President Bola Tinubu has praised the Ministry of Finance Incorporated (MOFI) Real Estate Investment Fund (MREIF) for successfully delivering N128 billion in affordable mortgages to 1,859 families across 25 states in Nigeria.
The President described the milestone as a clear demonstration that well-designed policies can significantly expand home ownership opportunities for millions of Nigerians previously excluded from the housing market.
In a statement issued on Tuesday by his Special Adviser on Information and Strategy, Bayo Onanuga, Tinubu highlighted that the beneficiaries spread across all six geopolitical zones secured mortgages with favourable terms: up to 20-year tenors, a fixed interest rate of 9.75% per annum, and a minimum equity contribution of just 10%.
These conditions, he noted, had been largely unavailable in Nigeria for nearly six decades.
“For years, many Nigerians could afford monthly rent but could not access the type of financing required to purchase a home,” Tinubu said.
“That reality kept countless families out of home ownership and limited their ability to build lasting assets.”
He added that the progress by MREIF proves 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.”
Beyond the mortgages, the initiative has unlocked N221 billion in total property value and supported the delivery of 475 housing units through off-take guarantees.
The average beneficiary is 42 years old, reflecting strong demand among working-age Nigerians.
MREIF is a N1 trillion housing finance platform, with its pilot phase backed by N250 billion in concessionary and commercial funding.
It is sponsored by the Ministry of Finance Incorporated and managed by ARM Investment Managers. The fund’s Series 2 commercial issuance has received top ratings of AAA from Agusto & Co. and AA from GCR Ratings.
The President noted that MREIF complements other government interventions, such as the Renewed Hope Cities and Estates Programme and Family Homes Funds Limited, as part of a broader strategy to transform Nigeria’s housing sector.
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