NMRC set

Information reaching us, say Plans are in top to sell $2.2b worth of housing bonds, to interested investors.

The Nigeria Mortgage Refinance Company, are the master planners of this unique initiative.

According to its CEO, Charles Inyangete, the company has a BBB+ rating, issued by the Global Credit Rating Co., a body in Johannesburg, which oversees debt evaluation and ratings across Africa.

The bond is also rated AAA.

According to the CEO, Nigeria Mortgage Refinance Company, “Nigeria, Africa’s most populous nation with more than 170 million people, seeks to expand access to housing finance to help cut a deficit of 17 million houses. The continent’s largest economy needs investment of 3.5 trillion naira to build 780,000 housing units annually to help meet rising demand.”

Adding that the sale of N10billion debt will start soon.

Speaking on some of its future plans, Inyangete said that shares will soon be sold to the general public.

He said that most states in the country, 'have already indicated to be part of the pilot and we will go out with those.'

Adding that 'Our ideal scenario is to have every bank that is interested in providing mortgage financing to be part of it.'

To allay the fears of investors, Inyangete assured them that the bond has the full backing of the federal government.

Watch CNBC's report on the Nigerian property market.