In a sweeping move poised to reshape Nigeria’s housing landscape, the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF) has unveiled revised mortgage terms designed to significantly ease the path to homeownership for millions of Nigerians.
In a major policy shift, MREIF has reduced the minimum equity contribution required to access its mortgage facility from 20% to just 10% a move widely viewed as a turning point for housing affordability in the country. Complementing this is a fixed mortgage interest rate of 9.75%, coupled with repayment terms extending up to 20 years.
The initiative forms part of the Federal Government’s broader Renewed Hope agenda, aimed at fostering inclusive economic growth and improving living standards. By lowering upfront financial barriers, the revised framework seeks to transition more Nigerians from renting to owning their own homes—an ambition long hindered by prohibitive down payment requirements.
Dr. Armstrong Takang, Managing Director and CEO of the Ministry of Finance Incorporated (MOFI), described the revised mortgage terms as a “milestone in our mission to build a sustainable and inclusive housing ecosystem.”
“This reform is not merely about housing,” Takang stated. “It’s about economic empowerment. By making homeownership more attainable, we are laying the foundation for long-term financial stability and prosperity for families across the nation.”
Wale Odutola, CEO of ARM Group—the fund manager for MREIF—emphasized the timeliness and transformative potential of the scheme.
“We now have a compelling value proposition for Nigerians ready to take that step toward owning a home,” said Odutola. “This initiative is not just visionary it’s actionable, and the time to engage is now.”
In a further boost to accessibility, prospective homeowners may utilize funds from their Retirement Savings Accounts (RSAs) to cover the required down payment an option expected to widen participation and reduce the financial strain on aspiring buyers.
The revised terms are applicable to long-tenure mortgages offered under the MREIF umbrella, designed to minimize monthly repayment burdens while maximizing homeownership opportunities across the country.
