The MOFI Real Estate Investment Fund (MREIF) has provided more than N140 billion in mortgage financing to over 2,000 Nigerians since it began operations in March 2025.

The Federal Government-backed housing finance initiative has expanded its reach across the country. Mortgage beneficiaries now span 27 states, according to Olubiyi Adekunbi, Head of Real Estate Investment at ARM Investment Managers.

Adekunbi disclosed the figures during a FirstBank webinar titled “Beyond Rent: The Path to Home Ownership Leveraging FirstBank-MREIF Home Loan Scheme to Build Long-Term Wealth.”

MREIF Mortgage Disbursements Begin in 2025

MREIF began mortgage disbursements in April 2025. By August 2026, more than 2,000 people had received financing through the scheme.

Adekunbi said the fund has maintained a relatively fast application process. He added that applicants do not need personal connections to move their applications through the system.

The quickest mortgage transaction under the programme took less than three weeks, he said. However, applicants must submit the required documents and complete all due diligence checks before approval.

Adekunbi said eligible applicants could potentially complete the process and secure a home within a month.

Mortgages Available Across 27 States

Lagos and Abuja account for the largest share of applications under the scheme. However, MREIF has extended mortgage financing to properties in 27 states across Nigeria’s six geopolitical zones.

Properties in Ogun, Oyo, Enugu, Kano and Kaduna can qualify for financing. Applicants must provide valid land titles and clear ownership records for the properties.

The scheme also serves Nigerians living abroad, provided they meet the required eligibility and documentation conditions.

Adekunbi said the average age of applicants stands at 43. Mortgage repayment periods generally take retirement age into account.

Most loans are structured around a retirement age of 60. Some professionals, including lecturers and judges, may qualify for different arrangements because of their higher retirement ages.

Nigeria Needs More Housing Finance

The MREIF expansion comes as Nigeria continues to face a major shortage of housing.

Sani Yakubu, MREIF National Coordinator at the Ministry of Finance Incorporated (MOFI), said Nigeria needs to build at least 700,000 housing units each year to address the housing gap.

He said the country currently produces about 100,000 units annually. The difference between required and actual housing production highlights the scale of the supply challenge.

Yakubu linked part of the problem to limited access to affordable mortgage finance. Developers also face difficulties raising capital and obtaining proper land documentation.

He said MREIF aims to support existing financial institutions rather than replace them. The fund, he explained, is intended to help strengthen the mortgage market and increase access to long-term housing finance.

Government Provides N150bn for First Tranche

The first N250 billion tranche of the MREIF programme received N150 billion from the Federal Government.

Private-sector investors contributed the remaining N100 billion. The tranche forms part of the wider N1 trillion MREIF programme registered with the Securities and Exchange Commission.

Nigerian professionals developed the fund structure. Vetiva Capital Management serves as financial adviser, while STL Trustees acts as trustee and First Nominees serves as nominee.

The funding model is designed to attract additional capital into Nigeria’s real estate and mortgage sectors. Greater availability of long-term finance could help more households move from renting to home ownership.

MREIF Mortgage Terms

MREIF offers mortgages of up to N100 million at an interest rate of 9.75%. Eligible borrowers can repay the loans over periods of up to 20 years.

Applicants must provide at least 10% equity toward the property purchase. Contributors to the Contributory Pension Scheme can also use up to 25% of their Retirement Savings Account balance to meet the equity requirement.

MREIF caps its mortgage exposure at N100 million per property. Buyers seeking properties above that value must fund the balance through other sources.

These may include personal savings, approved pension withdrawals or other available funding.

MREIF Reports N14.49bn Profit

The mortgage expansion follows MREIF’s reported financial performance for the first half of 2026.

The fund recorded N14.49 billion in profit before tax for the six months ended June 30, 2026. It generated total income of N17.48 billion during the period.

Interest income from financial assets measured at amortised cost contributed N8.10 billion. Cash and cash equivalents generated a further N6.21 billion.

After a withholding tax charge of N250.5 million, profit after tax stood at N14.24 billion.

FirstBank Partnership Expands Mortgage Access

The latest figures also follow FirstBank’s partnership with MREIF to expand access to mortgage financing.

Under the partnership, eligible Nigerians can seek mortgage loans of up to N100 million. The initiative is part of broader efforts to increase access to home financing and support home ownership.

MREIF’s growing disbursement figures show the potential role of long-term mortgage finance in Nigeria’s housing market. However, expanding access will also require adequate housing supply, clear land titles and financing that households can sustain over the life of their loans.

For Nigeria’s housing sector, the continued rollout of MREIF could help connect homebuyers with longer-term finance while giving developers greater access to capital. The fund’s ability to expand beyond major markets will also be important as the country seeks to increase home ownership and narrow its housing supply gap.

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Nigeria’s housing crisis is deepening as rents rise faster than the income of many households. The problem is most visible in Lagos, where a large housing shortage continues to push up rental costs.

The crisis goes beyond a lack of houses. Many Nigerians also live in overcrowded homes or buildings without basic services. This makes access to safe and decent housing an urgent economic and social issue.

Nigeria’s Housing Deficit Remains High

The Federal Ministry of Housing and Urban Development estimates Nigeria’s housing deficit at between 14.9 million and 15.2 million units as of early 2026.

The figure is lower than earlier estimates of more than 20 million units. However, it still shows a major gap between housing supply and demand.

The shortage also includes homes that do not meet basic standards. Poor building quality, overcrowding and limited access to basic services remain part of the problem.

Lagos Faces Severe Housing Pressure

Lagos has one of the clearest examples of Nigeria’s housing challenge. The state’s housing deficit is estimated at more than 3.4 million units.

The city continues to attract people seeking jobs and business opportunities. However, housing supply has not grown fast enough to meet demand.

Rents have therefore increased across many parts of the state. A basic self-contained apartment can now cost between ₦1 million and ₦1.5 million a year in areas such as Ajegunle, Ikorodu and Agege.

For many low-income workers and small business owners, these prices are difficult to sustain. High rent can take a large share of household income and leave little money for other needs.

High Construction Costs Push Up Rents

The cost of building homes is another major factor behind rising rents.

Prices of cement, iron rods, roofing materials and other building inputs have increased. Inflation and the depreciation of the naira have added to the pressure on developers.

Industrialist Aliko Dangote has also raised concerns about government charges in the cement value chain. He claimed that such charges account for as much as 56 kobo of every ₦1 earned from cement sales.

Higher production and development costs can eventually affect the price of homes. Developers may pass part of these costs to buyers and tenants through higher property prices and rents.

Land Costs and Informal Charges Add Pressure

The cost of acquiring and developing land is another challenge for Nigeria’s housing sector.

Land documentation can be slow and expensive. Land grabbing and property racketeering can also increase acquisition costs and create risks for genuine developers.

Informal charges can add to the burden. Local groups may demand payments before construction materials are discharged at development sites.

Estate agents can also add significant costs for tenants. The source notes that some agents charge as much as 20 per cent of annual rent as commission.

Regulation Remains a Challenge

Building regulation is another part of the housing problem.

The Lagos State Building Control Agency is responsible for enforcing building standards. However, concerns over inconsistent enforcement and alleged corruption have been raised.

Developers can also face several approval processes and informal payments. These additional costs may eventually affect the price of housing.

More efficient building approvals could help reduce delays and lower development costs. Strong enforcement is also needed to ensure that new homes meet safety standards.

Housing Supply Is Not Meeting Demand

Population growth and migration continue to increase demand for housing in Lagos.

At the same time, private developers face high construction costs and limited access to affordable finance. Many therefore focus on higher-value properties that offer stronger returns.

This can leave low- and middle-income households with fewer affordable options.

Government housing programmes can help close this gap. However, affordable housing needs to be delivered at a scale that matches the size of the demand.

Rising Rent Has Wider Economic Effects

The impact of high rent extends beyond the housing market.

When households spend more on accommodation, they have less money for food, education and healthcare. Housing instability can also affect family welfare and economic productivity.

This means Nigeria’s housing crisis is also an economic issue. High housing costs can reduce household spending power and make it harder for workers to build financial security.

Lagos Tenancy Law Offers Some Protection

Recent tenancy legislation in Lagos seeks to address some problems faced by tenants. These include excessive advance rent demands and arbitrary evictions.

However, tenancy rules alone cannot solve the housing shortage.

More homes must be built, while access to housing finance must improve. Land administration and building approval processes also need to become faster and more transparent.

Technology Could Improve the Rental Market

Technology could help make the rental market more transparent.

A central digital platform for rent payments and tenancy records could improve accountability. It could also make it easier to track transactions between landlords, agents and tenants.

Rent controls may also provide relief in some areas. However, such measures must be carefully designed. Poorly designed controls could reduce private investment and make the housing shortage worse.

Affordable Housing Requires More Investment

Nigeria needs greater investment in affordable housing for low- and middle-income households.

Public-private partnerships could support this goal if projects are designed around clear social and housing objectives. Government can also reduce construction costs through tax reforms and incentives for local production.

Better supply chains could further reduce the cost of building materials. Affordable housing finance would also make it easier for more Nigerians to rent or buy decent homes.

A Wider Housing Reform Is Needed

Nigeria’s housing challenge cannot be solved by building houses alone.

Land administration, construction costs, building regulation, housing finance and rental practices all affect the final cost of housing.

As rents continue to rise, the need for coordinated action is becoming more urgent. Expanding affordable housing supply while improving regulation and access to finance will be critical to making decent housing more accessible to Nigerians.

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The Mortgage Banking Association of Nigeria (MBAN) has called on the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF) to translate its strong financial performance into increased mortgage lending and wider access to affordable housing finance.

The call followed MREIF’s half-year 2026 financial results, which showed a profit before tax of ₦14.49 billion and profit after tax of ₦14.24 billion. The fund also declared interim dividends and increased its net asset value per unit to ₦106.71.

MBAN President, Ayo Olowookere, commended the fund’s financial performance, describing it as evidence of sound financial management. However, he argued that profitability should be matched with greater deployment of capital into mortgage lending.

According to Olowookere, MREIF increased its mortgage portfolio by 86 per cent within six months, but a significant portion of its assets remained invested in cash and investment securities rather than mortgage loans. He noted that much of the fund’s income during the period came from interest earned on these investments.

He said the situation creates an opportunity for MREIF to accelerate the deployment of its resources towards its core development mandate, particularly the expansion of affordable mortgage finance.

MREIF was established as a public-private partnership intended to provide long-term, relatively low-cost mortgage financing while helping deepen Nigeria’s housing finance market.

Olowookere said the fund’s success should therefore not be assessed only through profitability, dividends or growth in assets. He argued that its wider impact should also be measured by the number of mortgages created, homes financed and households helped to achieve homeownership.

The MBAN president stressed that expanding mortgage lending would still require strong risk management. He identified credit assessment, legal documentation, property verification and reliable operational systems as important components of responsible mortgage lending.

He also called for stronger collaboration between MREIF and primary mortgage banks to improve transparency, execution and the overall impact of the fund.

Beyond financing, Olowookere said government reforms in land administration, property registration and foreclosure processes would be necessary to strengthen Nigeria’s housing finance ecosystem.

He assured MREIF that mortgage banks were prepared to support the fund by originating quality mortgage assets, improving underwriting standards, adopting technology and working with the institution to expand responsible mortgage lending nationwide.

The development highlights a central challenge facing Nigeria’s housing sector. Having capital available is not the same as having affordable mortgages reaching households that need them.

For MREIF, the next test may therefore be whether its strong balance sheet can translate into significantly more accessible housing finance and, ultimately, more homes financed for Nigerians.

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The Tertiary Education Trust Fund (TETFund) has called for greater investment in research and innovation to address Nigeria’s housing deficit, urging architects, researchers, and tertiary institutions to develop practical solutions that can make housing more affordable and sustainable.

Speaking during a courtesy visit by the leadership of the Female Architects of Nigeria (FAN) to the Fund’s headquarters in Abuja, TETFund Executive Secretary Arc. Sonny Echono said Nigeria’s housing challenges require research-driven approaches capable of lowering construction costs, improving building technologies, and reducing dependence on imported construction materials.

Echono explained that TETFund’s National Research Fund has been expanded to encourage broader participation in research that addresses national development priorities. He stressed that universities, research institutions, and professionals in the built environment should focus on producing market-ready innovations that can transform Nigeria’s housing and construction industries.

According to him, Nigeria possesses abundant natural resources that can be converted into high-quality local building materials, reducing the industry’s dependence on imported products that are often affected by foreign exchange volatility and rising costs. He noted that strengthening local research would not only lower construction expenses but also create jobs, promote industrial development, and improve housing affordability.

The TETFund Executive Secretary also encouraged architects to collaborate more closely with researchers, universities, manufacturers, and government agencies to develop climate-responsive housing technologies suited to Nigeria’s environment. He said innovation should move beyond academic publications and be translated into commercially viable products and construction methods that directly benefit the housing sector.

Representatives of the Female Architects of Nigeria welcomed the call for stronger collaboration, noting that research and innovation remain essential to delivering affordable, resilient, and environmentally sustainable housing. The association also advocated increased support for research that addresses urbanisation, housing affordability, and sustainable building practices.

Housing experts believe that bridging Nigeria’s estimated housing deficit will require more than increased funding for construction. They argue that sustained investment in research, locally sourced materials, modern building technologies, and stronger partnerships between academia and industry will play a crucial role in reducing costs, improving construction quality, and accelerating housing delivery across the country.

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Kano State Governor Abba Kabir Yusuf has defended his administration’s recent land allocation programme following public criticism, insisting that the initiative is designed to expand homeownership, promote housing development, and improve the welfare of residents rather than serve political interests. He also urged beneficiaries to develop their allocated plots into residential properties instead of leaving them idle or engaging in speculative land trading.

Speaking during the presentation of allocation documents, Governor Yusuf said the programme forms part of his administration’s commitment to addressing the housing deficit by making land more accessible to residents. He maintained that wider access to land ownership is essential for sustainable urban development, wealth creation, and economic growth across Kano State.

The governor encouraged all beneficiaries to begin construction as soon as possible and ensure that buildings are developed on solid foundations that comply with approved planning and engineering standards. He stressed that responsible land development would contribute to safer communities, orderly urban expansion, and improved living conditions.

Governor Yusuf also dismissed allegations surrounding the allocation process, stating that the programme was implemented transparently and in line with the government’s development objectives. He reaffirmed that the initiative is intended to empower citizens through property ownership while stimulating investment in the housing and construction sectors.

The Commissioner for Lands and Physical Planning reiterated the government’s commitment to improving land administration and providing beneficiaries with the necessary support to facilitate property development. He urged recipients to take advantage of the opportunity by developing their plots rather than selling them immediately.

Urban development experts note that land allocation programmes can significantly improve housing delivery when supported by adequate infrastructure, transparent administration, and strict compliance with physical planning regulations. They add that encouraging beneficiaries to build on allocated land helps prevent speculation, increases housing supply, and promotes sustainable community development.

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The Federal Government has handed over completed housing units to beneficiaries under its Rent-to-Own Scheme in Abuja, reaffirming its commitment to expanding affordable homeownership and reducing Nigeria’s housing deficit through innovative housing finance initiatives. The homes were developed by Brains & Hammers Limited with funding from the Federal Mortgage Bank of Nigeria (FMBN) under the Renewed Hope Housing Programme.

Speaking during the symbolic presentation of keys, the Minister of Housing and Urban Development, Dr. Muttaqha Rabe Darma, said the initiative reflects President Bola Tinubu’s commitment to making decent and affordable housing accessible to more Nigerians. He described homeownership as a central pillar of the administration’s Renewed Hope Agenda and pledged that all approved beneficiaries under the Rent-to-Own Scheme would receive the keys to their homes before the end of the year.

The minister noted that the scheme provides an affordable pathway to homeownership, particularly for low- and middle-income earners who may not be able to afford the large upfront payments required to purchase homes outright. He added that the programme is designed to ease the burden of rising rents in major cities such as Abuja and Lagos while improving the welfare and living standards of Nigerians.

Managing Director and Chief Executive Officer of FMBN, Shehu Usman Osidi, explained that the delivery of the housing units, known as Bungalow City, experienced initial allocation challenges after part of the estate was assigned to security agencies. He said the bank established a joint technical committee with Brains & Hammers Limited to resolve the issues, ensuring that every profiled beneficiary received a home.

Osidi reaffirmed FMBN’s commitment to supporting the Federal Government’s affordable housing agenda through accessible mortgage financing and strategic partnerships with private developers. He said the bank would continue to expand opportunities for Nigerians to own homes through flexible financing models capable of addressing the country’s housing deficit.

Speaking on behalf of the beneficiaries, Sanusi Seidu Dantsoho expressed appreciation to the Federal Government and FMBN for providing many Nigerians with the opportunity to become homeowners. He pledged that residents would work together to maintain a peaceful, orderly, and well-managed estate while encouraging the government to sustain similar affordable housing programmes across the country.

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The Family Homes Funds Limited (FHFL) has identified the absence of reliable housing data as one of the biggest obstacles to effective housing planning, policymaking, and regulation in Nigeria. The organisation said accurate and up-to-date data is essential for addressing the country’s housing deficit and guiding sustainable urban development.

Speaking at the Stakeholders’ Validation Workshop on the National Housing Data Programme in Abuja, FHFL Executive Director of Operations, Dr. Emeka Inegbu, described data as the foundation of successful housing development. He noted that governments and investors cannot make informed decisions without credible information on housing demand, supply, demographics, land availability, and infrastructure.

According to Inegbu, the lack of reliable housing data has continued to hamper policy formulation, investment planning, and regulatory oversight within Nigeria’s housing sector. He explained that countries with well-developed housing information systems are better positioned to attract investment, improve housing finance, and implement effective housing programmes.

He called for stronger collaboration among government agencies, financial institutions, developers, professional bodies, and research organisations to establish an integrated national housing database. Such a system, he said, would support evidence-based policymaking, improve market transparency, strengthen mortgage financing, and enhance confidence among local and international investors.

FHFL also stressed that credible housing data would improve urban planning, infrastructure development, land administration, and affordable housing delivery by enabling policymakers to accurately assess housing needs and allocate resources more effectively. The organisation maintained that digital data systems would also reduce inefficiencies and improve coordination across the housing value chain.

Industry stakeholders agreed that developing a comprehensive national housing data framework is essential for reducing Nigeria’s housing deficit, attracting investment, and creating a more transparent and efficient real estate market capable of supporting long-term economic growth.

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Nigeria’s housing and real estate sector contributed more than ₦77 trillion to the nation’s economy in 2025, underscoring its growing importance as one of the country’s largest economic drivers. The disclosure was made by the Minister of Housing and Urban Development, Muttaqha Rabe Darma, during a stakeholders’ validation workshop on the National Housing Data Programme and the National Housing and Built Environment Regulation Policy in Abuja.

The minister explained that following the rebasing of Nigeria’s Gross Domestic Product (GDP), the real estate services sector alone accounted for approximately ₦41 trillion, representing 13.4 per cent of GDP, while the combined contribution of real estate and construction exceeded ₦77 trillion in 2025. He noted that despite the sector’s significant economic value, persistent challenges such as weak regulation, inadequate mortgage financing, and unreliable housing data continue to limit its full potential.

Darma described the validation workshop as a critical stage in the development of two major policy documents that will be presented to the Federal Executive Council (FEC). He urged stakeholders to provide constructive input to strengthen the proposed National Housing and Built Environment Regulation Policy and the National Mortgage Industry Policy before their adoption.

According to the minister, the proposed regulatory framework will introduce licensing requirements for developers and estate agents, escrow protection for homebuyers’ funds, stronger professional standards, improved construction quality, enhanced land administration, urban renewal safeguards, and the establishment of a National Housing Industry Regulatory Commission to improve oversight across the housing sector.

He also announced that the proposed mortgage policy seeks to reform the Federal Mortgage Bank of Nigeria (FMBN), establish a National Housing Finance Authority, expand access to the National Housing Fund for workers in the informal sector, and create a stronger framework for diaspora housing investment. In addition, the ministry disclosed that Nigeria’s housing deficit has been estimated at about 15 million units using internationally recognised methodologies, including the World Bank Adequate Housing Index and the UN-Habitat Household Crowding Index.

Speaking at the event, Permanent Secretary Dr. Shuaib Belgore said fragmented housing data and weak regulatory enforcement have constrained effective planning, housing quality, and investor confidence. Meanwhile, the Managing Director of FMBN, Shehu Usman Osidi, announced that the bank has completed the development of a National Mortgage Registry, a digital platform designed to centralise mortgage transactions and improve transparency within Nigeria’s housing finance system.

Stakeholders believe that stronger regulation, credible housing data, improved mortgage access, and enhanced consumer protection will be essential to unlocking greater investment in the housing sector, reducing the housing deficit, and strengthening the industry’s contribution to Nigeria’s long-term economic growth.

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Nigeria’s housing sector could become one of the strongest drivers of economic transformation if it is positioned as an industrial development strategy rather than simply a social welfare programme. Experts argue that expanding housing delivery has the potential to stimulate manufacturing, create millions of jobs, deepen local supply chains, and accelerate the country’s ambition of becoming a $1 trillion economy.

According to industry analysts, addressing Nigeria’s housing deficit should go beyond constructing residential units. They contend that every housing project should strengthen domestic industries by encouraging the production of locally manufactured building materials, developing technical skills, supporting indigenous contractors, and promoting technology transfer. Such an approach would ensure that housing investments generate long-term economic value beyond the buildings themselves.

The report emphasised that partnerships with international developers and investors should be structured to build Nigeria’s industrial capacity rather than create dependence on foreign expertise. Large-scale housing programmes, it noted, should leave behind stronger local companies, skilled workers, improved manufacturing capability, and sustainable construction technologies that enable the country to scale future housing delivery independently.

Stakeholders also highlighted the importance of integrating housing policy with broader economic development objectives. Increased investment in infrastructure, affordable mortgage financing, land administration reforms, and industrial production would not only improve access to housing but also stimulate economic activity across multiple sectors, including cement, steel, logistics, finance, and professional services.

Experts believe that housing remains one of the few sectors capable of creating employment across every stage of the value chain, from raw material production and construction to transportation, retail, and property management. They argue that a well-designed national housing strategy could significantly expand the middle class by creating higher incomes and improving homeownership opportunities.

They concluded that Nigeria’s path to a $1 trillion economy will depend not only on building more homes but on using housing as a catalyst for industrialisation, wealth creation, innovation, and inclusive economic growth. By transforming housing into a productive economic sector, the country can generate lasting benefits that extend far beyond reducing its housing deficit.

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The Association of Housing Corporations of Nigeria (AHCN) has called on the Federal Government to establish a National Housing Delivery Framework and dedicated Housing Infrastructure Funds to accelerate affordable housing delivery and address Nigeria’s growing housing deficit. The association said a coordinated national strategy is essential for scaling up housing production and improving access to decent homes for low- and middle-income earners.

The call formed part of a communiqué issued at the end of AHCN’s two-day National Workshop on Affordable Housing Solutions for Low-Income Earners in Emerging Real Estate Markets and its 49th Annual General Meeting held in Calabar, Cross River State. Delegates noted that rising inflation, foreign exchange volatility, and increasing construction costs continue to widen the affordability gap across the housing sector.

AHCN urged governments, financial institutions, and development partners to create financing frameworks tailored to the needs of state housing corporations. The association also recommended greater adoption of locally manufactured building materials developed by the Nigerian Building and Road Research Institute (NBRRI), arguing that reducing dependence on imported materials would lower construction costs and improve housing affordability.

The association further advocated the use of industrialised construction technologies, including prefabricated housing, modular construction, and precast concrete systems, to speed up project delivery while reducing development costs. It also encouraged stronger collaboration among the Federal Mortgage Bank of Nigeria (FMBN), Family Homes Fund, MOFI Real Estate Investment Fund (MREIF), and other stakeholders to mobilise long-term financing for affordable housing projects.

AHCN expressed concern that many state housing corporations have become ineffective due to years of inadequate funding and institutional neglect. It urged state governments to strengthen these agencies through policy reforms and avoid merging them with ministries, warning that such practices weaken their capacity to deliver mass housing.

The association also highlighted the growing number of completed but unoccupied housing units in major cities, noting that many homes remain unaffordable for the people they were built to serve. It stressed that improving access to land, infrastructure financing, and affordable mortgages would help bridge the gap between housing supply and demand while restoring public confidence in government-led housing initiatives

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