President Bola Ahmed Tinubu has said his administration’s housing reforms under the Renewed Hope Agenda are yielding tangible results, with more than 15,000 housing units currently under construction across the country.

In a statement shared on X on Tuesday, the President said the government remains committed to fulfilling its promise of making homeownership more accessible and affordable for Nigerians through large-scale housing projects and sector-wide reforms.

Tinubu recalled that the Renewed Hope Housing Programme was designed to deliver 100,000 housing units nationwide, with an initial phase of 50,000 units spread across the six geopolitical zones and the Federal Capital Territory.

According to him, significant progress has already been recorded, including the development of more than 3,000 housing units in Karsana, Abuja, while the 2,000-unit housing city in Ibeju-Lekki, Lagos State, has reached an advanced stage of completion, with sales already underway.

“What stands today is no longer a drawing. We broke ground on more than 3,000 homes at Karsana in Abuja, the 2,000-unit city at Ibeju-Lekki in Lagos has reached advanced completion with sales already underway, and across the country, more than 15,000 units are rising as I write this,” the President stated.

Beyond housing construction, Tinubu said the administration has introduced reforms aimed at addressing long-standing challenges in land administration, housing finance and construction logistics.

He disclosed that the Federal Government is partnering with the World Bank to expand formal land registration, with the goal of increasing registered land ownership from less than 10 per cent to about 50 per cent nationwide.

The President also highlighted reforms in equipment leasing, which he said would enable contractors to access construction machinery more efficiently and reduce delays in project execution.

According to him, uniform pricing mechanisms have been introduced for government housing projects to improve transparency and eliminate opportunities for corruption in property allocation and sales.

He further revealed that the government is establishing building materials hubs across the six geopolitical zones to reduce construction costs and promote local sourcing of materials.

On housing finance, Tinubu said 1,859 families in 25 states have accessed mortgages worth N128 billion through the MOFI Real Estate Investment Fund, with repayment terms fixed at 9.75 per cent over 20 years.

He added that the Family Homes Funds programme is also supporting low-income earners and vulnerable groups, including widows, under a mandate to deliver 500,000 homes and create about 1.5 million jobs.

Despite the achievements recorded so far, the President acknowledged that Nigeria’s housing deficit remains substantial and would require sustained efforts over several years to address.

“I will not stand before you and declare the work finished, because it is not. The housing deficit this nation carries is counted in the millions, and it will take years of steady labour to close,” he said.

Tinubu argued that for the first time in decades, the entire housing value chain — from land acquisition and title registration to construction, financing and homeownership — is being addressed in a coordinated manner.

He added that housing has evolved from being viewed solely as a social welfare issue to becoming a key driver of economic growth, job creation and national productivity.

According to the President, increased activity in real estate and construction is contributing significantly to Nigeria’s Gross Domestic Product (GDP) while expanding opportunities across multiple sectors of the economy.

He reiterated his administration’s commitment to ensuring that more Nigerians have access to affordable housing, describing homeownership as a fundamental right rather than a privilege.

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Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has endorsed the growing impact of the MOFI Real Estate Investment Fund, describing it as a critical intervention in addressing the country’s housing finance gap.

Speaking after a high-level meeting with officials of the Ministry of Finance Incorporated, Edun said the MOFI Real Estate Investment Fund (MRIEF) represents a transformative shift in how housing projects are financed in Nigeria, particularly through its provision of funding at below double-digit interest rates.

The minister noted that the initiative aligns with the broader economic agenda of Bola Ahmed Tinubu, which prioritises innovative and people-focused policies to drive inclusive growth and improve access to essential services such as housing.

He described the fund as a demonstration of what can be achieved through strategic collaboration between public and private sector stakeholders, adding that its structure reflects innovation and flexibility in tackling longstanding structural challenges in the real estate sector.

Edun emphasised the need to scale up the fund to expand its reach, particularly among low- and middle-income Nigerians who face significant barriers to accessing affordable housing finance.

According to him, widening the coverage of MRIEF would not only support homeownership but also stimulate economic activity across the construction value chain, creating jobs and boosting investor confidence in the sector.

The meeting brought together a broad range of stakeholders, including fund managers, merchant banks, trustees, legal advisers and capital market operators, highlighting the multi-sectoral collaboration underpinning the initiative.

Participants at the meeting commended the minister’s leadership and acknowledged the policy environment created by the current administration, which they said has enabled innovative financing solutions to emerge within the housing sector.

Analysts say the continued expansion of MRIEF could play a pivotal role in narrowing Nigeria’s housing deficit, particularly if supported by sustained policy backing and efficient implementation frameworks.

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The MOFI Real Estate Investment Fund (MREIF) has recorded a Net Asset Value (NAV) of N270.29bn at the close of the 2025 financial year, reflecting steady growth from the N261.83bn reported at the start of the fourth quarter.

Details contained in its Q4 2025 investor report filed with the Nigerian Exchange Limited show that the fund maintained strong performance momentum within its first year of operations.

Structured as a N1tn shelf programme, MREIF operates as a closed-end real estate investment fund under a unit trust scheme, regulated by the Securities and Exchange Commission. The fund commenced operations on March 17, 2025, following full subscription and regulatory clearance for its N100bn Series 2 issuance.

Income Performance and Investor Returns

For the 10-month period ended December 31, 2025, the fund posted total income of N36.54bn, largely driven by interest income on financial instruments and loans.

Commercial investors earned an impressive annualised yield of 19.28 percent, underscoring the fund’s attractiveness in Nigeria’s capital market space.

ARM Investment Managers Limited, the fund manager, announced a final distribution for 2025:

• Series I investors: N3.7468 per unit

• Series II investors: N9.7192 per unit

Investors on the register as of February 20, 2026, will receive dividend payments electronically on February 27, 2026.

Mortgage Expansion Across 21 States

Beyond asset growth, MREIF intensified efforts to address Nigeria’s housing deficit.

By December 31, 2025, the fund had:

• Originated 1,082 mortgages

• Disbursed N70.72bn

• Covered 21 states and the Federal Capital Territory

• Onboarded 18 Eligible Financial Institutions (EFIs), including eight commercial banks and 10 mortgage banks

• Executed two offtake guarantees worth N5bn

In Q4 alone, the fund disbursed N23bn to finance 336 mortgage applications.

The fund’s strategy combines concessionary public capital with private sector funding to provide single-digit interest rate mortgages through partner financial institutions.

Strong Credit Ratings

Sponsored by the Ministry of Finance Incorporated, the fund has secured:

• Aaa rating from Agusto & Co

• AA rating from Global Credit Rating (GCR)

These ratings reinforce investor confidence and the fund’s credit strength.

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