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The Nigeria Mortgage Refinance Company Plc (NMRC) has made little progress in its core mandate of providing long-term funds for refinancing mortgage loans originated by mortgage lending institutions in Nigeria.
The NMRC which has been in operation for over 10-years had a refinancing portfolio equivalent to N22.5 billion (USD15.2 million) as of 31 August 2025, down from N24 billion as of 31 December 2024, which accounted for a modest 28.1% of total assets as of the same date.
Operating revenue increased by 6.9% to N6.3 billion (USD 4.0 million) in 2024, with returns on assets and equity at 4.3% and 13.5%, respectively.
NMRC’s risk position remains sound, supported by its stringent underwriting criteria. As a result, no impaired loans have been reported, and the credit loss ratio has remained below 1% since inception.
As of 31 August 2025, gross loans declined by 6.0% to N22.5 billion (USD15.2 million), primarily due to loan pay down. The loan book remains concentrated, comprising only fifteen obligors as of 31 August 2025.
NMRC funding base predominantly comprises Federal Government of Nigeria (FGN) guaranteed bonds and long-term borrowings from the World Bank, which totaled N16.8 billion and N36.2 billion respectively as of 31 August 2025.
NMRC is sufficiently liquid, with a sizable 70.3% of the total assets skewed towards cash and investment securities.
According to the most recent figures from the Nigeria Mortgage Refinance Company (NMRC), Nigeria’s housing gap is thought to be in the region of 23 million units.
In a bid to overcome the high mortgage financing problem, the government launched NRMC as part of measures to boost liquidity for funding housing development and purchase.
Looking ahead, NMRC growth plans, particularly through imminent funding from the U.S. International Development Finance Corporation (DFC) and other strategic partnerships, are expected to support its mandate delivery and earnings generation capacity over the next 12-24 months.
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