President Bola Tinubu has commended the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF) for delivering N128 billion affordable mortgages to 1,859 Nigerian families across 25 states.

Mr Tinubu said the achievement aligned with the objectives of the Renewed Hope Agenda to expand home ownership and improve access to affordable housing finance.

Presidential spokesperson, Mr Bayo Onanuga, made this known in a statement on Tuesday in Abuja.

According to the president, beneficiaries accessed mortgages of up to 20 years at a fixed interest rate of 9.75 per cent per annum, with a minimum equity contribution of 10 per cent.

Mr Tinubu said the initiative was addressing one of the biggest barriers to home ownership in Nigeria – the lack of affordable long-term mortgage financing.

“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,” he said.

The president said the progress recorded by MREIF demonstrated that sound policies, strong institutions and effective partnerships could expand access to housing and wealth creation through asset ownership.

Beyond the mortgages already delivered, the president commended the fund for unlocking N221 billion in total property value and supporting the delivery of 475 housing units through offtake guarantee projects.

Mr Tinubu noted that the average age of mortgage beneficiaries was 42 years, reflecting strong demand among working Nigerians who have historically faced limited access to long-term housing finance.

He said MREIF was one of several initiatives driving housing sector reforms under the Renewed Hope Agenda.

The president said the fund complemented the Renewed Hope Cities and Estates Programme as well as financing interventions and social housing programmes implemented by Family Homes Funds Limited.

According to him, affordable mortgage financing is critical to converting completed housing units into genuine home ownership.

“For nearly six decades, Nigeria struggled to build a mortgage market capable of providing affordable long-term housing finance at scale.

“MREIF was established to help close that gap by mobilising long-term capital for mortgage lending through government support, private sector management and institutional investment,” he said.

The president expressed optimism that further capital mobilisation would expand mortgage lending, deepen institutional investor participation and improve access to affordable housing across the country.

MREIF is sponsored by the Ministry of Finance Incorporated and managed by ARM Investment Managers Limited.

The fund’s Series 2 commercial issuance is rated AAA by Agusto & Co. and AA by GCR Ratings, reflecting strong market confidence in its governance, structure and long-term sustainability.

 (NAN)