The mass housing scheme of the Federal Government further received a boost Tuesday as Cantor Fitzgerald signed a $1 billion mortgage financing agreement with Nigeria.
Speaking at the signing ceremony, the Coordinating Minister for the Economy, Dr. Ngozi Okonjo-Iweala, said that with the arrangement, the firm is expected to build 10,000 houses in Kaduna, Lagos, Enugu, and Abuja over the next one year.
Cantor Fitzgerald is a global investment firm with strong expertise in asset backed mortgage securities.
Okonjo-Iweala said that the entry of such an important player into Nigeria’s mortgage sector is yet another signal that the Jonathan administration’s vision on making affordable housing available to Nigerians is earning the confidence of serious international investors. She said that the prospects of achieving the core vision of the NMRC which is to get young Nigerians convenient access to the means of owning their own homes is achieved.
The CME who also doubles as Nigeria’s Finance Minister hailed Cantor Fitzgerald’s investment in the Nigeria’s economy at a time when the country is going through economic crisis.
“Cantor Fitzgerald’s presence in Nigeria shows that our mortgage strategy is attracting the right kind of attention from the right kind of people around the world and this will deepen and diversify and ultimately reduce the cost of mortgage and housing in Nigeria. This shows that President Jonathan’s vision of making housing available to Nigerians is working “, said Okonjo-Iweala.
According to the CME by stimulating the mortgage market, you are stimulating the economy.
She explained that 33 persons out of the 9,000 given offers letters have gone ahead to take up the mortgage.
Okonjo-Iweala said that it is in working with PENCOM to enable workers borrow from their pension savings account to pay for their mortgages.
Managing Director Debt Capital Markets of Cantor Fitzgerald, Mr Jack Hefernan described the NMRC as “exactly the right business model to bring liquidity to Nigeria’s housing sector.”
Mr Jack Heffernan signed the Memorandum of Understanding (MoU) for his Organisation while the CEO of Nigerian Mortgage Refinance Company (NMRC), Prof. Charles Inyangette signed.