The Federal Government has disclosed that the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF) has provided N128 billion in affordable mortgage financing to 1,859 Nigerian families across 25 states, in a move aimed at expanding access to home ownership.
The disclosure was contained in a statement issued by Bayo Onanuga, who noted that Bola Ahmed Tinubu has commended the growing impact of the housing finance initiative.
What the government is saying
According to the statement, the fund has continued to provide long-term and affordable mortgage financing to Nigerians who might otherwise struggle to access conventional housing loans.
The government said the initiative is helping to:
- Expand home ownership opportunities
- Improve access to affordable housing finance
- Reduce housing affordability constraints
- Support broader economic development through the housing sector
The N128 billion disbursed so far has benefited 1,859 families across various parts of the country.
More insights
The MREIF was established as part of efforts to address Nigeria’s housing finance gap and create a sustainable framework for long-term mortgage lending.
One of the major challenges facing prospective homeowners in Nigeria has been the limited availability of affordable mortgages, largely due to:
- High interest rates
- Short loan tenors
- Limited access to long-term financing
- Rising property development costs
By providing lower-cost financing and longer repayment structures, the fund aims to make home ownership more accessible to a wider segment of the population.
Why it matters
Housing remains one of Nigeria’s most significant development challenges, with estimates suggesting the country faces a substantial housing deficit.
Expanding access to mortgage financing can help:
- Increase home ownership rates
- Stimulate residential construction
- Create jobs across the construction value chain
- Deepen the mortgage market
- Support economic growth through real estate development
The disbursement of N128 billion across 25 states indicates a growing reach for the programme and highlights the government’s efforts to strengthen housing finance accessibility nationwide.
What you should know
The MREIF forms part of the Federal Government’s broader housing and economic development strategy aimed at:
- Expanding affordable housing supply
- Increasing access to mortgage finance
- Mobilising long-term capital for housing development
- Encouraging private-sector participation in real estate financing
Officials have described the initiative as a key vehicle for reducing barriers to home ownership while supporting the development of a more sustainable and inclusive housing finance ecosystem in Nigeria.
