By Chijioke Ohuocha


Lagos (Reuters) – Nigeria Mortgage Refinance Company (NMRC) plans to seek approval from members by the end of the month to triple the size of its debt programme to N440 billion ($1.44 billion).



Nigeria set up a mortgage-backed guarantee company in 2014, partly with World Bank aid, in an effort to boost lending through the creation of a secondary housing market, which is virtually non-existent in Africa’s most populous nation.



NMRC said the notes could be issued through non-convertible loans and bonds, either through public offering, private placement or a book-building process, it said in a notice to members. ($1 = 305.2500 naira)


(Editing by David Goodman)

READ  African Development Bank recants, restates support for Nigeria's economic recovery efforts

Your comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.