President Bola Ahmed Tinubu has commended the impact of the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF), which has disbursed N128 billion in affordable mortgages to 1,859 Nigerian families across 25 states under the administration’s Renewed Hope Agenda. The commendation was contained in a statement by the Special……
President Bola Ahmed Tinubu has commended the impact of the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF), which has disbursed N128 billion in affordable mortgages to 1,859 Nigerian families across 25 states under the administration’s Renewed Hope Agenda.
The commendation was contained in a statement by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, on Tuesday, June 2.
According to the statement, the beneficiaries cut across all geopolitical zones and have accessed long-term mortgage facilities of up to 20 years at a fixed interest rate of 9.75 percent per annum, with a minimum equity contribution of 10 percent.
The initiative, the Presidency said, is designed to address long-standing barriers to home ownership in Nigeria by providing access to affordable housing finance, a challenge that has persisted for nearly six decades.
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President Tinubu said the success of the scheme demonstrates the impact of targeted policy reforms and institutional collaboration in expanding access to housing.
“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,” Tinubu said.
The Presidency also disclosed that beyond direct mortgage disbursements, the fund has helped unlock ₦221 billion in total property value and supported the delivery of 475 housing units through offtake guarantee arrangements.
According to the statement, the average age of beneficiaries is 42 years, indicating strong demand among working Nigerians who have traditionally struggled to access long-term housing finance.
Tinubu further described MREIF as a key component of a broader housing reform strategy under the Renewed Hope Agenda, working in synergy with other initiatives such as the Renewed Hope Cities and Estates Programme and financing interventions managed through Family Homes Funds Limited.
He stressed that affordable mortgage financing remains critical to translating housing construction into actual home ownership for Nigerians.
“For nearly six decades, Nigeria struggled to build a mortgage market capable of providing affordable long-term housing finance at scale. MREIF, a ₦1 trillion housing finance platform whose pilot phase comprises ₦250 billion in concessionary and commercial funding, was established to help close that gap by mobilising long-term capital for mortgage lending through a combination of government support, private sector management and institutional investment,” the statement added.
The Presidency expressed optimism that ongoing reforms would attract additional capital, 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 investor confidence in its structure and long-term sustainability.
