President Bola Ahmed Tinubu has commended the growing impact of the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF), which has delivered ₦128 billion in affordable mortgages to 1,859 Nigerian families across 25 states under the Renewed Hope Agenda.
According to the President, the initiative is helping to remove long-standing barriers to home ownership by expanding access to long-term and affordable mortgage financing, which he described as critical to wealth creation and economic stability.
He noted that for many years, Nigerians who could afford rent were unable to access structured mortgage systems that would enable them to own homes, a gap the current reforms are now addressing through targeted financial interventions.
The beneficiaries, spread across the country’s geopolitical zones, have accessed mortgages of up to 20 years at a fixed interest rate of 9.75 per cent per annum with a 10 per cent minimum equity contribution.
Beyond the ₦128 billion in mortgages already disbursed, the Fund has also unlocked ₦221 billion in total property value and supported the delivery of 475 housing units through offtake guarantee arrangements.
President Tinubu further stated that MREIF forms part of a broader housing reform framework under the Renewed Hope Agenda, working alongside other government housing programmes aimed at increasing supply and improving affordability in the sector.
He explained that affordable mortgage finance remains key to converting completed housing units into actual home ownership, thereby strengthening the housing market and expanding access for more Nigerians.
The MREIF platform, a ₦1 trillion housing finance initiative with a ₦250 billion pilot phase, is designed to mobilise long-term capital from both public and private sources to deepen mortgage lending across the country.
The fund is sponsored by the Ministry of Finance Incorporated and managed by ARM Investment Managers Limited, with its Series 2 issuance rated AAA by Agusto & Co. and AA by GCR Ratings, reflecting strong investor confidence in its structure and sustainability.
