President Bola Tinubu on Tuesday lauded the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF) after the vehicle disbursed ₦128 billion in affordable mortgages to 1,859 families across 25 States.
The is part of the administration’s Renewed Hope Agenda.
Special Adviser on Information and Strategy Bayo Onanuga in a statement said the mortgages, available for up to 20 years at a fixed 9.75% annual rate and requiring a minimum 10% equity contribution, mark a notable expansion of long-term housing finance in a country that has struggled for decades to scale affordable mortgage lending.
Beneficiaries span all six geopolitical zones and have an average age of 42, the statement said.
“For years, many Nigerians could afford monthly rent but could not access the type of financing required to purchase a home,” President Tinubu said in the statement.
“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.”
Beyond direct lending, the fund has helped unlock about ₦221 billion in property value and supported delivery of 475 housing units through offtake-guarantee projects, the presidency added.
According to Onanuga, the fund’s financing converts completed units into owner-occupied homes—closing an often-cited gap between construction and household access.
MREIF was created as a ₦1 trillion housing-finance platform intended to mobilize long-term capital for mortgage lending through a blend of government backing, private-sector management and institutional investment.
Its pilot phase includes ₦250 billion in concessionary and commercial funding, the statement said.
The fund, sponsored by the Ministry of Finance Incorporated and managed by ARM Investment Managers Limited, has attracted top local ratings.
Series 2 commercial issuance carries a AAA rating from Agusto & Co. and an AA from GCR Ratings—an endorsement that government said reflects market confidence in the fund’s structure and governance.
President Tinubu’s administration signaled plans to leverage the fund’s early results to attract additional capital, deepen institutional investor participation and broaden access to affordable housing finance.
MREIF is positioned alongside other government initiatives, including the Renewed Hope Cities and Estates Programme and Family Homes Funds Limited, as part of a broader push to expand housing supply and home-ownership opportunities.
