President Bola Tinubu on Tuesday commended the Ministry of Finance Incorporated Real Estate Investment Fund for delivering N128bn in affordable mortgages to 1,859 families across 25 states.
He described the achievement as proof that the right policy framework could open home ownership to millions of Nigerians who had been locked out of the market for decades.
In a statement signed Tuesday by his Special Adviser on Information and Strategy, Bayo Onanuga, Tinubu said the beneficiaries, spread across all six geopolitical zones, accessed 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.
He noted that the terms were largely unavailable in Nigeria for nearly six decades.
The President stated, “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 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.”
Beyond mortgages disbursed, Onanuga wrote, the MREIF has unlocked N221bn in total property value and supported the delivery of 475 housing units through off-take guarantee arrangements.
The average mortgage beneficiary is 42 years old, a figure Tinubu said reflects strong demand among working-age Nigerians who have historically been shut out of long-term housing finance.
MREIF is a N1tn housing finance platform whose pilot phase comprises N250bn in concessionary and commercial funding.
It is sponsored by the Ministry of Finance Incorporated and managed by ARM Investment Managers.
Its Series 2 commercial issuance carries AAA and AA ratings from Agusto & Co. and GCR Ratings, respectively.
Tinubu said MREIF operates alongside the Renewed Hope Cities and Estates Programme and the Family Homes Funds Limited interventions as complementary pillars of the administration’s broader housing transformation agenda.
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