The Nigeria Mortgage Refinance Company (NMRC) has partnered with MIDA Advisors and Standard Bank Group to structure a $228 million blended finance deal.
The package includes a $200 million facility from the U.S. International Development Finance Corporation (DFC) and $28 million sourced from local financial markets. The facility, to be deployed through Primary Mortgage Banks (PMBs) and commercial banks, will refinance and pre-finance mortgage loans nationwide. Notably, 20 per cent will be dedicated to informal and low-income borrowers, while 40 per cent will support affordable housing mortgages.
Speaking at NMRC’s 11th Annual General Meeting in Lagos, Chairman, Yemi Adeola, said the initiative underscores the firm’s catalytic role in Nigeria’s housing finance sector and the confidence of international partners in its long-term impact.
Adeola announced that NMRC delivered a resilient financial performance for the year ended December 31, 2024. Gross earnings rose by 1.2 per cent to N10.45 billion from N10.32 billion in 2023, while net interest income increased by 6.8 per cent, supported by higher interest income and reduced interest expenses. Operating expenses climbed by 12 per cent to N2.55 billion due to inflationary pressures, but effective cost controls lifted Profit Before Tax (PBT) by 3.6 per cent to N3.77 billion. Earnings Per Share (EPS) improved to N1.73 from N1.67 in 2023.
Looking ahead, Adeola noted that the performance of Nigeria’s bond and equity markets, political stability, policy continuity, and housing sector reforms will be key to NMRC’s ability to raise long-term funding and manage refinancing risks. He also cited exchange rate volatility and interest rate trends as factors that could affect mortgage affordability.
Chief Executive Officer, Mr Kehinde Ogundimu, highlighted NMRC’s corporate social responsibility efforts, including its yearly skills acquisition programme with the Industrial Training Fund (ITF).
The training, covering interior decoration, masonry, plumbing, carpentry, tiling, and electrical works, targets women and unemployed youths, aiming to bridge the skills gap in Nigeria’s housing construction sector.
