President Bola Tinubu has commended the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF) for delivering £128bn in affordable mortgages to 1,859 Nigerian families across 25 states.
In a statement released by State House Digital on 2 June, Tinubu said the fund was helping to expand access to home ownership under the Renewed Hope Agenda.
Beneficiaries, spread across all geopolitical zones, have accessed mortgages of up to 20 years at a fixed interest rate of 9.75 per cent per annum, with a 10 per cent minimum equity contribution.
The President said this financing model had largely been unavailable to Nigerians for nearly six decades.
"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.
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"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," he said.
The President stated that the fund has unlocked £221bn in total property value and supported the delivery of 475 housing units through offtake guarantee projects.
With an average beneficiary age of 42, he said MREIF reflected strong demand among working Nigerians who have historically faced limited access to long-term mortgage finance.
Tinubu added that MREIF is one of several complementary programmes driving housing transformation under the Renewed Hope Agenda.
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