The Lagos State Government says it has provided housing comfort to over 20,000 residents in the state through its Mortgage and Rent-To-Own housing policies over the past 12 years.

The Commissioner for Housing, Moruf Akinderu-Fatai, disclosed this during the Ministerial Press Briefing held in Lagos to mark the third year of Governor Babajide Sanwo-Olu’s second term in office.

He said the Rent-To-Own housing initiative has continued to support homeownership by allowing beneficiaries to gradually pay for homes while living in them, reducing the burden of outright purchase.

According to him, the first set of beneficiaries under the scheme successfully exited on August 29, 2024, after completing their payment obligations.

He added that 100 mortgagors who completed 10 years of mortgage repayments were also officially exited and confirmed as full homeowners.

Akinderu-Fatai also disclosed that a third exit ceremony was held on July 2, 2025, for 110 additional mortgagors who completed their repayment schedules.

He noted that the Lagos State Mortgage Board currently has 2,207 pending applications awaiting allocation across various housing schemes.

The commissioner said the programmes have helped reduce the housing deficit in Lagos State while expanding access to affordable housing units for residents.

He added that the Lagos State Development and Property Company (LSDPC) has completed 12 housing projects in the last seven years, delivering about 1,190 housing units, aside from other developments executed through partnerships.

He further stated that 29 housing projects are currently ongoing across the state, expected to yield about 3,149 additional housing units upon completion.

Akinderu-Fatai explained that the government has also invested in supporting infrastructure such as roads, drainage systems, water supply, electrification, sewage treatment plants, walkways and car parks across housing estates.

He said facility management has played a key role in sustaining government estates, ensuring safety, maintenance and long-term value preservation.

According to him, estate management activities have generated about 888 direct and indirect jobs for cleaners, security personnel, artisans and maintenance workers.

He added that construction activities across the housing sector created 4,793 jobs within the last year, spanning skilled, semi-skilled and unskilled labour categories.

On maintenance of existing estates, he said the government has intensified rehabilitation efforts across 52 state-owned estates.

He disclosed that 30 blocks at the Abiodun Ogunleye Housing Estate in Igbogbo, damaged by natural disaster, were fully rehabilitated.

He also noted that over N300 million was spent on the repair of an injection substation supplying power to Lateef Kayode Jakande Gardens in Igando.

Akinderu-Fatai reaffirmed the government’s commitment to reducing the housing deficit and expanding access to homeownership through sustainable policies and partnerships.

He added that ongoing construction projects across Lagos reflect the administration’s drive to improve living standards and support economic activities across the housing value chain.

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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.

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