Tinubu hails MOFI’s delivery of N128bn mortgages to 1,859 families

President Bola Tinubu commended the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF) for its significant achievement in delivering N128 billion in affordable mortgages to 1,859 families across Nigeria. He hailed the initiative as evidence that a robust policy framework can unlock home ownership for millions previously excluded from the housing market.

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For years, many Nigerians could afford monthly rent but could not access the type of financing required to purchase a home.

According to a statement from his Special Adviser on Information and Strategy, Bayo Onanuga, the beneficiaries, located in all six geopolitical zones, secured mortgages with terms extending up to 20 years. These loans feature a fixed annual interest rate of 9.75% and require a minimum equity contribution of 10%. Tinubu noted that such favorable terms have been largely unavailable in Nigeria for nearly six decades, transforming the landscape of home financing.

"For years, many Nigerians could afford monthly rent but could not access the type of financing required to purchase a home," Tinubu stated. "That reality kept countless families out of home ownership and limited their ability to build lasting assets." He emphasized that MREIF's progress demonstrates how effective policies, strong institutions, and partnerships can broaden access to home ownership and foster wealth creation through asset accumulation.

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That reality kept countless families out of home ownership and limited their ability to build lasting assets.

The MREIF has not only disbursed mortgages but also unlocked a total property value of N221 billion and supported the delivery of 475 housing units through off-take guarantee arrangements. The average age of mortgage beneficiaries is 42, indicating strong demand among working-age Nigerians historically shut out of long-term housing finance. MREIF operates alongside the Renewed Hope Cities and Estates Programme and the Family Homes Funds Limited as key components of the administration's housing transformation agenda.

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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.