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By Lizzy Chirkpi
President Bola Tinubu has commended the Ministry of Finance Incorporated (MOFI) Real Estate Investment Fund (MREIF) for delivering affordable mortgages worth N128 billion to 1,859 families across 25 states, describing the achievement as a major milestone in the administration’s drive to expand home ownership in Nigeria.
The President’s commendation followed the latest performance report of the Federal Government-backed housing finance initiative, which has enabled thousands of Nigerians to become homeowners through affordable mortgage facilities.
Managing Director of the Ministry of Finance Incorporated (MOFI), Dr. Armstrong Takang, said the milestone demonstrates the potential of innovative financing solutions to tackle Nigeria’s housing challenges and broaden access to home ownership.
According to him, the fund has so far facilitated N128 billion in affordable mortgages, helping 1,859 families acquire homes in different parts of the country.
“This achievement proves that with the right policy framework, home ownership can be opened to millions of Nigerians who have been locked out of the housing market for decades,” Takang said.
President Tinubu, while acknowledging the fund’s performance, praised MOFI and its partners for creating opportunities for Nigerians to own homes through affordable financing arrangements.
The President’s endorsement comes amid ongoing efforts by the Federal Government to address Nigeria’s housing deficit through reforms aimed at improving access to long-term mortgage financing and attracting private-sector investment into the housing sector.
Takang noted that one of the biggest obstacles to home ownership in Nigeria has been the scarcity of affordable, long-term mortgage products, forcing many citizens to rely on personal savings or expensive short-term loans.
He explained that the MOFI Real Estate Investment Fund was designed to bridge that gap by providing lower-cost financing and longer repayment tenures, making home ownership more accessible to low- and middle-income earners.
“The results we are seeing today show that affordable housing finance is possible when public policy, private capital and strong institutions work together,” he said.
According to the MOFI boss, the success recorded by the scheme demonstrates how innovative financing mechanisms can contribute to reducing Nigeria’s housing deficit while stimulating economic growth.
The Ministry of Finance Incorporated Real Estate Investment Fund was established to mobilise long-term capital for housing development and mortgage financing, with the goal of creating sustainable pathways to home ownership for Nigerians.
With 1,859 families already benefiting from the initiative, government officials believe the programme provides a scalable model that could eventually extend home ownership opportunities to millions more Nigerians.