By Precious Mark
The Ministry of Finance Incorporated Real Estate Investment Fund (MREIF) has delivered ₦128 billion in affordable mortgages to 1,859 Nigerian families across 25 states.
This was disclosed in a statement signed on Tuesday by President Tinubu’s Special Adviser on Information and Strategy, Bayo Onanuga.
According to the statement, the President hailed the Fund describing the intervention as a bridge for Nigeria’s housing finance gap.
The beneficiaries, drawn from all six geopolitical zones, secured mortgages of up to 20 years at a fixed interest rate of 9.75 percent and a minimum equity contribution of 10 percent.
Tinubu noted that the absence of affordable mortgage financing has remained one of the biggest obstacles to homeownership in Nigeria, leaving many families unable to purchase homes despite being able to afford monthly rent.
“For years, many Nigerians could afford monthly rent but could not access the type of financing required to purchase a home,” he said.
According to the President, the success recorded by MREIF demonstrates that effective policies and strong partnerships can expand access to housing and help Nigerians build wealth through property ownership.
The fund has also unlocked ₦221 billion in property value and supported the delivery of 475 housing units through off-take guarantee projects.
Tinubu said MREIF complements other housing initiatives under the Renewed Hope Agenda, including the Renewed Hope Cities and Estates Programme and interventions by Family Homes Funds Limited.
Established as a ₦1 trillion housing finance platform, MREIF was created to mobilise long-term capital for mortgage lending and expand access to affordable housing finance across the country.
The fund is sponsored by the Ministry of Finance Incorporated and managed by ARM Investment Managers Limited.