Nigeria's Leading Mortgage Company Secures $228 million Long-Term Blended Finance Facility.

Nigeria Mortgage Refinancing Company ( NMRC) has secured a substantial $228 million long-term blended finance facility.

Why does this matter: The mortgage market in Nigeria is experiencing growth as more Nigerians grow use to consumer credit to realise their homeownership aspirations, acquire significant household assets, and purchase vehicles. According to the CRC Credit Bureau, over 30 million Nigerians now possess credit scores, signifying the emergence of a burgeoning middle class comprising entrepreneurs and professionals in pivotal sectors such as banking, telecommunications, and oil.

The $228 million blended funding, arranged by the U.S.-based MiDA Advisors and co-structured with South Africa's Standard Bank Group, is a testament to the growing interest in Nigeria's evolving credit and mortgage market. This funding, which includes a $200 million loan from the U.S. International Development Finance Corporation (DFC) and $28 million from the local financial market, provides NMRC with the necessary liquidity to expand the local mortgage market across Nigeria.