1,859 Nigerian Families Access ₦128bn Home Loans Under Renewed Hope Agenda

President Bola Ahmed Tinubu has praised the performance of the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF) after the scheme provided ₦128 billion in affordable mortgages to 1,859 Nigerian families across 25 states.

The President described the development as a major milestone in expanding access to home ownership under his administration’s Renewed Hope Agenda, noting that affordable mortgage financing has long remained one of the biggest barriers preventing many Nigerians from owning homes.

According to figures released by the Presidency, beneficiaries have accessed mortgage facilities with repayment periods of up to 20 years at a fixed interest rate of 9.75 percent per annum and a minimum equity contribution of 10 percent.

Tinubu said many Nigerians have historically been able to afford monthly rent but lacked access to long-term financing needed to purchase homes.

“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 said.

Beyond the mortgages already issued, the Fund has reportedly unlocked ₦221 billion in total property value and supported the delivery of 475 housing units through its offtake guarantee projects.

Officials said the average age of mortgage beneficiaries is 42 years, reflecting strong demand among working Nigerians seeking affordable long-term housing finance.

The Presidency noted that MREIF forms part of a broader housing strategy being pursued by the Federal Government alongside the Renewed Hope Cities and Estates Programme and interventions by Family Homes Funds Limited.

For decades, Nigeria has struggled to develop a robust mortgage market capable of providing affordable housing loans at scale.

The MREIF was established as a ₦1 trillion housing finance platform, with an initial pilot phase comprising ₦250 billion in concessionary and commercial funding, aimed at mobilising long-term capital for mortgage lending.

The government says the initiative combines public sector support, private sector management and institutional investment to expand access to affordable housing finance nationwide.

Following the early results recorded by the Fund, the administration says efforts are underway to attract additional capital, increase mortgage lending, deepen institutional investor participation and broaden access to home ownership across Nigeria.

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 strong ratings from Agusto & Co. and GCR Ratings, reflecting investor confidence in its structure and governance.