A new Nigeria Mortgage Refinance Company (NMRC) charged with reviving the country's housing sector is to be launched on January 16 , 2014.A statement from the Ministry of Finance in Abuja on Wednesday disclosed that the new mortgage firm will enhance the provision of more houses at affordable prices nationwide. It noted that the new company would reinvigorate the housing and construction sector which has been in the doldrums for many years, leaving many Nigerians in dire need of homes. ``NMRC will help increase liquidity in the housing sector, provide secondary market for mortgages and thereby increase the number of people able to purchase or build homes at an affordable price in the country,Â€ the ministry said. 14 pilot states have been earmarked for the programme after their governors agreed to provide and fast-track land titles, foreclosure arrangements and service plots, the ministry further disclosed. The new firm will look to create more than 200, 000 mortgages in the next five years at what the finance ministry called affordable interest rates.
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