The Federal Government says the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF) has provided N128 billion in affordable mortgage financing to 1,859 Nigerian families across 25 states.
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This marks a significant effort to expand access to home ownership in the country.
The disclosure was made in a statement issued by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, who said President Bola Tinubu commended the growing impact of the housing finance initiative.
What they are saying
According to the statement, beneficiaries spread across Nigeria’s six geopolitical zones have accessed mortgage facilities with repayment tenors of up to 20 years at a fixed interest rate of 9.75% per annum and a minimum equity contribution of 10%.
President Tinubu noted that the lack of affordable long-term mortgage financing has remained one of the biggest obstacles to home ownership in Nigeria.
- “For years, many Nigerians could afford monthly rent but lacked access to the financing needed to purchase a home.
- “The progress recorded by MREIF demonstrates that with the right policies, strong institutions, and effective partnerships, access to home ownership can be expanded, creating more opportunities for Nigerians to build wealth through asset ownership,” the President was quoted as saying.
Beyond the mortgages already disbursed, Tinubu revealed that the Fund has unlocked N221 billion in total property value and supported the delivery of 475 housing units through offtake guarantee projects.
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MREIF was established in 2024 as a N1 trillion housing finance platform designed to mobilise long-term capital for mortgage lending and address Nigeria’s longstanding housing finance deficit.
The pilot phase of the initiative consists of N250 billion in concessionary and commercial funding, combining government support, private-sector management, and institutional investment to expand access to affordable mortgages.
The Federal Government said it expects additional capital mobilisation to further increase mortgage lending, attract greater participation from institutional investors, and deepen access to affordable housing finance nationwide.
The Fund is sponsored by the Ministry of Finance Incorporated (MOFI) and managed by ARM Investment Managers Limited.
Its Series 2 commercial issuance has received an AAA rating from Agusto & Co. and an AA rating from GCR Ratings, reflecting strong investor confidence in the Fund’s governance structure and long-term sustainability.
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The statement noted that the average mortgage beneficiary under the scheme is 42 years old, underscoring strong demand among working Nigerians who have traditionally faced limited access to affordable long-term housing finance.
- President Tinubu described MREIF as one of several initiatives supporting housing sector reforms under the Renewed Hope Agenda, alongside the Renewed Hope Cities and Estates Programme and the housing finance interventions of Family Homes Funds Limited.
- According to the President, affordable mortgage financing remains the critical link between housing construction and actual home ownership, helping to bridge a gap that has persisted for decades.
He recalled that Nigeria has struggled for nearly 60 years to develop a mortgage market capable of delivering affordable, long-term housing finance on a large scale.
What you should know
Last year, the Ministry of Finance Incorporated listed the N1 trillion MREIF on the Nigerian Exchange Group (NGX), in a move aimed at mobilising private and institutional capital for affordable housing development.
The listing involved the N1 trillion Series 2 Investment Fund comprising one billion units priced at N100 each and was attended by senior government officials, capital market stakeholders, and private-sector investors.
The government said the listing underscores its commitment to driving economic growth and expanding access to affordable housing through innovative market-based financing solutions.
