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The World Bank Board of Directors have approved $300 million credit to help provide affordable mortgages for middle-income and lower income families in Nigeria. “The Nigerian financial system has quickly grown and is becoming increasingly integrated into the regional and global financial systems,” said Marie Francoise Marie-Nelly, the World Bank Country Director for Nigeria. “Today’s project will further the country’s economic success, strengthen the nascent mortgage market and create much-needed jobs in construction, housing improvement, finance and other sectors throughout Nigeria,” he explained. According to the World Bank, “The project is an integral part of the Government’s Transformation Agenda and is designed to provide access to long-term financing for first time homeowners and new homeowners with lower family incomes, including people who are self-employed in the micro finance market segment.” “The project will support the establishment of a mortgage refinance company, also known as a Nigeria Mortgage Refinance Company that will generate long-term funds for home mortgages. It will also establish a mortgage guarantee product, targeted at lower income borrowers that will be used to guarantee some of the credit risk for this special group of lenders.” “Todays’ funds will also support the development of a new Home Microfinance industry in Nigeria that will serve as a pilot designed to demonstrate a sustainable business case for this activity.” Michael Wong, the World Bank Task Team Leader for the project said, “This project will directly benefit new home owners who struggle to find available cash to purchase a long-term mortgage and increase incomes for Nigerian families through the creation of new jobs.”  
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This article was first published on 29th September 2013

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