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.


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