President Bola Tinubu has commended the growing impact of the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF) for providing ₦128 billion in affordable mortgages to 1,859 Nigerian families across 25 states under the Renewed Hope Agenda.
The President’s commendation was contained in a statement issued by his Special Adviser on Information and Strategy, Bayo Onanuga.
According to the statement, beneficiaries from the country’s six geopolitical zones have accessed mortgage facilities 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. The initiative is aimed at expanding access to home ownership for Nigerians who have long been excluded from affordable housing finance.
President Tinubu noted that the lack of affordable long-term mortgage financing has remained one of the major obstacles to home ownership in Nigeria. He observed that while many Nigerians could afford monthly rent payments, they often lacked access to financing options needed to purchase homes.
The President said the achievements recorded by MREIF demonstrate that effective policies, strong institutions, and strategic partnerships can significantly improve access to home ownership while enabling citizens to build wealth through asset ownership.
He disclosed that, beyond the mortgages already provided, the Fund has unlocked ₦221 billion in total property value and supported the delivery of 475 housing units through offtake guarantee projects.
Tinubu also highlighted the growing demand for affordable mortgage financing among working Nigerians, noting that the average age of MREIF beneficiaries is 42 years.
The President described MREIF as one of several initiatives supporting housing sector reforms under the Renewed Hope Agenda. Other programmes include the Renewed Hope Cities and Estates Programme and the financing interventions and social housing projects implemented by Family Homes Funds Limited.
According to him, affordable mortgage financing remains a critical component in converting completed housing units into actual home ownership, helping to bridge the gap between housing construction and access.
The President recalled that Nigeria had struggled for nearly six decades to establish a mortgage market capable of providing affordable long-term housing finance on a large scale.
MREIF, a ₦1 trillion housing finance platform with an initial pilot phase of ₦250 billion in concessionary and commercial funding, was created to address that challenge by mobilising long-term capital for mortgage lending through a combination of government support, private sector management, and institutional investment.
Tinubu expressed optimism that the Fund’s early successes would attract additional capital, increase mortgage lending, deepen institutional investor participation, and broaden 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. Its Series 2 commercial issuance has received an AAA rating from Agusto & Co. and an AA rating from GCR Ratings, reflecting strong market confidence in its governance structure and long-term sustainability.
About The Author
