Abuja, Nigeria – The Federal Government, through the Ministry of Finance, has introduced a market-driven mortgage fund aimed at expanding access to affordable homeownership in Nigeria. This initiative, announced on Tuesday by Finance Minister Wale Edun, is part of the One Million Homes Presidential Initiative.
The fund, called the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF), will focus on providing low-cost mortgage options to a broader segment of the population, particularly targeting pension account holders. According to Minister Edun, this initiative will significantly enhance access to affordable housing by offering cost-effective mortgage solutions.
Edun emphasized the fund’s potential to stimulate economic growth and foster development in Nigeria’s real estate sector, while Dr. Armstrong Takang, CEO of the Ministry of Finance Incorporated, explained that the MREIF would be “market-driven and adhere to regulatory standards.” The initiative seeks to make homeownership more accessible for Nigerians.
Key stakeholders, including representatives from ARM Pensions, FCMB Pensions, Trustfund, and NUPEMCO, gathered at the Ministry’s headquarters to discuss the future of the fund. Prominent figures like the Accountant General of the Federation, Dr. Oluwatoyin Maiden, and other leaders from pension and financial institutions, were also in attendance.
This initiative aims to promote economic growth by leveraging the robust real estate sector and addressing the housing deficit in Nigeria.