Nigeria secures $300bn from World Bank for Housing re-financing

The World Bank Board said it has approved a $300 million credit to boost Nigeria’s efforts to provide affordable mortgages for middle-income and lower income families. According to the Country Director, the fund would support the establishment of a mortgage refinance company, also known as a mortgage liquidity facility 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.
The funds would support Nigeria’s Housing Finance Project which is an integral part of President Jonathan’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.