Ogun promotes flexible housing finance

The Ogun State Government is expanding its affordable housing programme as it seeks to help more residents become homeowners.

The government is using flexible financing, new housing projects and community regeneration to address some of the barriers to home ownership.

State Commissioner for Housing, Jamiu Omoniyi, disclosed this during an X community conversation on affordable housing, financing and opportunities in Ogun State. More than 2,500 people took part in the discussion.

Omoniyi said many prospective homeowners struggle with the high cost of construction. He also noted that many residents cannot afford to pay the full cost of a house at once.

Rent-to-Own scheme targets more residents

The commissioner highlighted the proposed Prince Court Estate at Kobape Phase IV as one of the projects offering a flexible route to home ownership.

He urged prospective buyers to consider the Rent-to-Own scheme for the estate. Gateway Mortgage Bank is partnering with the state government on the scheme.

The arrangement could help residents who cannot afford an outright property purchase. It allows the government to link housing delivery with a financing option for eligible beneficiaries.

Omoniyi said the state’s housing policy goes beyond building houses. He said the government also wants to create conditions that allow genuine beneficiaries to access and maintain their homes.

More housing projects across Ogun

The government has developed housing schemes in several parts of the state. These include Kobape Phases I–III, Kemta, Itanrin, Ikenne and Iperu.

According to Omoniyi, the projects target different groups of middle-income earners. The government has also expanded its intervention to existing communities through regeneration projects.

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These projects include areas such as Ibara GRA in Abeokuta and GRA Ijebu-Ode. The regeneration work aims to improve existing neighbourhoods while supporting economic activity in the built environment.

Housing projects create artisan jobs

Omoniyi also pointed to the impact of the ministry’s direct-labour approach.

He said more than 5,000 artisans had gained income opportunities through various housing project sites.

The approach allows local artisans to take part in housing construction. It also helps the ministry monitor projects more closely and reduce some construction costs.

The commissioner said the model also increases opportunities for local content providers within Ogun’s built environment.

Government subsidises land and infrastructure

Omoniyi described housing as a social service of government. He said the state subsidises land costs and provides major infrastructure within its estates.

These measures aim to reduce the financial burden on beneficiaries. Land, infrastructure and construction costs can significantly affect the final price of a home.

The government is also working to improve security of tenure for people who have subscribed to its housing schemes.

Omoniyi said the ministry was clearing a backlog of title documents. The process includes documentation for beneficiaries of estates delivered before 2019.

Ogun moves to protect genuine beneficiaries

The commissioner urged prospective homeowners to patronise the state’s housing schemes.

He said the ministry would continue to monitor developments after allocating houses and plots. It will also work to protect genuine beneficiaries and reduce speculation within government housing schemes.

The government said its wider objective is to turn affordable housing projects into secure and sustainable home ownership. It also wants housing construction to support economic activity across Ogun State.

Ogun’s approach shows why affordable housing requires more than the construction of new homes. Financing, land costs, infrastructure and secure property documentation all affect access to home ownership.

By combining housing development with flexible financing, community regeneration and title documentation, the state is seeking to address several parts of the housing challenge at the same time. The success of these efforts will depend on how effectively residents can access the schemes and sustain ownership over time.

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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.

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