President Bola Tinubu has praised the growing impact of the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF), which has facilitated N128 billion in affordable mortgage financing for 1,859 Nigerian families across 25 states under the Renewed Hope Agenda.

The beneficiaries, drawn from the six geopolitical zones of the country, secured mortgages with repayment periods of up to 20 years at a fixed annual interest rate of 9.75 per cent and a minimum equity contribution of 10 per cent, offering many Nigerians a rare opportunity to own homes through accessible long-term financing.

In a statement issued on Tuesday by his Adviser on Information and Strategy, Bayo Onanuga, the President described affordable mortgage financing as a critical factor in addressing Nigeria’s longstanding housing challenges.

According to Tinubu, the inability of many Nigerians to access long-term mortgage facilities has remained one of the major obstacles to home ownership despite their capacity to meet monthly rental obligations.

“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,” the President stated.

Beyond the mortgages already disbursed, the fund has generated N221 billion in total property value and supported the delivery of 475 housing units through offtake guarantee projects.

Tinubu noted that with the average mortgage beneficiary aged 42, the initiative reflects strong demand among working Nigerians who have traditionally struggled to secure affordable long-term housing finance.

He explained that MREIF complements other housing initiatives under the Renewed Hope Agenda, including the Renewed Hope Cities and Estates Programme as well as financing and social housing interventions by Family Homes Funds Limited.

The President stressed that while housing construction remains important, access to affordable mortgage financing is what ultimately enables Nigerians to become homeowners.

Established as a N1 trillion housing finance platform, MREIF was designed to address the country’s long-standing mortgage financing gap. Its pilot phase comprises N250 billion in concessionary and commercial funding aimed at mobilising long-term capital for mortgage lending through government backing, private sector management and institutional investment.

Following its early successes, the administration expects the fund to attract additional capital, increase mortgage lending, 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. The fund’s Series 2 commercial issuance has received an AAA rating from Agusto & Co. and an AA rating from GCR Ratings, underscoring investor confidence in its governance structure and long-term sustainability.