More than 700 Nigerians have become homeowners within six months, following the implementation of the Ministry of Finance Incorporated (MOFI)’s Real Estate Investment Fund (MREIF), a N1 trillion initiative designed to make homeownership affordable and sustainable across the country.
The milestone marks a major turnaround in Nigeria’s housing sector, which has long struggled with high interest rates, limited financing options, and a housing deficit estimated at over 28 million units.
Registered with the Securities and Exchange Commission (SEC), the MREIF offers long-term mortgage loans at reduced interest rates of 9.75% per annum and repayment periods of up to 20 years, enabling ordinary Nigerians to purchase homes with ease.
At full utilisation, the fund is expected to help at least 12,000 Nigerians own homes, while additional beneficiaries will be supported through refinancing arrangements with the Nigerian Mortgage Refinancing Company.
Since its launch, the MREIF has disbursed funds to more than 700 homebuyers through 11 approved financial institutions operating across five regions of the country. These include Abbey Mortgage Bank, Access Bank, AG Mortgage Bank, FCMB, FHA Mortgage Bank, Gateway Mortgage Bank, Globus Bank, Homebase Mortgage Bank, Imperial Homes Mortgage Bank, Infinity Trust Mortgage Bank, Living Trust Mortgage Bank, Nigeria Police Mortgage Bank, Providus Bank, Stanbic IBTC, and Union Bank.
Each of these mortgages represents a Nigerian family transitioning from paying rent to owning a home — a shift the government describes as key to building equity, stability, and generational wealth.
The Federal Government, through MOFI, provided an initial N150 billion under Series 1 funding (fully subscribed in December 2024), while private sector investors contributed an additional N100 billion under Series 2. Further tranches are expected to scale the fund to N1 trillion, ensuring long-term sustainability.
ARM Investment Managers serves as the professional fund manager, while the government provides concessionary capital and oversight to maintain affordability and transparency.
Speaking on the initiative, Wale Odutola, Chief Executive Officer of ARM HoldCo, described the programme as a model for effective collaboration between government and the private sector.
“MREIF embodies the kind of partnership Nigeria has long needed — government resolve combined with private sector rigour. Together with MOFI, we are laying the structural foundation for a housing sector that rewards citizens, unlocks investor confidence, and drives inclusive growth,” Odutola said.
Beyond individual mortgages, the MREIF also offers offtake guarantees to developers, spurring new housing projects, creating jobs, and strengthening the supply chain. The scheme also provides a transparent platform for Nigerians in the diaspora to invest in verified, government-backed real estate opportunities.
Despite challenges such as inflation, forex volatility, and high construction costs, MREIF’s long-term financing model is designed to cushion market shocks and sustain expansion.
The initiative is part of President Bola Tinubu’s broader economic reform agenda, aimed at promoting inclusive growth and addressing structural gaps in key sectors.
About MREIF
The Ministry of Finance Incorporated Real Estate Investment Fund (MREIF) is a Federal Government–backed initiative introduced under President Bola Tinubu’s administration. It is sponsored by MOFI, with strategic direction from the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, and managed by ARM Investment Managers.
The fund provides affordable, long-term mortgage financing and offtake guarantees to expand housing access, support developers, and strengthen Nigeria’s housing market. Recently, the MREIF reduced its fixed interest rate from 12% to 9.75% per annum, making homeownership more accessible for Nigerians nationwide.
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