President Bola Tinubu has praised the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF) for providing N128 billion in affordable mortgages to 1,859 families across 25 states, describing the achievement as a major step toward expanding home ownership in Nigeria.
In a statement issued by his Special Adviser on Information and Strategy, Bayo Onanuga, the President said the initiative demonstrates how effective policies and strong institutions can make home ownership accessible to more Nigerians.
The mortgage beneficiaries, spread across the country’s six geopolitical zones, received financing with repayment periods of up to 20 years at a fixed interest rate of 9.75 per cent per annum, with a minimum equity contribution of 10 per cent. Tinubu noted that such favourable terms had been largely unavailable in Nigeria for decades.
According to the President, many Nigerians have long been able to pay monthly rent but lacked access to affordable financing needed to purchase homes.
“For years, many Nigerians could afford monthly rent but could not access the type of financing required to purchase a home. That reality kept countless families out of home ownership and limited their ability to build lasting assets,” he said.
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Tinubu added that the success of the mortgage scheme proves that the right combination of policies, partnerships and institutional support can help more citizens acquire homes and build wealth through property ownership.
Beyond the mortgage disbursements, the MREIF has also unlocked N221 billion in total property value and supported the development of 475 housing units through off-take guarantee arrangements.
The President highlighted that the average beneficiary is 42 years old, reflecting strong demand among working-class Nigerians who have traditionally struggled to access long-term housing finance.
MREIF is a N1 trillion housing finance initiative sponsored by the Ministry of Finance Incorporated and managed by ARM Investment Managers. Its pilot phase consists of N250 billion in concessionary and commercial funding.
Tinubu explained that the fund complements other government housing initiatives, including the Renewed Hope Cities and Estates Programme and projects by Family Homes Funds Limited, all aimed at addressing Nigeria’s housing deficit and improving access to affordable housing.
