ABUJA- The Federal Government has signed a one billion dollar Memorandum of Understanding with Cantor Fitzgerald, an American Mortgage Company, to support the mortgage refinancing initiative in the country.
Dr Ngozi Okonjo-Iweala, the Minister of Finance, at the signing ceremony in Abuja, said the MOU was a welcome development to the economy.
“This is yet another good development at a time when our economy is going through some difficulties.
“At a time we are suffering from the impact of drop in the oil price, an investment company of this repute has come to say they want to be part of this economy.
“We are very trilled they are about the biggest in the mortgage business in the U.S. and they have come to us to talk to us in Nigeria.
“They are very excited with what we are doing in Nigeria and as a result, they want to sign an MOU with us to work with the Nigeria Mortgage Refinancing Company (NMRC), to be able to work with us at the value chain in financing.
“What this means is that it would make that dream of opening the housing and mortgage financing market a reality; that’s why we are here today,’’ she said.
According to her, the signing of the MOU marks the future milestone in initiating the NMRC as a liquidity company to service the primary and secondary mortgage market.