Sovereign Wealth Fund to Invest $10 million in NMRC

Sovereign Wealth Fund to Invest $10 million in NMRC

Sovereign Wealth Fund will invest $10 million in the Nigerian Mortgage Refinancing Company (NMRC) to improve its market position. As per Mr. Uche Orji, Chief Executive of Nigeria Sovereign Investment Authority, the current investment in NMRC has been planned as a core equity investor by SWF.

The Nigerian government provided additional funding of $550 million to SWF two weeks back. The current portfolio of Sovereign Wealth Fund is worth $1.55 billion.

NMRC offers help to property owners to refinance their mortgage. The private-sector driven company has been setup with main objective of solving the issue of long-term funding constraints which have stalled the growth of the primary mortgage market. NMRC has reduced the funding for residential mortgages and will work towards making housing loans easier for working Nigerians.

With government support NMRC will support the real estate sector in Nigeria. The real estate sector has seen continued growth over the last few years in Nigeria.

User login

You May Have Missed...

Researchers Develop Contact Lens that can Provide Telescopic Functionality
Tue, 02/17/2015 - 08:46

According to researchers from Switzerland, they have developed a contact lens that has the ability to provide telescopic functionality. The...

Nigeria Update

World Malaria Day Draws Attention over Need for Renewed Commitment
Sat, 04/26/2014 - 12:48

The world commemorated the Annual Malaria Day on April 25 and the attention was drawn towards...

Economy Watch

President Obama Proposes $4 Trillion Budget, 15% goes to Defense
Tue, 02/03/2015 - 07:58

The Obama administration has proposed a $4 trillion budget on Monday. The budget has included $...

Health Tonight

Skin test may be helpful to diagnose Alzheimer's disease
Thu, 03/05/2015 - 12:39

Researchers believe that a skin test could someday help positively diagnose someone suspected of...

Science Tonight

Astronomers witness Multiple-Star System in Initial Stage of Formation
Sun, 03/15/2015 - 05:08

Astronomers said that for the first time they have observed a multiple-star system in the first...

UK News

Financial problems related to eating disorders among students
Tue, 02/17/2015 - 08:49

According to a research, facing financial difficulties at university could lead to increased...


Astrazeneca’s Experimental Drug to Treat COPD Fails to Reduce Acute Exacerbation
Mon, 09/08/2014 - 13:17

On Monday, AstraZeneca PLC announced that Phase IIa study of benralizumab, an experimental drug...

US News

Students present a zombie apocalypse simulation to explain spread of disease
Fri, 03/06/2015 - 14:16

A group of students at the Cornell University have adopted a unique concept to explain how...

Technology Tonight

Barack Obama
Fri, 02/13/2015 - 08:59

It is highly probable that the President Barack Obama will announce a new plan with regard to...