PRESIDENT TINUBU HAILS MREIF AS FUND DELIVERS ₦128 BILLION IN MORTGAGES TO 1,859 NIGERIAN FAMILIES. (PHOTO).

 PRESIDENT TINUBU HAILS MREIF AS FUND DELIVERS ₦128 BILLION IN MORTGAGES TO 1,859 NIGERIAN FAMILIES

President Bola 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 a statement issued by the President's Special Adviser on Information and Strategy, Bayo Onanuga, the beneficiaries, spread across the nation's six geopolitical zones, have 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, providing a pathway to home ownership that has remained out of reach for many Nigerians for nearly six decades.

President Tinubu noted that one of the biggest barriers to home ownership in Nigeria has been the absence of affordable long-term mortgage financing.

The President said that for years, many Nigerians could afford monthly rent but lacked access to the financing needed to purchase a home.

He stated that the progress recorded by MREIF demonstrates that with the right policies, strong institutions, and effective partnerships, access to home ownership can be expanded, creating more opportunities for Nigerians to build wealth through asset ownership.

The President further disclosed that beyond the mortgages already delivered, the Fund has unlocked ₦221 billion in total property value and supported the delivery of 475 housing units through offtake guarantee projects.

With the average mortgage beneficiary aged 42, MREIF reflects strong demand among working Nigerians who have historically faced limited access to affordable long-term mortgage financing.

President Tinubu also highlighted MREIF as one of several complementary initiatives driving housing sector transformation under the Renewed Hope Agenda, alongside the Renewed Hope Cities and Estates Programme and the financing interventions and social housing programmes of Family Homes Funds Limited.

He stressed that affordable mortgage financing remains the critical link that converts completed housing units into genuine home ownership, effectively bridging the gap between 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 whose pilot phase comprises ₦250 billion in concessionary and commercial funding, was established to close that gap by mobilising long-term capital for mortgage lending through a combination of government support, private sector management, and institutional investment.

Building on the Fund's early achievements, the administration expects further capital mobilisation to increase mortgage lending, deepen institutional investor participation, and expand access to affordable housing finance nationwide.

MREIF is sponsored by the Ministry of Finance Incorporated and managed by ARM Investment Managers Limited. Its Series 2 commercial issuance is rated AAA by Agusto & Co. and AA by GCR Ratings, reflecting strong market confidence in the Fund's structure, governance, and long-term sustainability.