SEC and FMBN Launch NIM Initiative to Address Nigeria's Housing Deficit
The Securities and Exchange Commission (SEC) and the Federal Mortgage Bank of Nigeria (FMBN) have introduced the Non-Interest Mortgage (NIM) initiative to tackle Nigeria's housing deficit estimated at 28 million units. NIM aims to offer Sharia-compliant financing for homeownership, targeting millions of Nigerians, especially those excluded from conventional interest-based mortgages.
The collaboration between SEC and FMBN is expected to bridge the housing gap by providing a regulatory framework for Sukuk issuance to fund the proposed mortgage products. Emomotimi Agama and Shehu Osidi play key roles in this initiative to enhance market integration and ensure financial stability in the housing sector.
Plus234Feed summary based on reporting from Business Day. Read the original report below.
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