By Oluwaseun Sonde
The Nigeria Mortgage Refinance Company (NMRC) and the Centre for Affordable Housing Finance in Africa (CAHF) have signed a Memorandum of Understanding (MoU) to improve the current data platforms to enable effective, data-driven policy and decision-making in support of affordable housing markets in Nigeria especially to low and middle income earners.
The MoU which was signed during the 2019 Abuja International Housing show, was aimed at deepening and increasing the knowledge and understanding of the housing finance markets in Africa, specifically Nigeria.
A statement issued by Mr. Festus Adebayo said that the strategic intent of the partnership between NMRC and CAHF was also to increase access to housing finance for low and middle income earners in the country.
He quoted CAHF’s Executive Director, Kecia Rust, to have said that the collaboration would centre on knowledge derived from our country-level data on the housing finance sector in Africa and Nigeria.
Rust said, “Increased quality and availability of data will advance public and private initiatives to increase access to housing finance, especially to the lower and middle-income housing market, as well as improve the functioning of the Nigerian housing market.”
The Managing Director of the NMRC, Mr. Kehinde Ogundimu, noted that NMRC focus on market intelligence has helped the organisation in developing a Mortgage Market Information Portal (MMIP).
He explained that the NMRC MMIP portal was a decision-making tool that supports the growth of affordable housing and housing finance markets in Nigeria.
Ogundimu stressed that NMRC MMIP is currently the repository for the National Real Estate Data Collation programme, making it a primal point of call for industry stakeholders seeking relevant and timely data on Nigeria’s housing sector.
He stated: “As part of its market initiatives, NMRC also developed a Mortgage Market System to integrate the financing of the entire housing market, removing duplication in effort and streamlining mortgage approval processes.
“NMRC hopes that the system will bring credibility to Nigeria’s mortgage market, attracting investors and highlighting opportunities.
“CAHF and NMRC will develop and improve the current data platforms and analytical frameworks to enable effective, data-driven policy and decision-making in support of affordable housing markets in Nigeria.
“The strategic intent of the partnership between NMRC and CAHF is to promote effective, data-driven policy and decision-making in Nigeria’s housing market.
“NMRC and CAHF will share data and methodologies, and jointly commission research on the role of housing in the Nigerian economy (Housing Economic Model for Nigeria), including the functioning of Nigerian property markets and performance of Nigeria’s mortgage market.
“Both parties will also exchange data to support the mutual development of the NMRC
Mortgage Market Information Portal and CAHF country dashboards to enable mortgage market analysis and ensure collaboration and technical exchange for housing sector participants in Nigeria,” he said.