The Nigeria Mortgage Refinance Company Plc and Deutsche Gesellschaftfür Internationale Zusammenarbeit GmbH have signed an agreement to deepen the housing market.
The agreement is expected to provide both institutions with strategic mandate to deepen the affordable housing segment in Nigeria.
The NMRC’s Managing Director, Mr Kehinde Ogundimu, stated during the signing ceremony that the ongoing collaboration with GIZ would include joint activities in the affordable housing value chain that would be focused on using both institutions’ capacities and expertise to bring about access to finance while also driving the creation of an economy around affordable housing in target locations across Nigeria.
GIZ’s Cluster Coordinator for Sustainable Economic Development, Hans Ludwig Bruns, said both organisations recognised the great potential to join forces and leverage synergies for the benefit of the affordable housing sector in the GIZ-SEDIN focal states such as Ogun, Plateau and Niger states.
He said, “Nigeria’s housing market consists of two major divides that continue to influence the dynamics of demand and supply as well as affordability.
“The premium end is oversupplied with few off-takers while the lower end which is responsible for the growing deficit and housing demand is faced with inadequate supply.”
The strategic collaboration between GIZ-SEDIN and NMRC is in furtherance of the efforts of the Federal Government of Nigeria to resolve the housing crisis in the country, through a collaboration with the World Bank and international cooperation institutions such as GIZ.
Originally published in The Punch