President Bola Ahmed Tinubu has praised the growing impact of the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF), revealing that the initiative has provided ₦128 billion in affordable mortgage financing to 1,859 Nigerian families across 25 states as part of the administration’s efforts to expand access to home ownership under the Renewed Hope Agenda.
The President said the intervention is helping to address one of Nigeria’s longstanding housing challenges by making long-term mortgage financing available to ordinary citizens at affordable rates.
According to figures released on the programme, beneficiaries from different geopolitical zones have secured mortgages 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 arrangement is designed to create a sustainable pathway to home ownership for Nigerians who have traditionally been excluded from the country’s mortgage market.
Commenting on the development, President Tinubu noted that limited access to affordable long-term housing finance has remained one of the biggest obstacles to home ownership in Nigeria for decades.
“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,” the President said.
He added that the early achievements of the fund demonstrate the importance of sound policies and effective partnerships in addressing the country’s housing deficit.
“The progress recorded by MREIF shows that with the right policies, strong institutions and effective partnerships, we can expand access to home ownership and create opportunities for more Nigerians to build wealth through asset ownership,” Tinubu stated.
Beyond the mortgages already granted, the government disclosed that the fund has generated ₦221 billion in total property value while supporting the delivery of 475 housing units through offtake guarantee projects.
Officials said the average age of mortgage beneficiaries is 42 years, a figure that reflects strong demand among working-class Nigerians seeking affordable housing finance options. The administration believes the trend underscores the need for continued expansion of mortgage products that can serve middle-income earners and other underserved groups.
President Tinubu explained that the mortgage programme forms part of a broader housing reform agenda being implemented by his administration. He noted that MREIF is working alongside other flagship initiatives, including the Renewed Hope Cities and Estates Programme and interventions being executed through Family Homes Funds Limited.
According to the President, while housing construction remains important, access to affordable mortgage finance is essential for converting completed housing units into actual home ownership opportunities for Nigerians.
For decades, Nigeria has struggled to develop a robust mortgage system capable of delivering affordable, long-term housing finance at scale. To address this challenge, the government established MREIF as a ₦1 trillion housing finance platform aimed at mobilising long-term capital for mortgage lending through a combination of public sector support, institutional investment and private sector management.
The pilot phase of the initiative comprises ₦250 billion in concessionary and commercial funding and is expected to serve as the foundation for broader expansion in the country’s housing finance ecosystem.
Building on the programme’s early gains, the Federal Government expects additional capital mobilisation to support increased mortgage lending, encourage greater participation by institutional investors and expand access to affordable housing finance across the country.
MREIF is sponsored by the Ministry of Finance Incorporated and managed by ARM Investment Managers Limited. The fund’s Series 2 commercial issuance has received an AAA rating from Agusto & Co. and an AA rating from GCR Ratings, signalling strong market confidence in its governance structure, financial framework and long-term sustainability.
The latest figures are expected to bolster the administration’s argument that targeted housing finance reforms can play a critical role in reducing Nigeria’s housing deficit while helping families build long-term wealth through property ownership.
