 2014. The NMRC is a re-financing vehicle set up to provide mortgage lending institutions with increased access to liquidity and long-term funds to augment the limited capacity of banks to deliver mortgage services to Nigerians. Under the scheme, the NMRC is guaranteed to provide Nigerians access to finance by lender for tenors of up to 20 years to help accelerate the growth of the mortgage market for all income levels in the country.
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