LAGOS, Nigeria – Nigeria’s President, Bola Tinubu, on Tuesday, June 2, 2026, commended the Ministry of Finance Incorporated Real Estate Investment Fund for delivering 128 billion Naira (85.3 million USD) in affordable mortgages to 1,859 families across 25 states.
Okay News reports that the Special Adviser on Information and Strategy, Bayo Onanuga, released a statement confirming that beneficiaries across all six geopolitical zones accessed mortgages of up to 20 years at a fixed interest rate of 9.75 percent per annum with a minimum equity contribution of 10 percent.
“For years, many Nigerians could afford monthly rent but could not access the type of financing required to purchase a home,” Tinubu said. “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 housing finance platform unlocked 221 billion Naira (147.3 million USD) in total property value and supported the delivery of 475 housing units through off-take guarantee arrangements. The average mortgage beneficiary is 42 years old. MREIF operates as a 1 trillion Naira (666.7 million USD) housing finance platform, with a pilot phase comprising 250 billion Naira (166.7 million USD) in concessionary and commercial funding.
The Ministry of Finance Incorporated sponsors the fund, which is managed by ARM Investment Managers. The commercial issuance for Series 2 holds a AAA rating from Agusto & Co. and a AA rating from GCR Ratings, operating alongside the Renewed Hope Cities and Estates Programme and the Family Homes Funds Limited.
