Tinubu commends MREIF as ₦128bn mortgage scheme reaches 1,859 families

President Bola Ahmed Tinubu has hailed the impact of the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF), following the disbursement of ₦128 billion in affordable mortgages to 1,859 families across 25 states.

The President said the initiative, implemented under the Renewed Hope Agenda, is helping to bridge Nigeria’s long-standing housing finance gap by offering mortgages of up to 20 years at a fixed interest rate of 9.75 per cent, with a minimum equity contribution of 10 per cent.

Tinubu noted that access to affordable, long-term mortgage financing has historically been a major obstacle to home ownership in Nigeria, despite many citizens being able to meet rental obligations.

“For years, many Nigerians could afford monthly rent but could not access the type of financing required to purchase a home,” he said, adding that the progress recorded by MREIF demonstrates how effective policies and partnerships can expand access to housing and wealth creation through asset ownership.

Beyond the mortgages already delivered, the fund has unlocked an estimated ₦221 billion in total property value and supported the construction of 475 housing units through offtake guarantee projects.

Data from the programme shows that the average beneficiary is 42 years old, highlighting strong demand among working Nigerians who have traditionally faced limited access to mortgage financing.

The President explained that MREIF operates alongside other housing initiatives under the Renewed Hope Agenda, including the Renewed Hope Cities and Estates Programme and interventions by Family Homes Funds Limited, all aimed at boosting housing delivery and accessibility.

He emphasised that affordable mortgage financing is critical to converting completed housing units into actual home ownership, thereby linking construction efforts with access to housing.

MREIF, a ₦1 trillion housing finance platform with an initial pilot phase of ₦250 billion, was established to mobilise long-term capital for mortgage lending through a blend of government backing, private sector management and institutional investment.

The fund is sponsored by the Ministry of Finance Incorporated and managed by ARM Investment Managers Limited, with its Series 2 issuance receiving high credit ratings from Agusto & Co. and GCR Ratings, reflecting investor confidence in its structure and sustainability.

The administration expressed optimism that continued capital mobilisation will further expand access to affordable housing finance and deepen participation from institutional investors nationwide.

The statement was issued by Bayo Onanuga on June 2, 2026.