President Bola Tinubu has commended the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF) for delivering N128 billion in affordable mortgages to 1,859 families across 25 states of the federation.
The President described the milestone as evidence that the right policy framework, strong institutions and strategic partnerships can significantly expand access to home ownership for millions of Nigerians.
In a statement issued on Tuesday by his Special Adviser on Information and Strategy, Bayo Onanuga, Tinubu said the beneficiaries, spread across the six geopolitical zones, accessed long-term mortgage facilities with repayment periods of up to 20 years at a fixed interest rate of 9.75 per cent per annum and a minimum equity contribution of 10 per cent.
Tinubu Says Affordable Housing Finance Is Key to Wealth Creation
According to the President, access to affordable mortgage financing has remained a major barrier to home ownership for many Nigerians over the past several decades.
“For years, many Nigerians could afford monthly rent but could not access the type of financing required to purchase a home,” Tinubu stated.
“That reality kept countless families out of home ownership and limited their ability to build lasting assets.
“The progress recorded by MREIF shows that with the right policies, strong institutions and effective partnerships, we can expand access to home ownership and create opportunities for more Nigerians to build wealth through asset ownership.”
MREIF Unlocks N221bn in Property Value
Beyond the N128 billion in mortgages already disbursed, the fund has reportedly unlocked N221 billion in total property value and supported the delivery of 475 housing units through off-take guarantee arrangements.
The Presidency noted that the average age of mortgage beneficiaries is 42 years, highlighting strong demand for affordable housing finance among working-age Nigerians who have historically struggled to access long-term mortgage facilities.
Understanding the MREIF Housing Finance Initiative
The Ministry of Finance Incorporated Real Estate Investment Fund (MREIF) is a N1 trillion housing finance platform established to improve access to affordable mortgages and stimulate housing development across Nigeria.
Its pilot phase consists of N250 billion in concessionary and commercial funding.
The fund is sponsored by the Ministry of Finance Incorporated (MOFI) and managed by ARM Investment Managers.
Its Series 2 commercial issuance has received strong investment-grade ratings, including AAA from Agusto & Co. and AA from GCR Ratings, reflecting investor confidence in the initiative.
Part of Renewed Hope Housing Agenda
Tinubu explained that MREIF operates alongside other major housing interventions under his administration, including the Renewed Hope Cities and Estates Programme and Family Homes Funds Limited initiatives.
According to him, the programmes serve as complementary pillars of the administration’s broader strategy to reduce Nigeria’s housing deficit, expand affordable housing opportunities and increase home ownership nationwide.
The President reiterated his administration’s commitment to strengthening housing finance mechanisms and creating sustainable pathways for Nigerians to acquire homes through accessible mortgage schemes.
Industry stakeholders have continued to identify affordable mortgage financing as one of the most critical tools required to bridge Nigeria’s housing deficit and stimulate growth in the real estate sector.
