Tinubu praises MREIF for ₦128bn affordable mortgages to 1,859 families

From Juliana Taiwo-Obalonye, Abuja

President Bola Tinubu on Tuesday hailed the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF) after the housing finance vehicle delivered ₦128 billion in affordable mortgages to 1,859 Nigerian families across 25 states under his Renewed Hope Agenda.

In a statement issued by his Special Adviser on Information and Strategy, Bayo Onanuga, the president said the mortgages—available for up to 20 years at a fixed interest rate of 9.75 per cent per annum with a 10 per cent minimum equity contribution—are helping to remove a long-standing barrier to home ownership in Nigeria.

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

He said the Fund has unlocked a total property value of ₦221 billion and supported the delivery of 475 housing units through offtake guarantee projects. With an average mortgage beneficiary age of 42 years, the statement said MREIF reflects strong demand among working Nigerians who have historically faced limited access to affordable long-term mortgage finance.

“MREIF demonstrates that government support coupled with private-sector expertise can finally begin to close the mortgage gap in Nigeria,” the statement quoted the Minister of Finance as saying. “This is not just about houses — it is about giving families the opportunity to own assets that generate long-term stability and wealth.”

MREIF, described in the statement as a ₦1 trillion housing finance platform whose pilot phase comprises ₦250 billion in concessionary and commercial funding, was established to mobilise long-term capital for mortgage lending by combining government support, private sector management and institutional investment. The Fund is sponsored by the Ministry of Finance Incorporated and managed by ARM Investment Managers Limited.

“We are encouraged by the early uptake and by the quality of borrowers coming through the programme,” said a senior official at ARM Investment Managers (who requested anonymity). “The fixed 9.75 per cent rate and 20-year tenor make mortgage servicing predictable and affordable for many families — and that is critical for building a sustainable mortgage market.”

The President added that MREIF’s Series 2 commercial issuance has been rated AAA by Agusto & Co. and AA by GCR Ratings, ratings the statement said reflect strong market confidence in the Fund’s structure, governance and long-term sustainability.

Tinubu positioned MREIF as one of several “complementary engines” driving a wider housing transformation alongside the Renewed Hope Cities and Estates Programme and Family Homes Funds Limited’s social housing initiatives. “Affordable mortgage finance is what converts completed units into genuine home ownership,” he said.