THE World Bank is to provide about $300 million for the establishment of a Mortgage Refinancing Company (MRC) to enable Nigeria create more mortgages in the housing sector.
This follows Federal Government’s efforts to develop a comprehensive Road Map on Housing and Urban Development, as well as Infrastructural Master Plan to make Nigerian cities safer, more productive and environmentally friendly.
Also, government says it is developing a joint working programme with the World Bank Group (Cities Alliance) to undertake an urbanisation review for the country. The collaboration would provide access to grant for regeneration of cities and towns, slum upgrading, effective urban planning and provision of finance for housing development.
Minister of Lands, Housing and Urban Development, Ms Amma Pepple, explained these at the Ministerial Platform in Abuja and revealed that a pan-African housing finance institution, Shelter Afrique, is to give $100m credit facility to Nigeria for the development of housing through the Federal Mortgage Bank of Nigeria (FMBN).
According to her, about $700,000 has been proposed for technical assistance to develop the sector capacity, adding that the UN-HABITAT is providing enhanced technical cooperation for addressing the increasing urban and housing development