Housing Finance Development Program

Abstract*

The objective of the Housing Finance Project for Nigeria is to increase access to housing finance by deepening primary and secondary mortgage markets in the Federal Republic of Nigeria. The project has four components. The first component is establishment of the mortgage refinance company. The project will support the establishment and operation of Nigeria Mortgage Refinance Company (NMRC), created in partnership between private financial institutions... Show More

Development Objective

The project development objective is to increase access to housing finance by deepening primary and secondary mortgage markets in the Federal Republic of Nigeria.

Key Details

Project Details

Project ID
P131973
Status
Closed
Team Leader
Andrej Popovic
Borrower 2
Federal Ministry of Finance of Nigeria,Nigeria Mortgage Refinance Company

Country
Nigeria
Disclosure Date
April 24, 2013
Approval Date
(as of board presentation)
September 26, 2013
Effective Date
March 5, 2014

Total Project Cost 1
US$ 300.00 million
Implementing Agency
Central Bank of Nigeria
Region
Western and Central Africa
Fiscal Year 3
2014

Commitment Amount
US$ 300.00 million
Environmental Category
B
Last Update Date
August 4, 2022
Closing Date
December 31, 2018

Consultant Services required
Yes
Last Stage Reached
BANK APPROVED

Notes
1. Total project cost includes funding from World Bank and non-bank sources in US$ millions. Active and Closed projects show current commitments. Proposed (pipeline) and dropped projects show the forecast amount. The commitment amount for projects in the pipeline is indicative and may be modified during the project preparation.
2. Borrower refers to the Borrower of a Loan or Recipient of a Grant.
3. ”Fiscal Year” is the fiscal year in which the project was approved (or dropped if the status is dropped). The World Bank's fiscal year is from July 1 - June 30. For example, a fiscal year of 1996 corresponds to July 1, 1995 - June 30, 1996.

Sectors

Themes

FY17 - Finance

FY17 - Financial Infrastructure and Access2%
- FY17 - Financial inclusion2%
FY17 - Financial Stability98%
- FY17 - Financial Sector oversight and policy/banking regulation & restructuring98%

Project Map

Interactive Map

Finances

Financing Plan (US$ Millions)

Financier	Commitments
IDA Credit	300.00

Total Project Financing (US$ Millions)

Product Line	IBRD/IDA
IBRD Commitment	N/A
IDA Commitment	300.00
IBRD + IDA Commitment	300.00

Lending Instrument
Grant Amount	N/A
Total Project Cost**	300.00

Summary Status of World Bank Financing (US$ Millions) as of February 28, 2025

No data available.

Detailed Financial Activity as of February 28, 2025

Download:

Period	Financier	Transaction Type	Amount (US$)
Nov 15, 2017	IDA-52920	Int Charges	6,867.03
Nov 15, 2017	IDA-52920	Int Charges	6,867.03
Sep 14, 2018	IDA-52920	Loan Disb	936,178.00
May 15, 2018	IDA-52920	Int Charges	1,189.94
May 15, 2018	IDA-52920	Int Charges	486,889.40
May 15, 2018	IDA-52920	Int Charges	486,889.40
Nov 15, 2018	IDA-52920	Int Charges	8,567.40
Nov 15, 2018	IDA-52920	Int Charges	8,567.40
Jun 30, 2017	IDA-52920	Loan Disb	335,500.16
Oct 31, 2017	IDA-52920	Loan Disb	7,500,000.00
Nov 15, 2016	IDA-52920	Int Charges	5,334.55
Nov 15, 2016	IDA-52920	Int Charges	5,334.55
Nov 15, 2016	IDA-52920	Int Charges	437,249.12
Nov 15, 2016	IDA-52920	Int Charges	437,249.12
Jul 14, 2016	IDA-52920	Loan Disb	162,427.16
May 15, 2017	IDA-52920	Int Charges	11,931.63
May 15, 2017	IDA-52920	Int Charges	11,931.63
May 15, 2017	IDA-52920	Int Charges	421,037.84
May 15, 2017	IDA-52920	Int Charges	421,037.84
May 15, 2016	IDA-52920	Int Charges	7,296.55
May 15, 2016	IDA-52920	Int Charges	7,296.55
May 15, 2016	IDA-52920	Int Charges	439,223.44
May 15, 2016	IDA-52920	Int Charges	439,223.44
Jun 16, 2015	IDA-52920	Loan Disb	100,000,000.00
Feb 3, 2015	IDA-52920	Loan Disb	135,579.25
May 15, 2015	IDA-52920	Int Charges	72,006.51
May 15, 2015	IDA-52920	Int Charges	72,006.51
Nov 15, 2015	IDA-52920	Int Charges	379,884.84
Nov 15, 2015	IDA-52920	Int Charges	2,363.83
Nov 15, 2015	IDA-52920	Int Charges	2,363.83
Nov 15, 2015	IDA-52920	Int Charges	379,884.84
Nov 15, 2014	IDA-52920	Int Charges	63,754.97
Nov 15, 2014	IDA-52920	Int Charges	63,754.97
Jun 12, 2014	IDA-52920	Loan Disb	2,000,000.00
Jun 19, 2014	IDA-52920	Loan Disb	20,000,000.00
May 15, 2015	IDA-52920	Int Charges	1,551.96
May 15, 2015	IDA-52920	Int Charges	1,551.96
May 17, 2024	IDA-52920	Int Charges	12,779.43
May 17, 2024	IDA-52920	Int Charges	12,779.43
May 17, 2024	IDA-52920	Int Charges	598,392.70
May 17, 2024	IDA-52920	Int Charges	598,392.70
May 17, 2024	IDA-52920	Loan Repay	1,611,832.10
Sep 26, 2013	IDA-52920	Loan Commitment	300,000,000.00
Nov 15, 2021	IDA-52920	Int Charges	4,568.89
Nov 15, 2021	IDA-52920	Int Charges	4,568.89
Nov 15, 2021	IDA-52920	Int Charges	641,738.75
Nov 15, 2021	IDA-52920	Int Charges	641,738.75
Jan 27, 2022	IDA-52920	Loan Disb	-32,624.20
May 15, 2022	IDA-52920	Int Charges	9,692.80
May 15, 2022	IDA-52920	Int Charges	9,692.80
May 26, 2022	IDA-52920	Int Charges	606,731.06
May 26, 2022	IDA-52920	Int Charges	606,731.06
Nov 15, 2022	IDA-52920	Int Charges	577,697.20
Nov 15, 2022	IDA-52920	Int Charges	577,697.20
Nov 15, 2022	IDA-52920	Int Charges	13,489.57
Nov 15, 2022	IDA-52920	Int Charges	13,489.57
Nov 15, 2022	IDA-52920	Int Charges	-8,910.71
Nov 15, 2022	IDA-52920	Int Charges	8,910.71
Jan 27, 2022	IDA-52920	Loan Cancel	6,316,488.00
May 15, 2023	IDA-52920	Int Charges	9,809.86
May 15, 2023	IDA-52920	Int Charges	9,809.86
May 15, 2023	IDA-52920	Int Charges	607,759.90
May 15, 2023	IDA-52920	Int Charges	607,759.90
Nov 15, 2023	IDA-52920	Int Charges	5,233.45
Nov 15, 2023	IDA-52920	Int Charges	5,233.45
Nov 15, 2023	IDA-52920	Loan Repay	1,614,961.40
Nov 15, 2023	IDA-52920	Int Charges	592,806.30
Nov 15, 2023	IDA-52920	Int Charges	592,806.30
Aug 30, 2019	IDA-52920	Loan Disb	-224,981.23
Nov 15, 2019	IDA-52920	Int Charges	5,036.86
Nov 15, 2019	IDA-52920	Int Charges	5,036.86
Nov 15, 2019	IDA-52920	Int Charges	644,964.56
Nov 15, 2019	IDA-52920	Int Charges	644,964.56
Mar 4, 2020	IDA-52920	Loan Disb	-5,678,168.50
Feb 24, 2020	IDA-52920	Loan Disb	-224,981.25
Mar 4, 2020	IDA-52920	Loan Disb	-69,541.65
May 15, 2020	IDA-52920	Int Charges	627.33
May 15, 2020	IDA-52920	Int Charges	627.33
May 15, 2020	IDA-52920	Int Charges	634,244.44
May 15, 2020	IDA-52920	Int Charges	634,244.44
May 15, 2021	IDA-52920	Int Charges	1,471.86
May 15, 2021	IDA-52920	Int Charges	1,471.86
May 15, 2021	IDA-52920	Int Charges	652,485.44
May 15, 2021	IDA-52920	Int Charges	652,485.44
Nov 15, 2020	IDA-52920	Int Charges	8,766.10
Nov 15, 2020	IDA-52920	Int Charges	8,766.10
Nov 15, 2020	IDA-52920	Int Charges	638,321.56
Nov 15, 2020	IDA-52920	Int Charges	638,321.56
Nov 2, 2021	IDA-52920	Loan Disb	-33,580.58
Nov 15, 2018	IDA-52920	Int Charges	471,980.47
Nov 15, 2018	IDA-52920	Int Charges	471,980.47
May 15, 2018	IDA-52920	Int Charges	1,189.94
Dec 17, 2018	IDA-52920	Loan Cancel	101,216,512.00
Sep 28, 2018	IDA-52920	Loan Disb	48,136,124.00
Sep 19, 2018	IDA-52920	Loan Disb	-823.64
May 15, 2019	IDA-52920	Int Charges	39,487.82
May 15, 2019	IDA-52920	Int Charges	39,487.82
May 15, 2019	IDA-52920	Int Charges	654,692.50
May 15, 2019	IDA-52920	Int Charges	654,692.50
Nov 15, 2017	IDA-52920	Int Charges	456,605.53
Nov 15, 2017	IDA-52920	Int Charges	456,605.53

Footnotes

Ratings

IMPLEMENTATION RATINGS

Name	Review	Date
Overall Implementation Progress (IP)	Moderately Unsatisfactory	2018-12-19
Progress towards achievement of PDO	Moderately Unsatisfactory	2018-12-19
Procurement	Moderately Satisfactory	2018-12-19
Project Management	Moderately Unsatisfactory	2018-12-19
Financial Management	Moderately Unsatisfactory	2018-12-19
Monitoring and Evaluation	Unsatisfactory	2018-12-19

COMPLETION RATINGS

INDICATOR	IMPLEMENTATION COMPLETION & RESULTS REPORT: 11-15-2019
Outcomes	Moderately Unsatisfactory
Risk to Development Outcome
Bank Performance	Moderately Satisfactory
Borrower Performance
Government Performance
Implementing Agency

INDEPENDENT EVALUATION RATINGS

INDICATOR	ICR REVIEW: 02-18-2020	PROJECT PERFORMANCE ASSESSMENT REPORT:
Outcome Rating	Moderately Unsatisfactory	N/a
Risk To Development Outcome		N/a
Bank Performance	Moderately Satisfactory	N/a
Borrower Performance		N/a
Government Performance	Not Rated	N/a
Implementing Agency		N/a
Icr Quality	Substantial	N/a
M&e Quality	Negligible	N/a

Results Framework